Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.011%

Price spread now: Extended against Orderly+0.304%7-day average +0.004% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$17 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.304%, 7d avg +0.004%

Together, before fees+0.095%+ Points / potential airdropExtended: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Extended is 0.300% dearer against Orderly than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09764	0.0080	pay 0.0040% / 4h	2h 47m	$27K	$333K	10x
Short	Extended XPL-USD	0.09794	0.0104	get 0.0013% / 1h	47m 25s	$656K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OrderlybpFee ExtendedbpOrdersPrice spread, now +0.304%Rate

Funding earned: $5.06
Price spread: +0.304% → +0.004%: $29.96
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $24.02
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Orderly no order-book sample	—	—	—	—	—
Sell Extended live order book, 1 min ago	2.05 bp	9.5 bp −$10	21.5 bp −$215	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

XPL on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	−0.0296%	1h	0.09779	+0.154%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0254%	1h	0.09778	+0.143%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0068% / S +0.0478%	1h	0.09764	+0.002%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09768	+0.041%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09786	+0.230%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.462%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09765	+0.012%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0080%	4h	0.09764	long leg	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0096%	8h	0.09797	+0.339%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09802	+0.389%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09819	+0.562%	$63.2M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09793	+0.294%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	+0.331%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09810	+0.471%	$44.4M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09807	+0.440%	$47.6M	$52.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09809	+0.461%	$9.0M	$53.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09790	+0.266%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09822	+0.594%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09800	+0.369%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09824	+0.615%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09803	+0.399%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.302%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.451%	$264K	$769K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.246%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09818	+0.554%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.143%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.041%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09740	−0.246%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.348%	$140K	$11K	10x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09794	+0.304%	$656K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09770	+0.061%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0128%	1h	0.09801	+0.379%	$570	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09708	−0.574%	$1.8M	$1.1M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09731	−0.338%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09787	+0.236%	$74K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3483%	1h	0.09817	+0.540%	$517K	$933K	10x	as long as short