Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0022%/8h= +2.5% APRpaid last 24h +0.017%

Price spread now: Nado against Orderly+0.160%7-day average +0.034% · you sell dearer than you buy

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

Long on Orderly Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.041%+$4 on $10k

Price spread, last 3 days (all we have)−0.012%−$1 · spread now +0.160%, 7d avg +0.034%

Together, before fees+0.029%+ Points / potential airdropNado: Active · farm board+$3 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 Nado is 0.126% dearer against Orderly than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09704	0.0078	pay 0.0039% / 4h	1h 37m	$29K	$335K	10x
Short	Nado XPL-PERP	0.09719	0.0100	get 0.0012% / 1h	37m 20s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

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 NadobpOrdersPrice spread, now +0.160%Rate

Funding earned: $4.71
Price spread: +0.160% → +0.034%: $12.61
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $4.32
Costs to cover: 0.130%
Break-even: 0.6 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 2 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 Nado live order book, 2 min ago	2.05 bp	9.0 bp −$9	19.5 bp −$195	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
Backpack XPL_USDC_PERP	−0.0307%	1h	0.09729	+0.258%	$177K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09705	+0.010%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09714	+0.103%	$565	$708	5x	as long as short
Lighter XPL	−0.0152%	1h	0.09711	+0.072%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0102% / S +0.0500%	1h	0.09716	+0.120%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09729	+0.258%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.988%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09710	+0.064%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0078%	4h	0.09704	long leg	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0090%	8h	0.09717	+0.138%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERPshort	+0.0100%	1h	0.09719	+0.160%	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09727	+0.239%	$62.7M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09721	+0.171%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09727	+0.240%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09705	+0.008%	$43.6M	$106.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09707	+0.031%	$47.2M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09701	−0.031%	$8.9M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.472%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09711	+0.072%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09710	+0.062%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09710	+0.062%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09712	+0.082%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09703	−0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	+0.447%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09740	+0.372%	$262K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.474%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09721	+0.177%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.144%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.041%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	+0.402%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09702	−0.022%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09709	+0.047%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09752	+0.495%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09762	+0.598%	$198K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.577%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4608%	1h	0.09743	+0.398%	$510K	$956K	10x	as long as short