Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0081%/8h= +8.9% APRpaid last 24h +0.016%

Price spread now: Pacifica against Orderly−0.021%7-day average +0.075% · you buy dearer than you sell

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

Long on Orderly Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.221%+$22 on $10k

Price spread, last 4 days (all we have)+0.349%+$35 · spread now −0.021%, 7d avg +0.075%

Together, before fees+0.570%+ Points / potential airdropPacifica: Active · farm board+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.096% cheaper against Orderly than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.075%). If the spread goes back, that is −$10 on $10k: about 3.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09632	0.0019	pay 0.0010% / 4h	4m 25s	$29K	$339K	10x
Short	Pacifica XPL	0.09630	0.0100	get 0.0013% / 1h	4m 25s	$220K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.021%Rate

Funding earned: $17
Price spread: −0.021% → +0.075%: −$9.56
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$6.56
Costs to cover: 0.140%
Break-even: 9.7 days

Slippage unknown: Orderly: no order-book sample; Pacifica: live order book, 54 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 Pacifica live order book, 54 min ago	15.70 bp	39.2 bp −$39	doesn't fit	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
01 Exchange XPLUSD	−0.0376%	1h	0.09622	−0.104%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09641	+0.089%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09636	+0.042%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0132%	1h	0.09634	+0.021%	$178K	$224K	10x	as long as short
Bybit XPLUSDT	−0.0098%	4h	0.09633	+0.010%	$45.6M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09631	−0.010%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.398%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09648	+0.165%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0019%	4h	0.09632	long leg	$29K	$339K	10x
Paradex XPL-USD-PERP	+0.0063%	8h	0.09621	−0.112%	$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
Gate XPL_USDT	+0.0086%	4h	0.09629	−0.031%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09616	−0.166%	$4.4M	$3.3M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09656	+0.253%	$60.9M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09632	−0.005%	$251K	$469K	20x	as long as short
Pacifica XPLshort	+0.0100%	1h	0.09630	−0.021%	$220K	$46K	10x
Binance XPLUSDT	+0.0100%	4h	0.09636	+0.042%	$43.8M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09637	+0.052%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.007%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09638	+0.062%	$12.4M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09634	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09650	+0.187%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09633	+0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	+0.112%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09651	+0.198%	$260K	$993K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.291%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09632	+0.005%	$1.2M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	+0.160%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.125%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	−0.021%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	+0.073%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09631	−0.013%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09630	−0.021%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	+0.395%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09627	−0.052%	$1.7M	$982K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.685%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3297%	1h	0.09677	+0.463%	$548K	$977K	10x	as long as short