Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.002%

Price spread now: Paradex against Orderly−0.096%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Paradex is 0.096% cheaper against Orderly than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09616	−0.0034	get 0.0017% / 4h	3h 16m	$30K	$235K	10x
Short	Paradex XPL-USD-PERP	0.09607	−0.0119	pay 0.0119% / 8h	7h 16m	$12K	$696	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$17.87
Price spread: −0.096% → 0.000%: −$9.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$37.49
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

Orderly and Paradex: 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	−0.1120%	1h	0.09607	−0.094%	$4.4M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0432%	4h	0.09616	0.000%	$45.6M	$54.1M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09602	−0.146%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09595	−0.216%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09621	+0.052%	$46K	$17K	25x	as long as short
Paradex XPL-USD-PERPshort	−0.0119%	8h	0.09607	−0.096%	$12K	$696	5x
OKX XPL-USDT-SWAP	−0.0060%	4h	0.09611	−0.052%	$7.6M	$47.9M	50x	as long as short
Orderly PERP_XPL_USDClong	−0.0034%	4h	0.09616	long leg	$30K	$235K	10x
dYdX XPL-USD	0.0000%	1h	0.09613	−0.035%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.269%	—	—	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09595	−0.221%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0028%	4h	0.09618	+0.021%	$2.9M	$3.3M	75x	as long as short
Extended XPL-USD	+0.0032%	1h	0.09616	−0.004%	$618K	$1.2M	25x	as long as short
MEXC XPL_USDT	+0.0092%	4h	0.09618	+0.021%	$13.2M	$6.6M	100x	as long as short
Binance XPLUSDT	+0.0093%	4h	0.09612	−0.045%	$43.9M	$98.2M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0099%	1h	0.09623	+0.073%	$183K	$182K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09610	−0.057%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09633	+0.173%	$61.0M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09624	+0.084%	$255K	$399K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09614	−0.022%	$220K	$47K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09618	+0.021%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09624	+0.083%	$9.1M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09615	−0.010%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09577	−0.404%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	−0.479%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	−0.166%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09619	+0.031%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.062%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.042%	$192	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09615	−0.010%	$134K	$214K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09570	−0.478%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09624	+0.082%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09601	−0.156%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0333%	4h	0.09580	−0.374%	$1.7M	$952K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09640	+0.250%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2688%	1h	0.09648	+0.333%	$546K	$963K	10x	as long as short