Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h +0.016%

Price spread now: SoDEX against Orderly−0.052%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 SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. SoDEX is 0.052% cheaper against Orderly than usual: you would sell low and buy high (spread −0.052% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09675	0.0001	pay 0.0001% / 4h	2h 25m	$29K	$335K	10x
Short	SoDEX XPL-USD	0.09670	0.0100	get 0.0013% / 1h	25m 50s	$197	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.052%Rate

Funding earned: $20.72
Price spread: −0.052% → 0.000%: −$5.17
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $1.55
Costs to cover: 0.140%
Break-even: 6.5 days

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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 35 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
Deribit XPL_USDC-PERPETUAL	−0.0473%	1h	0.09673	−0.021%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09671	−0.041%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0197% / S +0.0561%	1h	0.09679	+0.045%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0101%	1h	0.09680	+0.052%	$179K	$245K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09680	+0.052%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.749%	—	—	—	as long as short
Orderly PERP_XPL_USDClong	+0.0001%	4h	0.09675	long leg	$29K	$335K	10x
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09680	+0.052%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0053%	4h	0.09669	−0.062%	$8.3M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0059%	8h	0.09678	+0.033%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09669	−0.062%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09674	−0.013%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09679	+0.043%	$61.9M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09687	+0.129%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09679	+0.041%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09667	−0.085%	$44.0M	$110.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09666	−0.093%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	+0.003%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09665	−0.103%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09673	−0.021%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09666	−0.093%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09669	−0.062%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09668	−0.072%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09672	−0.032%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09679	+0.042%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.258%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09685	+0.100%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.052%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USDshort	+0.0100%	1h	0.09670	−0.052%	$197	$11K	10x
HTX XPL-USDT	+0.0100%	4h	0.09669	−0.062%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09672	−0.031%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	0.000%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09701	+0.269%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.941%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4404%	1h	0.09713	+0.395%	$551K	$1.0M	10x	as long as short