Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0281%/8h= −30.7% APRpaid last 24h −0.051%

Price spread now: 01 Exchange against Orderly−0.177%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 01 Exchange

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—needs both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and 01 Exchange is 0.177% cheaper against Orderly than usual: you would sell low and buy high (−$18 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	0.09605	0.0009	pay 0.0004% / 4h	2h 21m	$29K	$306K	10x
Short	01 Exchange XPLUSD	0.09588	−0.0272	pay 0.0034% / 1h	21m 39s	$557	$708	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.177%Rate

Funding earned: −$58.93
Price spread: −0.177% → 0.000%: −$17.7
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$89.63
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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 XPLUSDshort	−0.0272%	1h	0.09588	−0.177%	$557	$708	5x
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09607	+0.023%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0062%	1h	0.09611	+0.062%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09622	+0.175%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.178%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09607	+0.022%	$72K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09612	+0.073%	$4.3M	$3.0M	10x	as long as short
Orderly PERP_XPL_USDClong	+0.0009%	4h	0.09605	long leg	$29K	$306K	10x
Paradex XPL-USD-PERP	+0.0063%	8h	0.09619	+0.150%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09595	−0.102%	$1.2M	$2.4M	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	0.09632	+0.280%	$60.9M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09627	+0.227%	$253K	$428K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09627	+0.226%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09622	+0.177%	$43.6M	$99.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09620	+0.156%	$45.6M	$53.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09622	+0.177%	$8.1M	$48.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09581	−0.246%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09621	+0.167%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09621	+0.167%	$12.4M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09613	+0.083%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09631	+0.271%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09616	+0.115%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09625	+0.208%	$175K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.625%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	−0.501%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.677%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09614	+0.095%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.260%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	+0.052%	$206	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	−0.135%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09617	+0.126%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09616	+0.118%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09582	−0.239%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09560	−0.469%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09605	0.000%	$67K	$89K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2884%	1h	0.09641	+0.377%	$548K	$979K	10x	as long as short