Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.015%

Price spread now: Orderly against Paradex−0.049%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Orderly

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 $0 a day on $10k at the current rate, and Orderly is 0.049% cheaper against Paradex than usual: you would sell low and buy high (−$5 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	Paradex XPL-USD-PERP	0.09742	0.0095	pay 0.0095% / 8h	2h 32m	$13K	$2K	5x
Short	Orderly PERP_XPL_USDC	0.09737	0.0083	get 0.0041% / 4h	2h 32m	$27K	$333K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Paradex. 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 ParadexbpFee OrderlybpOrdersPrice spread, now −0.049%Rate

Funding earned: −$2.5
Price spread: −0.049% → 0.000%: −$4.92
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.43
Costs to cover: 0.100%
Break-even: never at this rate

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

Paradex and 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
Lighter XPL	−0.0128%	1h	0.09726	−0.162%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0076% / S +0.0483%	1h	0.09745	+0.033%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0005%	1h	0.09739	−0.029%	$177K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09745	+0.033%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09744	+0.023%	$567	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.288%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09740	−0.018%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09745	+0.032%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0083%	4h	0.09737	−0.049%	$27K	$333K	10x
Paradex XPL-USD-PERPlong	+0.0095%	8h	0.09742	long leg	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09741	−0.003%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09750	+0.082%	$62.6M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09740	−0.018%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09747	+0.054%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09738	−0.039%	$44.0M	$104.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09737	−0.049%	$47.5M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09736	−0.060%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.828%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09735	−0.070%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09735	−0.070%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09733	−0.090%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09743	+0.012%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09737	−0.049%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09764	+0.230%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09764	+0.226%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.392%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09753	+0.119%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.224%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.018%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	+0.012%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09734	−0.081%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	−0.020%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09728	−0.142%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09773	+0.320%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+1.049%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3495%	1h	0.09783	+0.420%	$514K	$940K	10x	as long as short