Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Nado against SoDEX−0.045%7-day average — · you buy dearer than you sell

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

Long on SoDEX Short on Nado

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 airdropNado: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.045% cheaper against SoDEX than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX XPL-USD	0.09550	0.0100	pay 0.0013% / 1h	49m 06s	$189	$9K	10x
Short	Nado XPL-PERP	0.09546	0.0100	get 0.0012% / 1h	49m 06s	$1.3M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against SoDEX. 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 SoDEXbpFee NadobpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → 0.000%: −$4.45
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$19.45
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Nado: live order book, 5 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 SoDEX no order-book sample	—	—	—	—	—
Sell Nado live order book, 5 min ago	1.57 bp	7.7 bp −$8	21.7 bp −$217	doesn't fit	doesn't fit

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 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	−0.1344%	1h	0.09535	−0.157%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09542	−0.084%	$555	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0378%	1h	0.09552	+0.021%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09556	+0.065%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0104%	4h	0.09540	−0.105%	$45.4M	$53.9M	75x	as long as short
Paradex XPL-USD-PERP	−0.0076%	8h	0.09546	−0.041%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0027%	4h	0.09547	−0.031%	$30K	$277K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0006%	4h	0.09539	−0.115%	$7.7M	$47.5M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09550	−0.003%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.726%	—	—	—	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	0.09556	+0.066%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0069%	1h	0.09554	+0.042%	$179K	$180K	10x	as long as short
Nado XPL-PERPshort	+0.0100%	1h	0.09546	−0.045%	$1.3M	$2.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09556	+0.065%	$252K	$404K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09556	+0.058%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09541	−0.089%	$43.4M	$97.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	+0.052%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09547	−0.031%	$2.9M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09546	−0.042%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09550	0.000%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09555	+0.052%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09545	−0.052%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09553	+0.031%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	+0.071%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.209%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09557	+0.073%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.209%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USDlong	+0.0100%	1h	0.09550	long leg	$189	$9K	10x
HTX XPL-USDT	+0.0100%	4h	0.09542	−0.084%	$132K	$210K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09544	−0.064%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09550	0.000%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0112%	1h	0.09564	+0.146%	$60.5M	$46.0M	10x	as long as short
Phoenix XPL	+0.0251%	1h	0.09566	+0.168%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09549	−0.010%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.482%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2707%	1h	0.09580	+0.310%	$543K	$943K	10x	as long as short