Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.022%

Price spread now: Orderly against SoDEX+0.010%7-day average — · you sell dearer than you buy

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

Long on SoDEX 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—needs both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX XPL-USD	0.09630	0.0100	pay 0.0013% / 1h	12m 26s	$189	$9K	10x
Short	Orderly PERP_XPL_USDC	0.09631	−0.0034	pay 0.0017% / 4h	3h 12m	$30K	$235K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.010%Rate

Funding earned: −$28.2
Price spread: +0.010% → 0.000%: $1.04
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$41.16
Costs to cover: 0.140%
Break-even: never at this rate

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

SoDEX 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	−0.1112%	1h	0.09605	−0.260%	$4.4M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0476%	4h	0.09629	−0.010%	$45.6M	$54.1M	75x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09610	−0.208%	$559	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09632	+0.018%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09636	+0.062%	$46K	$16K	25x	as long as short
Paradex XPL-USD-PERP	−0.0123%	8h	0.09615	−0.159%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0069%	4h	0.09627	−0.031%	$7.7M	$48.0M	50x	as long as short
Orderly PERP_XPL_USDCshort	−0.0034%	4h	0.09631	+0.010%	$30K	$235K	10x
dYdX XPL-USD	0.0000%	1h	0.09620	−0.108%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.383%	—	—	—	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	0.09632	+0.026%	$73K	—	150x	as long as short
Extended XPL-USD	+0.0008%	1h	0.09630	−0.004%	$610K	$1.2M	25x	as long as short
Gate XPL_USDT	+0.0042%	4h	0.09621	−0.093%	$2.9M	$3.3M	75x	as long as short
Binance XPLUSDT	+0.0089%	4h	0.09625	−0.052%	$44.0M	$98.3M	75x	as long as short
MEXC XPL_USDT	+0.0090%	4h	0.09620	−0.104%	$13.3M	$6.6M	100x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09616	−0.140%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09638	+0.084%	$61.0M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09632	+0.022%	$255K	$398K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09625	−0.047%	$220K	$47K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09627	−0.031%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09642	+0.125%	$9.2M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09620	−0.104%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09620	−0.104%	$183K	$179K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09613	−0.181%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09608	−0.230%	$257K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	−0.104%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09628	−0.016%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.208%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USDlong	+0.0100%	1h	0.09630	long leg	$189	$9K	10x
HTX XPL-USDT	+0.0100%	4h	0.09606	−0.249%	$133K	$214K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09570	−0.623%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09627	−0.035%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09627	−0.031%	$195K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0330%	4h	0.09607	−0.239%	$1.7M	$954K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09640	+0.104%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2686%	1h	0.09657	+0.282%	$549K	$968K	10x	as long as short