Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0367%/8h= −40.2% APRpaid last 24h −0.062%

Price spread now: Deribit against Binance+0.080%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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 pays, funding is against you. Deribit is 0.080% dearer against Binance than usual: you sell high and buy low (spread +0.080% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09655	0.0100	pay 0.0050% / 4h	1h 55m	$43.8M	$97.5M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09663	−0.0267	pay 0.0033% / 1h	55m 49s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$77.11
Price spread: +0.080% → 0.000%: $8
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.1
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 2 min ago; Deribit: 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 Binance live order book, 2 min ago	1.03 bp	10.0 bp −$10	21.8 bp −$218	132.9 bp −$13.3K	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 XPLUSD	−0.0416%	1h	0.09660	+0.049%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09669	+0.142%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0267%	1h	0.09663	+0.080%	$46K	$18K	25x
Lighter XPL	−0.0160%	1h	0.09652	−0.034%	$4.4M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09673	+0.185%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.590%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0005%	4h	0.09661	+0.059%	$29K	$278K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09668	+0.134%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0055%	8h	0.09660	+0.054%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09660	+0.049%	$1.2M	$2.2M	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	0.09676	+0.215%	$61.2M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.150%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	+0.150%	$221K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09655	long leg	$43.8M	$97.5M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09655	−0.003%	$45.8M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09656	+0.008%	$8.0M	$48.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09663	+0.080%	$3.1M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09659	+0.039%	$12.7M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	+0.049%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09668	+0.132%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09656	+0.008%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09665	+0.101%	$175K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09661	+0.057%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09670	+0.153%	$260K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.256%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09676	+0.211%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.158%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.049%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09655	−0.003%	$138K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09676	+0.215%	$141K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09657	+0.016%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09661	+0.055%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09693	+0.391%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09685	+0.308%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.650%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2822%	1h	0.09701	+0.472%	$551K	$953K	10x	as long as short