Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0464%/8h= −50.9% APRpaid last 24h −0.074%

Price spread now: Deribit against Binance+0.026%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 0.026% dearer against Binance than usual: you sell high and buy low (spread +0.026% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09756	0.0100	pay 0.0050% / 4h	3h 55m	$44.5M	$108.9M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09759	−0.0364	pay 0.0046% / 1h	55m 22s	$47K	$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 +0.026%Rate

Funding earned: −$97.54
Price spread: +0.026% → 0.000%: $2.59
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$111.95
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 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, 3 min ago	0.51 bp	10.6 bp −$11	23.0 bp −$230	124.6 bp −$12.5K	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
Lighter XPL	−0.0480%	1h	0.09759	+0.026%	$4.4M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0364%	1h	0.09759	+0.026%	$47K	$18K	25x
01 Exchange XPLUSD	−0.0208%	1h	0.09754	−0.025%	$567	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0152% / S +0.0533%	1h	0.09764	+0.080%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09770	+0.138%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.407%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09767	+0.111%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0024%	8h	0.09759	+0.025%	$13K	$2K	5x	as long as short
Gate XPL_USDT	+0.0030%	4h	0.09764	+0.077%	$3.0M	$4.0M	75x	as long as short
Orderly PERP_XPL_USDC	+0.0034%	4h	0.09758	+0.016%	$29K	$335K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09759	+0.021%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09779	+0.227%	$63.1M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09770	+0.140%	$253K	$528K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09769	+0.128%	$222K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09756	long leg	$44.5M	$108.9M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09758	+0.016%	$47.3M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09754	−0.025%	$8.6M	$55.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	+0.400%	$143K	$4K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09760	+0.036%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09771	+0.149%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09766	+0.098%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09756	−0.005%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09782	+0.262%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09784	+0.284%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09786	+0.301%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.344%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09773	+0.170%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.169%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	+0.036%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09784	+0.282%	$142K	$241K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09754	−0.029%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09774	+0.185%	$37K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09811	+0.559%	$199K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09791	+0.354%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.600%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5070%	1h	0.09813	+0.575%	$567K	$1.0M	10x	as long as short