Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

Price spread now: Extended against BingX+0.009%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on BingX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.294%−$29 · spread now +0.009%, 7d avg −0.037%

Together, before fees−0.337%+ Points / potential airdropExtended: Active · farm board−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.046% dearer against BingX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09672	0.0100	pay 0.0050% / 4h	2h 19m	—	$8.0M	—
Short	Extended XPL-USD	0.09673	0.0104	get 0.0013% / 1h	19m 55s	$655K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BingX. 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 BingXbpFee ExtendedbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0.84
Price spread: +0.009% → −0.037%: $4.64
Slippage, 4 orders: −$29.42
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$38.94
Costs to cover: 0.444%
Break-even: 331.5 days

Slippage from BingX: live order book, 3 min ago; Extended: live order book, 3 min ago.

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 BingX live order book, 3 min ago	5.68 bp	13.9 bp −$14	26.0 bp −$260	90.6 bp −$9,057	doesn't fit
Sell Extended live order book, 3 min ago	1.55 bp	5.8 bp −$6	16.0 bp −$160	doesn't fit	doesn't fit

XPL on 35 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	−0.0224%	1h	0.09665	−0.072%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0200% / S +0.0563%	1h	0.09675	+0.036%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0162%	1h	0.09681	+0.093%	$179K	$244K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	+0.031%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09667	−0.051%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.725%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09671	−0.010%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09678	+0.067%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0059%	4h	0.09676	+0.041%	$8.4M	$55.0M	50x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09670	−0.022%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09666	−0.062%	$4.4M	$4.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09683	+0.115%	$61.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09677	+0.055%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	−0.017%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09675	+0.031%	$43.9M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09677	+0.052%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	+0.034%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09673	+0.010%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09676	+0.041%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09679	+0.072%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09677	+0.052%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09672	long leg	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09664	−0.086%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09673	+0.007%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.083%	$25K	$83K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09668	−0.036%	$1.2M	$2.8M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09680	+0.087%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.227%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.021%	$198	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09676	+0.041%	$143K	$258K	20x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09673	+0.009%	$655K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09675	+0.034%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09686	+0.145%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.972%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4403%	1h	0.09714	+0.436%	$551K	$1.0M	10x	as long as short