Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0228%/8h= +25.0% APRpaid last 24h +0.130%

Price spread now: Coinbase International against BloFin+1.289%7-day average +0.726% · you sell dearer than you buy

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$700.704% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.459%−$46 on $10k

Price spread, last 3 days (all we have)−0.506%−$51 · spread now +1.289%, 7d avg +0.726%

Together, before fees−0.964%−$96 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Coinbase International is 0.563% dearer against BloFin than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.726%. Mind the row above: over the last 7 days funding on this pair cost −0.459%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09700	0.0340	pay 0.0170% / 4h	18m 36s	$1.7M	$1.2M	75x
Short	Coinbase International XPL-PERP-INTX	0.09825	0.0568	get 0.0071% / 1h	18m 36s	$72K	$97K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now +1.289%Rate

Funding earned: $47.88
Price spread: +1.289% → +0.726%: $56.29
Slippage, 4 orders: −$48.39
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $33.78
Costs to cover: 0.704%
Break-even: 2.1 days

Slippage from BloFin: live order book, 4 min ago; Coinbase International: live order book, 59 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 BloFin live order book, 4 min ago	1.54 bp	11.7 bp −$12	19.2 bp −$192	60.4 bp −$6,037	doesn't fit
Sell Coinbase International live order book, 59 min ago	17.51 bp	23.4 bp −$23	166.8 bp −$1,668	doesn't fit	doesn't fit

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	−0.0512%	1h	0.09699	−0.010%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09710	+0.103%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0140% / S +0.0525%	1h	0.09726	+0.267%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09724	+0.247%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09715	+0.152%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.956%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09723	+0.241%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0019%	8h	0.09708	+0.082%	$13K	$2K	5x	as long as short
Gate XPL_USDT	+0.0048%	4h	0.09708	+0.082%	$3.0M	$4.0M	75x	as long as short
Orderly PERP_XPL_USDC	+0.0048%	4h	0.09718	+0.186%	$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	0.09713	+0.134%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09724	+0.248%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09717	+0.171%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09718	+0.187%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09712	+0.120%	$44.2M	$108.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	+0.144%	$47.1M	$55.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09710	+0.103%	$8.7M	$54.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09711	+0.115%	$141K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09709	+0.093%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09709	+0.093%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09721	+0.216%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09714	+0.144%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09720	+0.206%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09700	+0.002%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09701	+0.011%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.103%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09729	+0.295%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	0.000%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.206%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09700	0.000%	$138K	$233K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09712	+0.120%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09731	+0.314%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09722	+0.227%	$197K	$651K	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09700	long leg	$1.7M	$1.2M	75x
Coinbase International XPL-PERP-INTXshort	+0.0568%	1h	0.09825	+1.289%	$72K	$97K	50x
Kraken Futures PF_XPLUSD	+0.5111%	1h	0.09768	+0.698%	$563K	$1.0M	10x	as long as short