Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0102%/8h= −11.1% APRpaid last 24h −0.016%

Price spread now: Orderly against Bulk0.000%7-day average −0.088% · you sell dearer than you buy

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

Long on Bulk Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now 0.000%, 7d avg −0.088%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.088% dearer against Bulk than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.088%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.9 days. At the pace of the last 3 days (−0.049% in total) that is about 6.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09660	0.0100	pay 0.0013% / 1h	0m 07s	$141K	$7K	10x
Short	Orderly PERP_XPL_USDC	0.09660	−0.0002	pay 0.0001% / 4h	2h 00m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Bulk. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BulkbpFee OrderlybpOrdersPrice spread, now 0.000%Rate

Funding earned: −$21.33
Price spread: 0.000% → −0.088%: $8.8
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.54
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 4 min ago; 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 Bulk live order book, 4 min ago	5.18 bp	8.7 bp −$9	16.9 bp −$169	52.5 bp −$5,253	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 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
Deribit XPL_USDC-PERPETUAL	−0.0371%	1h	0.09660	0.000%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0304%	1h	0.09661	+0.010%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0219%	1h	0.09663	+0.031%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0210% / S +0.0570%	1h	0.09665	+0.052%	$111K	—	100x	as long as short
Orderly PERP_XPL_USDCshort	−0.0002%	4h	0.09660	0.000%	$29K	$335K	10x
dYdX XPL-USD	0.0000%	1h	0.09678	+0.189%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.630%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09668	+0.079%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0038%	4h	0.09661	+0.010%	$8.4M	$53.5M	50x	as long as short
Lighter XPL	+0.0040%	1h	0.09652	−0.083%	$4.4M	$4.2M	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0044%	8h	0.09668	+0.087%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	+0.062%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09677	+0.181%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09666	+0.064%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09676	+0.164%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09659	−0.010%	$43.8M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09657	−0.031%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09660	0.000%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09660	0.000%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09661	+0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09663	+0.031%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09660	0.000%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	+0.102%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.146%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.104%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09675	+0.155%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.104%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	0.000%	$192	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	+0.052%	$143K	$250K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09660	long leg	$141K	$7K	10x
Extended XPL-USD	+0.0104%	1h	0.09657	−0.029%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	0.000%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	+0.072%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.097%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4406%	1h	0.09707	+0.487%	$550K	$1.0M	10x	as long as short