Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.073%

Price spread now: Deribit against Bybit−0.309%45s7-day average — · you buy dearer than you sell

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

Long on Bybit 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.309% cheaper against Bybit than usual: you would sell low and buy high (−$31 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09696	0.0100	pay 0.0050% / 4h	2h 44m	$46.7M	$58.2M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09666	0	get 0.0000% / 1h	44m 29s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.309%Rate

Funding earned: −$21
Price spread: −0.309% → 0.000%: −$30.94
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$69.94
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.51 bp	13.0 bp −$13	37.4 bp −$374	doesn't fit	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	−0.0232%	1h	0.09690	−0.062%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0187% / S +0.0555%	1h	0.09668	−0.285%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0133%	1h	0.09676	−0.206%	$181K	$242K	10x	as long as short
Lighter XPL	−0.0056%	1h	0.09665	−0.320%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09677	−0.195%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.919%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUALshort	0.0000%	1h	0.09666	−0.309%	$46K	$18K	25x
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09667	−0.294%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09664	−0.330%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09682	−0.145%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09699	+0.031%	$8.4M	$56.0M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09692	−0.044%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09687	−0.096%	$62.7M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09677	−0.201%	$246K	$550K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09683	−0.134%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09696	−0.003%	$44.2M	$110.8M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09696	long leg	$46.7M	$58.2M	75x
Gate XPL_USDT	+0.0100%	4h	0.09682	−0.144%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09685	−0.113%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09677	−0.196%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09697	+0.010%	$8.5M	$11.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09684	−0.124%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09678	−0.186%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.235%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.248%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09702	+0.064%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.268%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.268%	$197	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	+0.124%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.148%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09682	−0.144%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09665	−0.320%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09693	−0.031%	$196K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.103%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.516%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4405%	1h	0.09710	+0.147%	$550K	$1.0M	10x	as long as short