Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Extended against Bybit+0.005%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

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

costs, in and out, $10k−$420.421% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 4 days (all we have)−0.246%−$25 · spread now +0.005%, 7d avg −0.014%

Together, before fees−0.198%+ Points / potential airdropExtended: Active · farm board−$20 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09697	0.0100	pay 0.0050% / 4h	2h 04m	$47.2M	$53.6M	75x
Short	Extended XPL-USD	0.09697	0.0104	get 0.0013% / 1h	4m 55s	$657K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.005%Rate

Funding earned: $0.84
Price spread: +0.005% → −0.014%: $1.92
Slippage, 4 orders: −$26.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$39.29
Costs to cover: 0.421%
Break-even: 334.4 days

Slippage from Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.51 bp	14.7 bp −$15	53.3 bp −$533	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	2.06 bp	6.7 bp −$7	19.0 bp −$190	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
Backpack XPL_USDC_PERP	−0.0103%	1h	0.09697	0.000%	$177K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0089% / S +0.0491%	1h	0.09697	−0.004%	$112K	—	100x	as long as short
Lighter XPL	−0.0080%	1h	0.09684	−0.134%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0072%	1h	0.09693	−0.041%	$564	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09687	−0.099%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.929%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09699	+0.021%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09696	−0.008%	$71K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09692	−0.052%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09691	−0.065%	$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
Nado XPL-PERP	+0.0100%	1h	0.09691	−0.062%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09709	+0.126%	$62.3M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09697	−0.001%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09695	−0.016%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09697	0.000%	$43.7M	$105.5M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09697	long leg	$47.2M	$53.6M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09697	0.000%	$9.0M	$53.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09690	−0.072%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	+0.010%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09695	−0.021%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09700	+0.031%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09696	−0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09662	−0.360%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09704	+0.070%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.031%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09705	+0.084%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.175%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.031%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09686	−0.113%	$137K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.021%	$140K	$11K	10x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09697	+0.005%	$657K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09695	−0.020%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09692	−0.052%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09705	+0.082%	$196K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09719	+0.227%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3514%	1h	0.09732	+0.365%	$513K	$948K	10x	as long as short