Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0273%/8h= −29.9% APRpaid last 24h −0.053%

Price spread now: 01 Exchange against Bybit−0.042%54s7-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 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 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 −$8 a day on $10k at the current rate, and 01 Exchange is 0.042% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 54 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	0.09630	−0.0087	get 0.0043% / 4h	15m 48s	$45.6M	$54.7M	75x
Short	01 Exchange XPLUSD	0.09626	−0.0360	pay 0.0045% / 1h	15m 48s	$560	$708	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.042%Rate

Funding earned: −$57.33
Price spread: −0.042% → 0.000%: −$4.15
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$79.49
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; 01 Exchange: 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, 3 min ago	0.52 bp	16.5 bp −$17	52.3 bp −$523	doesn't fit	doesn't fit
Sell 01 Exchange no order-book sample	—	—	—	—	—

01 Exchange: 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 XPLUSDshort	−0.0360%	1h	0.09626	−0.042%	$560	$708	5x
GMX XPL/USD [WBTC.b-USDC]	L −0.0317% / S +0.0618%	1h	0.09630	+0.001%	$106K	—	100x	as long as short
Bybit XPLUSDTlong	−0.0087%	4h	0.09630	long leg	$45.6M	$54.7M	75x
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09630	0.000%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0058%	1h	0.09629	−0.010%	$178K	$223K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09631	+0.007%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.383%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09631	+0.010%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0015%	4h	0.09625	−0.052%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09626	−0.047%	$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
Gate XPL_USDT	+0.0094%	4h	0.09628	−0.021%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09626	−0.042%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09625	−0.047%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09644	+0.148%	$60.8M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09637	+0.068%	$251K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09638	+0.082%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09632	+0.021%	$43.7M	$103.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09634	+0.042%	$8.3M	$49.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09628	−0.021%	$12.3M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09618	−0.125%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09637	+0.073%	$8.7M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09630	0.000%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09622	−0.085%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09600	−0.312%	$266K	$997K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	−0.208%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09639	+0.098%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.208%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	0.000%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09599	−0.322%	$140K	$206K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	0.000%	$140K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09622	−0.082%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09630	0.000%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09627	−0.031%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09620	−0.104%	$1.7M	$984K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.478%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3300%	1h	0.09665	+0.367%	$548K	$975K	10x	as long as short