Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0396%/8h= −43.4% APRpaid last 24h −0.201%

Price spread now: Binance against Coinbase International−1.034%7-day average −0.721% · you buy dearer than you sell

Net, funding: paid 7d − costs−$161as in the Funding arb table

Net, price: spread back to 7d avg − costs−$191as in the Price arb table

costs, in and out, $10k−$1591.594% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.408%+$41 · spread now −1.034%, 7d avg −0.721%

Together, before fees+0.394%+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Binance is 0.314% cheaper against Coinbase International than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.721%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XPL-PERP-INTX	0.09766	0.0496	pay 0.0062% / 1h	0m 33s	$78K	$95K	50x
Short	Binance XPLUSDT	0.09665	0.0100	get 0.0050% / 4h	2h 00m	$43.8M	$107.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −1.034%Rate

Funding earned: −$83.16
Price spread: −1.034% → −0.721%: −$31.36
Slippage, 4 orders: −$139.35
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$273.87
Costs to cover: 1.594%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 53 min ago; Binance: live order book, 12 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 Coinbase International live order book, 53 min ago	35.65 bp	71.4 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.52 bp	10.4 bp −$10	25.4 bp −$254	109.9 bp −$11.0K	doesn't fit

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
01 Exchange XPLUSD	−0.0304%	1h	0.09661	−1.075%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0220%	1h	0.09673	−0.952%	$179K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0209% / S +0.0569%	1h	0.09678	−0.897%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	−0.932%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09672	−0.963%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09678	−0.898%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.480%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09679	−0.893%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0038%	4h	0.09665	−1.034%	$8.4M	$53.5M	50x	as long as short
Paradex XPL-USD-PERP	+0.0044%	8h	0.09668	−1.000%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0048%	1h	0.09661	−1.075%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	−1.024%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09682	−0.856%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09674	−0.940%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09676	−0.924%	$220K	$47K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09665	−1.034%	$43.8M	$107.9M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09664	−1.044%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09668	−1.003%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09668	−1.003%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09664	−1.044%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09674	−0.942%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09666	−1.024%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	−0.985%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−1.230%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−1.188%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	−0.910%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−1.085%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.983%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	−1.034%	$143K	$250K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−1.085%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09665	−1.032%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.983%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	−1.014%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0496%	1h	0.09766	long leg	$78K	$95K	50x
Kraken Futures PF_XPLUSD	+0.4402%	1h	0.09717	−0.506%	$551K	$1.0M	10x	as long as short