Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0757%/8h= −82.9% APRpaid last 24h −0.205%

Price spread now: Orderly against Coinbase International−1.174%7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.350%−$35 on $10k

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 −$23 a day on $10k at the current rate, and Orderly is 1.174% cheaper against Coinbase International than usual: you would sell low and buy high (−$117 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.350% in total (about -18.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XPL-PERP-INTX	0.09455	0.0608	pay 0.0076% / 1h	32m 14s	$63K	$85K	50x
Short	Orderly PERP_XPL_USDC	0.09344	−0.0149	pay 0.0075% / 4h	32m 14s	$30K	$89K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −1.174%Rate

Funding earned: −$159.01
Price spread: −1.174% → 0.000%: −$117.4
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$292.41
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and 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 36 exchanges

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
GMX XPL/USD [WBTC.b-USDC]	L −0.0539% / S +0.0747%	1h	0.09351	−1.099%	$103K	—	100x	as long as short
01 Exchange XPLUSD	−0.0488%	1h	0.09336	−1.259%	$543	$832	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0391%	1h	0.09348	−1.132%	$47K	$19K	25x	as long as short
Bybit XPLUSDT	−0.0362%	4h	0.09337	−1.248%	$43.6M	$51.5M	75x	as long as short
Lighter XPL	−0.0240%	1h	0.09337	−1.248%	$4.2M	$2.5M	10x	as long as short
Polymarket Perps XPL-USD	−0.0176%	1h	0.09345	−1.163%	$36K	$1.1M	10x	as long as short
Orderly PERP_XPL_USDCshort	−0.0149%	4h	0.09344	−1.174%	$30K	$89K	10x
Paradex XPL-USD-PERP	−0.0093%	8h	0.09336	−1.256%	$12K	$696	5x	as long as short
Binance XPLUSDT	−0.0058%	4h	0.09341	−1.207%	$43.0M	$92.1M	75x	as long as short
MEXC XPL_USDT	−0.0058%	4h	0.09345	−1.163%	$12.3M	$6.6M	100x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	−0.0003%	4h	0.09348	−1.132%	$7.2M	$43.9M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09349	−1.122%	$9K	$1K	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−19.930%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09353	−1.078%	$71K	—	150x	as long as short
Gate XPL_USDT	+0.0008%	4h	0.09344	−1.174%	$2.8M	$2.7M	75x	as long as short
Nado XPL-PERP	+0.0036%	1h	0.09366	−0.936%	$993K	$2.3M	10x	as long as short
Extended XPL-USD	+0.0048%	1h	0.09343	−1.189%	$593K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0064%	1h	0.09343	−1.188%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09363	−0.968%	$59.9M	$39.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09352	−1.092%	$241K	$358K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09351	−1.101%	$208K	$50K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09378	−0.817%	$137K	$5K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09350	−1.111%	$2.2M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09348	−1.132%	$8.8M	$9.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09345	−1.163%	—	$7.6M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09354	−1.068%	$179K	$164K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09373	−0.869%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09374	−0.852%	$251K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09380	−0.793%	$24K	$62K	50x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09320	−1.428%	$3K	$1.4M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09340	−1.216%	$178	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09355	−1.058%	$131K	$166K	20x	as long as short
Phoenix XPL	+0.0170%	1h	0.09413	−0.444%	$190K	$435K	10x	as long as short
BloFin XPL-USDT	+0.0181%	4h	0.09348	−1.132%	$1.7M	$764K	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0608%	1h	0.09455	long leg	$63K	$85K	50x
Kraken Futures PF_XPLUSD	+0.1199%	1h	0.09370	−0.894%	$553K	$985K	10x	as long as short