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: BingX against Deribit−0.093%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BingX

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

Funding pays, the price is against you. BingX is 0.093% cheaper against Deribit than usual: you would sell low and buy high (spread −0.093% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 3.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09692	0	get 0.0000% / 1h	48m 23s	$46K	$18K	25x
Short	BingX XPL-USDT	0.09683	0.0100	get 0.0050% / 4h	2h 48m	—	$8.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.093%Rate

Funding earned: $21
Price spread: −0.093% → 0.000%: −$9.29
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$5.29
Costs to cover: 0.170%
Break-even: 8.8 days

Slippage unknown: Deribit: no order-book sample; BingX: live order book, 5 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	5.68 bp	18.8 bp −$19	38.3 bp −$383	98.8 bp −$9,879	doesn't fit

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	−0.0280%	1h	0.09689	−0.031%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0186% / S +0.0554%	1h	0.09687	−0.050%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0094%	1h	0.09714	+0.227%	$179K	$242K	10x	as long as short
Lighter XPL	−0.0080%	1h	0.09702	+0.103%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09715	+0.233%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.887%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUALlong	0.0000%	1h	0.09692	long leg	$46K	$18K	25x
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09688	−0.046%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09687	−0.052%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0051%	4h	0.09689	−0.031%	$8.4M	$55.9M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09702	+0.100%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09683	−0.095%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09694	+0.019%	$62.6M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09700	+0.086%	$246K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09714	+0.232%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09689	−0.031%	$44.1M	$110.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09688	−0.041%	$46.7M	$58.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09687	−0.052%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09680	−0.124%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09688	−0.041%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09691	−0.010%	$8.5M	$11.4M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09683	−0.093%	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09693	+0.010%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	+0.014%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.186%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09698	+0.058%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	+0.083%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.021%	$200	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	+0.093%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.650%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09689	−0.036%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09685	−0.072%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.506%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.144%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.557%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4395%	1h	0.09733	+0.424%	$551K	$1.0M	10x	as long as short