Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0612%/8h= +67.1% APRpaid last 24h +0.144%

Price spread now: BloFin against Deribit−0.126%57s7-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 BloFin

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. BloFin is 0.126% cheaper against Deribit than usual: you would sell low and buy high (spread −0.126% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 16 hours of funding at the current rate (+$18 a day). The two prices were read 57 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	Deribit XPL_USDC-PERPETUAL	0.09509	−0.0276	get 0.0034% / 1h	28m 19s	$46K	$18K	25x
Short	BloFin XPL-USDT	0.09497	0.0337	get 0.0168% / 4h	3h 28m	$1.7M	$936K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.126%Rate

Funding earned: $128.62
Price spread: −0.126% → 0.000%: −$12.62
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $97
Costs to cover: 0.190%
Break-even: 1.7 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 4 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 BloFin live order book, 4 min ago	5.80 bp	13.5 bp −$14	24.4 bp −$244	69.5 bp −$6,950	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
Lighter XPL	−0.1192%	1h	0.09497	−0.126%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0476%	4h	0.09512	+0.032%	$45.1M	$54.3M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09476	−0.347%	$551	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09503	−0.058%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0276%	1h	0.09509	long leg	$46K	$18K	25x
Gate XPL_USDT	−0.0122%	4h	0.09497	−0.126%	$2.9M	$3.3M	75x	as long as short
Paradex XPL-USD-PERP	−0.0117%	8h	0.09496	−0.138%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0083%	1h	0.09505	−0.042%	$178K	$180K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0052%	4h	0.09512	+0.032%	$7.5M	$47.5M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0030%	4h	0.09503	−0.063%	$30K	$246K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09501	−0.088%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.383%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09503	−0.066%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0072%	1h	0.09502	−0.069%	$613K	$1.2M	25x	as long as short
Binance XPLUSDT	+0.0096%	4h	0.09511	+0.021%	$43.4M	$98.1M	75x	as long as short
MEXC XPL_USDT	+0.0096%	4h	0.09509	0.000%	$12.6M	$6.5M	100x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09504	−0.057%	$60.1M	$45.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09516	+0.074%	$252K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09500	−0.098%	$217K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−0.313%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09504	−0.053%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09511	+0.021%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09497	−0.126%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09478	−0.327%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09478	−0.330%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09490	−0.200%	$25K	$73K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09487	−0.226%	$1.2M	$2.2M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09500	−0.095%	$124K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−0.200%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	+0.011%	$190	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09501	−0.084%	$132K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09513	+0.047%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09511	+0.021%	$192K	$494K	10x	as long as short
BloFin XPL-USDTshort	+0.0337%	4h	0.09497	−0.126%	$1.7M	$936K	75x
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.915%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2721%	1h	0.09533	+0.252%	$541K	$957K	10x	as long as short