Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0201%/8h= +22.0% APRpaid last 24h +0.075%

Price spread now: Gate against Deribit−0.182%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 Gate

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. Gate is 0.182% cheaper against Deribit than usual: you would sell low and buy high (spread −0.182% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 3.0 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09322	−0.0179	get 0.0022% / 1h	49m 53s	$47K	$19K	25x
Short	Gate XPL_USDT	0.09305	0.0022	get 0.0011% / 4h	49m 53s	$2.8M	$2.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.182%Rate

Funding earned: $42.2
Price spread: −0.182% → 0.000%: −$18.24
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $1.97
Costs to cover: 0.220%
Break-even: 6.7 days

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 1 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 Gate live order book, 1 min ago	2.68 bp	24.5 bp −$25	118.0 bp −$1,180	doesn't fit	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 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
01 Exchange XPLUSD	−0.0544%	1h	0.09310	−0.129%	$541	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0511% / S +0.0731%	1h	0.09336	+0.148%	$103K	—	100x	as long as short
Lighter XPL	−0.0480%	1h	0.09307	−0.161%	$4.2M	$2.5M	10x	as long as short
Bybit XPLUSDT	−0.0347%	4h	0.09299	−0.247%	$43.5M	$52.6M	75x	as long as short
Polymarket Perps XPL-USD	−0.0250%	1h	0.09326	+0.042%	$37K	$1.2M	10x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0179%	1h	0.09322	long leg	$47K	$19K	25x
Orderly PERP_XPL_USDC	−0.0141%	4h	0.09316	−0.064%	$29K	$89K	10x	as long as short
Paradex XPL-USD-PERP	−0.0103%	8h	0.09308	−0.148%	$12K	$696	5x	as long as short
Binance XPLUSDT	−0.0068%	4h	0.09302	−0.214%	$42.8M	$96.0M	75x	as long as short
MEXC XPL_USDT	−0.0066%	4h	0.09306	−0.172%	$12.3M	$6.5M	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	−0.0009%	4h	0.09302	−0.215%	$7.1M	$45.6M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09325	+0.032%	$9K	$1K	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−18.788%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09335	+0.138%	$70K	—	150x	as long as short
Gate XPL_USDTshort	+0.0022%	4h	0.09305	−0.182%	$2.8M	$2.7M	75x
Nado XPL-PERP	+0.0044%	1h	0.09322	+0.005%	$1.1M	$2.4M	10x	as long as short
Backpack XPL_USDC_PERP	+0.0054%	1h	0.09317	−0.054%	$180K	$168K	10x	as long as short
Extended XPL-USD	+0.0064%	1h	0.09302	−0.214%	$589K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0064%	1h	0.09324	+0.017%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09313	−0.101%	$58.6M	$40.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09304	−0.189%	$242K	$370K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09320	−0.021%	$207K	$52K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09357	+0.380%	$136K	$5K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09318	−0.043%	$2.2M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09305	−0.182%	$8.7M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09301	−0.225%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09314	−0.085%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09348	+0.275%	$250K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09360	+0.408%	$24K	$67K	50x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09300	−0.236%	$3K	$1.4M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09320	−0.021%	$174	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09311	−0.118%	$130K	$169K	20x	as long as short
Phoenix XPL	+0.0170%	1h	0.09368	+0.493%	$189K	$435K	10x	as long as short
BloFin XPL-USDT	+0.0174%	4h	0.09311	−0.118%	$1.7M	$840K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0608%	1h	0.09455	+1.427%	$63K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1203%	1h	0.09339	+0.178%	$551K	$988K	10x	as long as short