Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0507%/8h= +55.5% APRpaid last 24h +0.054%

Price spread now: Orderly against Deribit−0.053%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 Orderly

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. Orderly is 0.053% cheaper against Deribit than usual: you would sell low and buy high (spread −0.053% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 8 hours of funding at the current rate (+$15 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09438	−0.0597	get 0.0075% / 1h	51m 54s	$46K	$18K	25x
Short	Orderly PERP_XPL_USDC	0.09433	−0.0090	pay 0.0045% / 4h	1h 51m	$30K	$185K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.053%Rate

Funding earned: $106.42
Price spread: −0.053% → 0.000%: −$5.3
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $88.12
Costs to cover: 0.130%
Break-even: 1.2 days

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit 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
Lighter XPL	−0.0672%	1h	0.09429	−0.095%	$4.3M	$3.0M	10x	as long as short
01 Exchange XPLUSD	−0.0608%	1h	0.09427	−0.117%	$548	$873	5x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0597%	1h	0.09438	long leg	$46K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0420% / S +0.0679%	1h	0.09442	+0.038%	$104K	—	100x	as long as short
Bybit XPLUSDT	−0.0276%	4h	0.09430	−0.085%	$44.7M	$52.6M	75x	as long as short
Extended XPL-USD	−0.0152%	1h	0.09427	−0.116%	$597K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0122%	8h	0.09441	+0.029%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDCshort	−0.0090%	4h	0.09433	−0.053%	$30K	$185K	10x
OKX XPL-USDT-SWAP	−0.0053%	4h	0.09435	−0.032%	$7.3M	$46.5M	50x	as long as short
Binance XPLUSDT	−0.0032%	4h	0.09431	−0.074%	$43.3M	$95.9M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0028%	4h	0.09436	−0.021%	$13.1M	$6.4M	100x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−19.785%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09452	+0.147%	$71K	—	150x	as long as short
Gate XPL_USDT	+0.0008%	4h	0.09440	+0.021%	$2.9M	$3.2M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0023%	1h	0.09443	+0.053%	$180K	$170K	10x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09432	−0.063%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09438	0.000%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09451	+0.141%	$59.9M	$41.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09435	−0.034%	$251K	$361K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09450	+0.127%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09441	+0.032%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09437	−0.011%	$8.8M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09430	−0.085%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09453	+0.160%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09460	+0.233%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09470	+0.339%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09446	+0.085%	$124K	$1.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09420	−0.191%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09430	−0.085%	$180	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09460	+0.233%	$134K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09455	+0.180%	$138K	$5K	10x	as long as short
BloFin XPL-USDT	+0.0213%	4h	0.09450	+0.127%	$1.7M	$825K	75x	as long as short
Phoenix XPL	+0.0252%	1h	0.09471	+0.350%	$191K	$435K	10x	as long as short
dYdX XPL-USD	+0.0541%	1h	0.09447	+0.099%	$9K	$900	5x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+1.060%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1352%	1h	0.09464	+0.278%	$554K	$999K	10x	as long as short