Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0164%/8h= +18.0% APRpaid last 24h +0.068%

Price spread now: SunX against Deribit−0.230%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 SunX

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. SunX is 0.230% cheaper against Deribit than usual: you would sell low and buy high (spread −0.230% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$23 on $10k: about 4.7 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09552	−0.0064	get 0.0008% / 1h	17m 09s	$46K	$18K	25x
Short	SunX XPL-USDT	0.09530	0.0100	get 0.0050% / 4h	17m 09s	$2K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.230%Rate

Funding earned: $34.43
Price spread: −0.230% → 0.000%: −$23.03
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$3.6
Costs to cover: 0.150%
Break-even: 7.7 days

Slippage unknown: Deribit: no order-book sample; SunX: live order book, 8 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 SunX live order book, 8 min ago	31.58 bp	139.8 bp −$140	doesn't fit	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 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	−0.1448%	1h	0.09535	−0.178%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0496%	1h	0.09549	−0.031%	$555	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09553	+0.014%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0064%	1h	0.09552	long leg	$46K	$18K	25x
Paradex XPL-USD-PERP	−0.0040%	8h	0.09552	+0.003%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0028%	4h	0.09546	−0.063%	$30K	$277K	10x	as long as short
Bybit XPLUSDT	−0.0022%	4h	0.09548	−0.042%	$45.5M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09558	+0.064%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.741%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09554	+0.018%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09548	−0.042%	$7.7M	$47.8M	50x	as long as short
Extended XPL-USD	+0.0072%	1h	0.09545	−0.078%	$596K	$1.2M	25x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09550	−0.016%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09567	+0.152%	$60.4M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09558	+0.065%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09564	+0.121%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09551	−0.008%	$43.2M	$97.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09551	−0.010%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09550	−0.021%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09543	−0.094%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09558	+0.063%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09552	0.000%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09557	+0.052%	$179K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.379%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09547	−0.056%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09560	+0.084%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09556	+0.045%	$125K	$1.8M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09530	−0.230%	$2K	$1.6M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.021%	$194	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09551	−0.010%	$132K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	+0.031%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09550	−0.021%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09563	+0.115%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09548	−0.042%	$1.7M	$923K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09620	+0.712%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2738%	1h	0.09582	+0.310%	$541K	$939K	10x	as long as short