Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: OKX against dYdX−0.120%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 6 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. OKX is 0.120% cheaper against dYdX than usual: you would sell low and buy high (spread −0.120% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.0 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	dYdX XPL-USD	0.09657	0	get 0.0000% / 1h	10m 24s	$9K	$600	5x
Short	OKX XPL-USDT-SWAP	0.09645	0.0100	get 0.0050% / 4h	1h 10m	$7.9M	$48.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against dYdX. 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 dYdXbpFee OKXbpOrdersPrice spread, now −0.120%Rate

Funding earned: $21
Price spread: −0.120% → 0.000%: −$11.98
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$10.98
Costs to cover: 0.200%
Break-even: 10.7 days

Slippage unknown: dYdX: no order-book sample; OKX: live order book, 3 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 dYdX no order-book sample	—	—	—	—	—
Sell OKX live order book, 3 min ago	0.52 bp	12.2 bp −$12	36.1 bp −$361	doesn't fit	doesn't fit

dYdX: 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	−0.1104%	1h	0.09640	−0.172%	$4.4M	$3.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09659	+0.028%	$107K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09648	−0.089%	$561	$873	5x	as long as short
Orderly PERP_XPL_USDC	−0.0006%	4h	0.09655	−0.016%	$30K	$266K	10x	as long as short
dYdX XPL-USDlong	0.0000%	1h	0.09657	long leg	$9K	$600	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.599%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09661	+0.046%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09648	−0.087%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0066%	8h	0.09655	−0.015%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09652	−0.042%	$1.3M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09664	+0.075%	$61.1M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09660	+0.040%	$255K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09660	+0.036%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09649	−0.079%	$43.9M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09647	−0.099%	$46.1M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09645	−0.120%	$7.9M	$48.0M	50x
Bulk XPL-USD	+0.0100%	1h	0.09655	−0.016%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09661	+0.046%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09651	−0.058%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	−0.109%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09655	−0.016%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09649	−0.078%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09663	+0.067%	$181K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09660	+0.033%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09647	−0.100%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.068%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09659	+0.021%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.172%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.036%	$202	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	−0.109%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09648	−0.086%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09657	+0.008%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09667	+0.108%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09643	−0.141%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.636%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2827%	1h	0.09686	+0.307%	$550K	$932K	10x	as long as short