Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Orderly against gTrade (Gains Network)−0.041%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.041% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high, −$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) XPL/USD	0.09678	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	1m 26s	$73K	—	150x
Short	Orderly PERP_XPL_USDC	0.09674	0.0006	get 0.0003% / 4h	2h 01m	$29K	$284K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now −0.041%Rate

Funding earned: $0.07
Price spread: −0.041% → 0.000%: −$4.12
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.05
Costs to cover: 0.160%
Break-even: 1918.5 days

Slippage unknown: gTrade (Gains Network): 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) 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 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
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09685	+0.072%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09677	−0.007%	$107K	—	100x	as long as short
01 Exchange XPLUSD	−0.0256%	1h	0.09667	−0.114%	$562	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09688	+0.104%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.771%	—	—	—	as long as short
gTrade (Gains Network) XPL/USDlong	L +0.0005% / S −0.0004%	1h	0.09678	long leg	$73K	—	150x
Orderly PERP_XPL_USDCshort	+0.0006%	4h	0.09674	−0.041%	$29K	$284K	10x
Lighter XPL	+0.0056%	1h	0.09677	−0.010%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09678	−0.003%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09671	−0.070%	$1.2M	$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	0.09689	+0.115%	$61.3M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09682	+0.044%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09686	+0.079%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	−0.083%	$43.8M	$98.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09675	−0.031%	$45.9M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09673	−0.052%	$8.0M	$48.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09675	−0.031%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09671	−0.072%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09681	+0.031%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09686	+0.083%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	−0.072%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09690	+0.124%	$176K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09685	+0.070%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09681	+0.032%	$256K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.021%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09681	+0.033%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.186%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.021%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09681	+0.031%	$138K	$187K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09676	−0.021%	$141K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09669	−0.092%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	−0.031%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09691	+0.134%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09681	+0.031%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09718	+0.413%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2860%	1h	0.09719	+0.428%	$552K	$953K	10x	as long as short