Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0375%/8h= −41.1% APRpaid last 24h −0.068%

Price spread now: Deribit against HTX−0.178%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Deribit

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

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Deribit is 0.178% cheaper against HTX than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09537	0.0100	pay 0.0050% / 4h	21m 46s	$132K	$212K	20x
Short	Deribit XPL_USDC-PERPETUAL	0.09520	−0.0275	pay 0.0034% / 1h	21m 46s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$78.74
Price spread: −0.178% → 0.000%: −$17.83
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$115.56
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 15 min ago; Deribit: 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 HTX live order book, 15 min ago	18.90 bp	27.3 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.1456%	1h	0.09502	−0.367%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0512%	1h	0.09511	−0.273%	$553	$873	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0275%	1h	0.09520	−0.178%	$46K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09524	−0.137%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0040%	8h	0.09522	−0.153%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09515	−0.231%	$30K	$290K	10x	as long as short
Bybit XPLUSDT	−0.0019%	4h	0.09522	−0.157%	$45.3M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09541	+0.043%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.617%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09527	−0.110%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XPL-USD	+0.0056%	1h	0.09521	−0.168%	$598K	$1.2M	25x	as long as short
OKX XPL-USDT-SWAP	+0.0064%	4h	0.09523	−0.147%	$7.7M	$47.7M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09519	−0.189%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09535	−0.023%	$60.2M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09533	−0.042%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09537	−0.001%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09523	−0.149%	$43.1M	$97.9M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09548	+0.117%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09523	−0.147%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09522	−0.157%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09519	−0.189%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09536	−0.010%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09524	−0.136%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09525	−0.126%	$178K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.223%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09517	−0.205%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−0.178%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09524	−0.132%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.283%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.283%	$197	$9K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09537	long leg	$132K	$212K	20x
Aevo XPL-PERP	+0.0104%	1h	0.09517	−0.210%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09543	+0.063%	$193K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09510	−0.283%	$1.7M	$920K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09620	+0.870%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2726%	1h	0.09624	+0.911%	$543K	$936K	10x	as long as short