Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Bulk against Nado−0.105%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Nado Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.236%−$24 · spread now −0.105%, 7d avg +0.030%

Together, before fees−0.237%+ Points / potential airdropNado: Active · farm board−$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.135% cheaper against Nado than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XPL-PERP	0.09710	0.0100	pay 0.0012% / 1h	22m 29s	$1.4M	$2.6M	10x
Short	Bulk XPL-USD	0.09700	0.0100	get 0.0013% / 1h	22m 29s	$141K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Nado. 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 NadobpFee BulkbpOrdersPrice spread, now −0.105%Rate

Funding earned: $0
Price spread: −0.105% → +0.030%: −$13.47
Slippage, 4 orders: −$29.63
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$57.09
Costs to cover: 0.436%
Break-even: 519085357469155.3 days

Slippage from Nado: live order book, 1 min ago; Bulk: live order book, 56 min ago.

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 Nado live order book, 1 min ago	1.55 bp	9.0 bp −$9	25.2 bp −$252	doesn't fit	doesn't fit
Sell Bulk live order book, 56 min ago	5.15 bp	17.9 bp −$18	19.4 bp −$194	52.1 bp −$5,212	doesn't fit

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	−0.0520%	1h	0.09693	−0.175%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09711	+0.010%	$565	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09702	−0.082%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0138% / S +0.0524%	1h	0.09702	−0.085%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09708	−0.017%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.036%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09700	−0.102%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0018%	8h	0.09711	+0.009%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0050%	4h	0.09698	−0.124%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0064%	4h	0.09702	−0.082%	$3.0M	$4.0M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERPlong	+0.0100%	1h	0.09710	long leg	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09713	+0.035%	$62.6M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09710	−0.002%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09710	0.000%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09714	+0.041%	$44.2M	$108.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	+0.041%	$47.2M	$55.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09711	+0.010%	$8.7M	$54.4M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−0.031%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	−0.031%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09720	+0.103%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09712	+0.021%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09707	−0.031%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	+0.055%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.103%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	0.000%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09723	+0.136%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.412%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.103%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	−0.093%	$138K	$233K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09700	−0.105%	$141K	$9K	10x
Extended XPL-USD	+0.0104%	1h	0.09709	−0.006%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09705	−0.057%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09734	+0.247%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09709	−0.010%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.184%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5116%	1h	0.09758	+0.494%	$563K	$1.0M	10x	as long as short