Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0102%/8h= +11.1% APRpaid last 24h +0.016%

Price spread now: Bulk against Orderly0.000%45s7-day average +0.088% · you sell dearer than you buy

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

Long on Orderly Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.049%+$5 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now 0.000%, 7d avg +0.088%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.088% cheaper against Orderly than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.088%). If the spread goes back, that is −$9 on $10k: about 2.9 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.049% in total) that is about 6.3 days. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09660	−0.0002	get 0.0001% / 4h	1h 59m	$29K	$335K	10x
Short	Bulk XPL-USD	0.09660	0.0100	get 0.0013% / 1h	59m 36s	$141K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Orderly. 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 OrderlybpFee BulkbpOrdersPrice spread, now 0.000%Rate

Funding earned: $21.33
Price spread: 0.000% → +0.088%: −$8.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$0.46
Costs to cover: 0.130%
Break-even: 7.2 days

Slippage unknown: Orderly: no order-book sample; Bulk: live order book, 4 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 Orderly no order-book sample	—	—	—	—	—
Sell Bulk live order book, 4 min ago	5.18 bp	11.1 bp −$11	18.8 bp −$188	46.6 bp −$4,660	doesn't fit

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 35 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	−0.0371%	1h	0.09660	0.000%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0328%	1h	0.09659	−0.010%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0219%	1h	0.09663	+0.031%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0210% / S +0.0570%	1h	0.09665	+0.052%	$111K	—	100x	as long as short
Orderly PERP_XPL_USDClong	−0.0002%	4h	0.09660	long leg	$29K	$335K	10x
dYdX XPL-USD	0.0000%	1h	0.09676	+0.164%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.630%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09668	+0.079%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0038%	4h	0.09665	+0.052%	$8.4M	$53.5M	50x	as long as short
Lighter XPL	+0.0040%	1h	0.09662	+0.021%	$4.4M	$4.2M	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0045%	8h	0.09666	+0.059%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	+0.062%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09683	+0.235%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09668	+0.082%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09672	+0.124%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	+0.104%	$43.9M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09664	+0.041%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	+0.114%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09669	+0.093%	$12.6M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09659	−0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09670	+0.104%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09663	+0.031%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	+0.102%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.146%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.104%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09675	+0.155%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.104%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	0.000%	$192	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	+0.052%	$143K	$250K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09660	0.000%	$141K	$7K	10x
Extended XPL-USD	+0.0104%	1h	0.09663	+0.036%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	0.000%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	+0.072%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.097%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4406%	1h	0.09707	+0.487%	$550K	$1.0M	10x	as long as short