Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.018%

Price spread now: Extended against Orderly−0.096%7-day average 0.000% · you buy dearer than you sell

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

Long on Orderly Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 4 days (all we have)+0.232%+$23 · spread now −0.096%, 7d avg 0.000%

Together, before fees+0.412%+ Points / potential airdropExtended: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.096% cheaper against Orderly than usual: you would sell low and buy high (spread −0.096% now, against its 7-day average of 0.000%). If the spread goes back, that is −$10 on $10k: about 3.5 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	Orderly PERP_XPL_USDC	0.09672	0.0012	pay 0.0006% / 4h	3h 26m	$29K	$339K	10x
Short	Extended XPL-USD	0.09663	0.0104	get 0.0013% / 1h	26m 45s	$657K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.096%Rate

Funding earned: $19.29
Price spread: −0.096% → 0.000%: −$9.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$1.29
Costs to cover: 0.110%
Break-even: 7.5 days

Slippage unknown: Orderly: no order-book sample; Extended: live order book, 1 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 Extended live order book, 1 min ago	2.07 bp	7.1 bp −$7	20.9 bp −$209	doesn't fit	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 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
01 Exchange XPLUSD	−0.0368%	1h	0.09672	0.000%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09682	+0.102%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09676	+0.041%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0076%	1h	0.09680	+0.083%	$176K	$188K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09679	+0.075%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.725%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09681	+0.096%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0012%	4h	0.09672	long leg	$29K	$339K	10x
Bybit XPLUSDT	+0.0028%	4h	0.09666	−0.062%	$45.8M	$54.1M	75x	as long as short
Paradex XPL-USD-PERP	+0.0060%	8h	0.09672	+0.003%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09669	−0.031%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09680	+0.088%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09689	+0.179%	$61.4M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09682	+0.105%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09677	+0.054%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09667	−0.052%	$43.9M	$100.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09666	−0.062%	$8.2M	$48.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09675	+0.031%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09670	−0.021%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09679	+0.072%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09675	+0.031%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09665	−0.072%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09720	+0.494%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.185%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.600%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09688	+0.166%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.124%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.083%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09688	+0.165%	$142K	$190K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	+0.083%	$141K	$5K	10x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09663	−0.096%	$657K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.021%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09705	+0.341%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09675	+0.031%	$1.7M	$963K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.517%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3100%	1h	0.09714	+0.437%	$552K	$990K	10x	as long as short