Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.012%

Price spread now: gTrade (Gains Network) against Orderly−0.039%63s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on gTrade (Gains Network)

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 pays, the price is against you. gTrade (Gains Network) is 0.039% cheaper against Orderly than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 13 days of funding at the current rate ($0 a day). The two prices were read 63 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	0.09652	−0.0006	get 0.0003% / 4h	1h 12m	$30K	$266K	10x
Short	gTrade (Gains Network) XPL/USD	0.09648	L +0.0005% / S −0.0004%	get 0.0000% / 1h	12m 19s	$73K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.039%Rate

Funding earned: $2.11
Price spread: −0.039% → 0.000%: −$3.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$17.83
Costs to cover: 0.160%
Break-even: 66.3 days

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

Orderly and gTrade (Gains Network): 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	−0.1120%	1h	0.09636	−0.166%	$4.4M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0320%	1h	0.09642	−0.104%	$561	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09661	+0.090%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDClong	−0.0006%	4h	0.09652	long leg	$30K	$266K	10x
dYdX XPL-USD	0.0000%	1h	0.09647	−0.050%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.562%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09662	+0.104%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USDshort	L +0.0005% / S −0.0004%	1h	0.09648	−0.039%	$73K	—	150x
Paradex XPL-USD-PERP	+0.0065%	8h	0.09650	−0.021%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09649	−0.026%	$1.3M	$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	0.09662	+0.099%	$61.1M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09667	+0.155%	$255K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09654	+0.025%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09658	+0.062%	$43.9M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09655	+0.031%	$46.1M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09653	+0.010%	$7.9M	$48.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	−0.228%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09657	+0.052%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09655	+0.031%	$12.7M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09644	−0.083%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09665	+0.135%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09657	+0.052%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09646	−0.062%	$181K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09658	+0.060%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09655	+0.036%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	+0.186%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09661	+0.095%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.228%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.083%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	−0.062%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09655	+0.035%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.083%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09667	+0.155%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09645	−0.073%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.684%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2826%	1h	0.09690	+0.391%	$550K	$932K	10x	as long as short