Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0119%/8h= +13.0% APRpaid last 24h +0.018%

Price spread now: Nado against Orderly+0.105%7-day average +0.031% · you sell dearer than you buy

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

Long on Orderly Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.050%+$5 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.105%, 7d avg +0.031%

Together, before fees+0.022%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Nado is 0.073% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09548	−0.0019	get 0.0009% / 4h	37m 43s	$30K	$246K	10x
Short	Nado XPL-PERP	0.09558	0.0100	get 0.0012% / 1h	37m 43s	$1.2M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.105%Rate

Funding earned: $24.92
Price spread: +0.105% → +0.031%: $7.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $19.25
Costs to cover: 0.130%
Break-even: 1.6 days

Slippage unknown: Orderly: no order-book sample; Nado: live order book, 6 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 Nado live order book, 6 min ago	1.04 bp	6.6 bp −$7	22.9 bp −$229	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
Lighter XPL	−0.1448%	1h	0.09528	−0.209%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0496%	1h	0.09528	−0.209%	$554	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0378%	1h	0.09553	+0.052%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09558	+0.105%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDClong	−0.0019%	4h	0.09548	long leg	$30K	$246K	10x
Paradex XPL-USD-PERP	−0.0001%	8h	0.09543	−0.052%	$12K	$696	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09547	−0.010%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.709%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09558	+0.105%	$72K	—	150x	as long as short
Bybit XPLUSDT	+0.0038%	4h	0.09549	+0.010%	$45.5M	$53.8M	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-PERPshort	+0.0100%	1h	0.09558	+0.105%	$1.2M	$2.2M	10x
Hyperliquid XPL	+0.0100%	1h	0.09549	+0.008%	$60.4M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09548	−0.002%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09551	+0.026%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09546	−0.021%	$43.2M	$97.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09549	+0.010%	$7.7M	$47.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	+0.021%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09548	0.000%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09542	−0.063%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09542	−0.063%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09560	+0.126%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09549	+0.010%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09552	+0.042%	$179K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09576	+0.289%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09574	+0.270%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.440%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09568	+0.211%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.084%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	+0.021%	$198	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	+0.052%	$132K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09546	−0.024%	$598K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09551	+0.028%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09605	+0.597%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09563	+0.157%	$1.7M	$925K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09567	+0.199%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2734%	1h	0.09596	+0.501%	$545K	$930K	10x	as long as short