Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0036%/8hpaid last 24h +0.018%

Price spread now: Pacifica against Orderly−0.041%7-day average +0.084% · you buy dearer than you sell

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

Long on Orderly Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.232%+$23 on $10k

Price spread, last 3 days (all we have)+0.124%+$12 · spread now −0.041%, 7d avg +0.084%

Together, before fees+0.355%+ Points / potential airdropPacifica: Active · farm board+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Pacifica is 0.125% cheaper against Orderly than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.084%). If the spread goes back, that is −$12 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.232% in total) that is about 3.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.1005	0.0064	pay 0.0032% / 4h	7m 22s	$28K	$333K	10x
Short	Pacifica XPL	0.1004	0.0100	get 0.0013% / 1h	7m 22s	$227K	$14K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PacificabpOrdersPrice spread, now −0.041%Rate

Funding earned: $7.64
Price spread: −0.041% → +0.084%: −$12.45
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$18.81
Costs to cover: 0.140%
Break-even: 24.2 days

Slippage unknown: Orderly: no order-book sample; Pacifica: live order book, 25 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 Pacifica live order book, 25 min ago	10.09 bp	37.2 bp −$37	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0178%	1h	0.1006	+0.129%	$185K	$281K	10x	as long as short
Lighter XPL	−0.0176%	1h	0.1004	−0.129%	$4.6M	$4.3M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0147%	1h	0.1007	+0.159%	$50K	$17K	25x	as long as short
01 Exchange XPLUSD	−0.0128%	1h	0.1005	−0.010%	$584	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.1007	+0.163%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−24.665%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.1006	+0.074%	$74K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0064%	4h	0.1005	long leg	$28K	$333K	10x
Paradex XPL-USD-PERP	+0.0098%	8h	0.1005	−0.038%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.1004	−0.055%	$1.4M	$2.6M	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	0.1007	+0.199%	$66.4M	$44.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.1006	+0.081%	$264K	$509K	20x	as long as short
Pacifica XPLshort	+0.0100%	1h	0.1004	−0.041%	$227K	$14K	10x
Binance XPLUSDT	+0.0100%	4h	0.1005	−0.014%	$45.8M	$101.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.1005	−0.010%	$49.2M	$50.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.1005	−0.030%	$9.6M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.1002	−0.240%	$142K	$55K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.1005	+0.040%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.1005	−0.020%	$14.0M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.1005	+0.050%	$2.5M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.1006	+0.060%	$8.8M	$10.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.1005	−0.020%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.1003	−0.214%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.1003	−0.189%	$264K	$669K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.1008	+0.308%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.1006	+0.109%	$137K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.1006	+0.109%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.1006	+0.109%	$210	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.1003	−0.159%	$142K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.1005	−0.019%	$725K	$976K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.1005	+0.048%	$39K	$5K	3x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L +0.0207% / S +0.0037%	1h	0.1006	+0.064%	$141K	—	100x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.1005	+0.020%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0404%	1h	0.1004	−0.070%	$205K	$627K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0880%	1h	0.1013	+0.806%	$77K	$120K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2780%	1h	0.1010	+0.507%	$299K	$700K	10x	as long as short