Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0424%/8h= −46.4% APRpaid last 24h −0.056%

Price spread now: Deribit against Paradex−0.044%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Deribit is 0.044% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09620	0.0050	pay 0.0050% / 8h	1h 47m	$13K	$696	5x
Short	Deribit XPL_USDC-PERPETUAL	0.09616	−0.0374	pay 0.0047% / 1h	47m 42s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$89.04
Price spread: −0.044% → 0.000%: −$4.41
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$104.45
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Deribit: 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Paradex and Deribit: 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	−0.0880%	1h	0.09605	−0.158%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09609	−0.117%	$559	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0374%	1h	0.09616	−0.044%	$46K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09619	−0.017%	$106K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09627	+0.071%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.303%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09613	−0.075%	$30K	$280K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09620	−0.004%	$73K	—	150x	as long as short
Paradex XPL-USD-PERPlong	+0.0050%	8h	0.09620	long leg	$13K	$696	5x
Backpack XPL_USDC_PERP	+0.0054%	1h	0.09620	−0.003%	$177K	$189K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09614	−0.060%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09635	+0.148%	$60.9M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09625	+0.053%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09633	+0.130%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09612	−0.090%	$43.5M	$97.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09613	−0.075%	$45.6M	$52.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09612	−0.086%	$8.0M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09620	−0.003%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09617	−0.034%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09616	−0.044%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09614	−0.065%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09627	+0.070%	$8.9M	$9.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09619	−0.013%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09621	+0.007%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09627	+0.069%	$263K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.101%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09623	+0.031%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.210%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.107%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09621	+0.008%	$133K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09613	−0.072%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09610	−0.107%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09625	+0.049%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09615	−0.055%	$1.7M	$938K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.016%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2837%	1h	0.09652	+0.327%	$548K	$935K	10x	as long as short