Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0070%/8h= −7.6% APRpaid last 24h −0.016%

Price spread now: Orderly against SoDEX+0.010%7-day average — · you sell dearer than you buy

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

Long on SoDEX Short on Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX XPL-USD	0.09710	0.0100	pay 0.0013% / 1h	49m 22s	$199	$10K	10x
Short	Orderly PERP_XPL_USDC	0.09711	0.0030	get 0.0015% / 4h	3h 49m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against SoDEX. 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 SoDEXbpFee OrderlybpOrdersPrice spread, now +0.010%Rate

Funding earned: −$14.62
Price spread: +0.010% → 0.000%: $1.03
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$27.59
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Orderly: 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 SoDEX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

SoDEX and 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
Deribit XPL_USDC-PERPETUAL	−0.0367%	1h	0.09712	+0.021%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09701	−0.093%	$564	$708	5x	as long as short
Lighter XPL	−0.0296%	1h	0.09689	−0.216%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0206%	1h	0.09709	−0.010%	$180K	$282K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0155% / S +0.0535%	1h	0.09719	+0.097%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09709	−0.009%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.035%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09722	+0.120%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0020%	8h	0.09697	−0.133%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDCshort	+0.0030%	4h	0.09711	+0.010%	$29K	$335K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09702	−0.082%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09717	+0.075%	$62.7M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09710	−0.004%	$251K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09709	−0.007%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09718	+0.082%	$44.3M	$109.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09703	−0.072%	$47.0M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09703	−0.072%	$8.6M	$54.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	+0.881%	$143K	$4K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09715	+0.051%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−0.031%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09710	0.000%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09712	+0.021%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09719	+0.093%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	+0.051%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09746	+0.374%	$266K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.206%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	+0.075%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.103%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USDlong	+0.0100%	1h	0.09710	long leg	$199	$10K	10x
HTX XPL-USDT	+0.0100%	4h	0.09784	+0.762%	$142K	$241K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09700	−0.098%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09716	+0.057%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09719	+0.093%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09717	+0.072%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+1.081%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5096%	1h	0.09763	+0.548%	$564K	$1.0M	10x	as long as short