Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h +0.201%

Price spread now: Coinbase International against SunX+0.682%7-day average +0.879% · you sell dearer than you buy

Net, funding: paid 7d − costs−$524as in the Funding arb table

Net, price: spread back to 7d avg − costs−$542as in the Price arb table

costs, in and out, $10k−$5225.221% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.201%+$20 · spread now +0.682%, 7d avg +0.879%

Together, before fees+0.187%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.197% cheaper against SunX than usual: you would sell low and buy high (spread +0.682% now, against its 7-day average of +0.879%). If the spread goes back, that is −$20 on $10k: about 40 hours of funding at the current rate (+$12 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.014% in total (about -0.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XPL-USDT	0.09680	0.0100	pay 0.0050% / 4h	2h 46m	$3K	$2.0M	20x
Short	Coinbase International XPL-PERP-INTX	0.09746	0.0496	get 0.0062% / 1h	46m 40s	$80K	$103K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against SunX. 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 SunXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.682%Rate

Funding earned: $83.16
Price spread: +0.682% → +0.879%: −$19.68
Slippage, 4 orders: −$504.11
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$458.63
Costs to cover: 5.221%
Break-even: 45.6 days

Slippage from SunX: live order book, 9 min ago; Coinbase International: live order book, 7 min ago.

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 SunX live order book, 9 min ago	67.11 bp	200.5 bp −$201	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 7 min ago	35.65 bp	66.7 bp −$67	doesn't fit	doesn't fit	doesn't fit

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
01 Exchange XPLUSD	−0.0264%	1h	0.09711	+0.320%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0186% / S +0.0554%	1h	0.09708	+0.292%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0099%	1h	0.09707	+0.279%	$179K	$243K	10x	as long as short
Lighter XPL	−0.0056%	1h	0.09680	0.000%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09686	+0.067%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.789%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09692	+0.124%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09708	+0.290%	$78K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09699	+0.196%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0050%	4h	0.09685	+0.052%	$8.4M	$55.9M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0054%	8h	0.09688	+0.083%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09704	+0.248%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09714	+0.347%	$62.9M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09707	+0.279%	$247K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09688	+0.088%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09682	+0.024%	$44.1M	$110.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09680	0.000%	$46.7M	$58.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09702	+0.227%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09688	+0.083%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09688	+0.083%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09687	+0.072%	$8.5M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09684	+0.041%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	+0.134%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.400%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.413%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09719	+0.402%	$130K	$2.7M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09680	long leg	$3K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.207%	$200	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	+0.289%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.313%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09682	+0.016%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09685	+0.046%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.382%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.269%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0496%	1h	0.09746	+0.682%	$80K	$103K	50x
Kraken Futures PF_XPLUSD	+0.4394%	1h	0.09735	+0.567%	$551K	$1.0M	10x	as long as short