Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.072%

Price spread now: Deribit against BingX+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 BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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: −$14 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09639	0.0100	pay 0.0050% / 4h	3h 03m	—	$7.7M	—
Short	Deribit XPL_USDC-PERPETUAL	0.09640	−0.0372	pay 0.0047% / 1h	3m 01s	$46K	$16K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$99.12
Price spread: +0.010% → 0.000%: $1.04
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$115.09
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 min ago; 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 BingX live order book, 10 min ago	5.72 bp	16.1 bp −$16	30.9 bp −$309	106.4 bp −$10.6K	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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	−0.1088%	1h	0.09636	−0.031%	$4.4M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09637	−0.021%	$560	$873	5x	as long as short
Bybit XPLUSDT	−0.0426%	4h	0.09635	−0.041%	$45.7M	$54.0M	75x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0372%	1h	0.09640	+0.010%	$46K	$16K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0329% / S +0.0626%	1h	0.09654	+0.155%	$107K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0123%	8h	0.09644	+0.056%	$13K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0087%	4h	0.09639	0.000%	$7.7M	$47.8M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0034%	4h	0.09635	−0.041%	$30K	$220K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09651	+0.123%	$9K	$600	5x	as long as short
Extended XPL-USD	0.0000%	1h	0.09633	−0.057%	$610K	$1.2M	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.457%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09647	+0.085%	$73K	—	150x	as long as short
MEXC XPL_USDT	+0.0086%	4h	0.09638	−0.010%	$13.4M	$6.7M	100x	as long as short
Binance XPLUSDT	+0.0087%	4h	0.09636	−0.028%	$44.2M	$97.5M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09644	+0.047%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09666	+0.276%	$61.2M	$45.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09650	+0.112%	$255K	$398K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09655	+0.162%	$221K	$47K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09650	+0.114%	$3.1M	$3.4M	75x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09642	+0.031%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09647	+0.083%	$9.0M	$10.0M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09639	long leg	—	$7.7M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09652	+0.135%	$184K	$173K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09642	+0.030%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09641	+0.019%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.218%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09649	+0.104%	$126K	$1.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	+0.010%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.010%	$184	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09640	+0.010%	$134K	$214K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	+0.010%	$140K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	+0.062%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09666	+0.280%	$195K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0327%	4h	0.09645	+0.062%	$1.7M	$947K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09713	+0.768%	$65K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2681%	1h	0.09674	+0.366%	$552K	$974K	10x	as long as short