Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0394%/8h= −43.2% APRpaid last 24h −0.144%

Price spread now: Deribit against BloFin−0.041%7-day average — · you buy dearer than you sell

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

Long on BloFin 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

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Deribit is 0.041% cheaper against BloFin 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	BloFin XPL-USDT	0.09863	0.0340	pay 0.0170% / 4h	3h 30m	$1.8M	$1.2M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09859	−0.0054	pay 0.0007% / 1h	30m 46s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$82.77
Price spread: −0.041% → 0.000%: −$4.06
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$105.82
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 2 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 BloFin live order book, 2 min ago	4.07 bp	11.9 bp −$12	21.2 bp −$212	77.8 bp −$7,777	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0164% / S +0.0540%	1h	0.09866	+0.032%	$114K	—	100x	as long as short
01 Exchange XPLUSD	−0.0120%	1h	0.09864	+0.010%	$573	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0089%	1h	0.09863	0.000%	$184K	$273K	10x	as long as short
Lighter XPL	−0.0056%	1h	0.09858	−0.051%	$4.5M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0054%	1h	0.09859	−0.041%	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09881	+0.180%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.244%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09867	+0.037%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0029%	4h	0.09857	−0.061%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09875	+0.121%	$13K	$2K	5x	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	0.09860	−0.025%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09880	+0.172%	$255K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09875	+0.124%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09879	+0.162%	$45.1M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09879	+0.162%	$47.9M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09875	+0.122%	$8.7M	$55.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−0.991%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09878	+0.152%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09878	+0.152%	$13.0M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09865	+0.020%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09884	+0.213%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09876	+0.132%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09857	−0.061%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09827	−0.362%	$260K	$840K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	−0.233%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09876	+0.132%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09850	−0.132%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09850	−0.132%	$195	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09841	−0.223%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09870	+0.070%	$669K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09854	−0.087%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09844	−0.193%	$199K	$655K	10x	as long as short
Hyperliquid XPL	+0.0260%	1h	0.09893	+0.304%	$64.1M	$47.3M	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09863	long leg	$1.8M	$1.2M	75x
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09864	+0.010%	$73K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5025%	1h	0.09900	+0.370%	$572K	$1.0M	10x	as long as short