Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.071%

Price spread now: Nado against BloFin+0.190%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on BloFin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.233%−$23 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.190%, 7d avg +0.011%

Together, before fees−0.303%+ Points / potential airdropNado: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.179% dearer against BloFin than usual: you sell high and buy low (spread +0.190% now, against its 7-day average of +0.011%): +$18 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09730	0.0340	pay 0.0170% / 4h	1h 04m	$1.7M	$1.1M	75x
Short	Nado XPL-PERP	0.09748	0.0100	get 0.0012% / 1h	4m 24s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.190%Rate

Funding earned: −$50.4
Price spread: +0.190% → +0.011%: $17.93
Slippage, 4 orders: −$16.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$67.69
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from BloFin: live order book, 8 min ago; Nado: live order book, 4 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 BloFin live order book, 8 min ago	1.03 bp	9.9 bp −$10	23.6 bp −$236	68.6 bp −$6,861	doesn't fit
Sell Nado live order book, 4 min ago	1.03 bp	7.5 bp −$7	14.6 bp −$146	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
Backpack XPL_USDC_PERP	−0.0260%	1h	0.09734	+0.041%	$177K	$280K	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09743	+0.134%	$566	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09728	−0.021%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0118% / S +0.0511%	1h	0.09760	+0.306%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09740	+0.099%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.195%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09736	+0.062%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09759	+0.301%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0068%	4h	0.09754	+0.247%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09741	+0.109%	$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-PERPshort	+0.0100%	1h	0.09748	+0.190%	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09764	+0.355%	$63.2M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09753	+0.237%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09743	+0.134%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09756	+0.264%	$44.1M	$107.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09757	+0.277%	$48.0M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09752	+0.226%	$8.9M	$54.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	−0.162%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09753	+0.236%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09751	+0.216%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09749	+0.195%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09761	+0.319%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09756	+0.267%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09722	−0.080%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09725	−0.055%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	0.000%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09759	+0.293%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.103%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	0.000%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09716	−0.144%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09739	+0.091%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09760	+0.308%	$38K	$5K	3x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09730	long leg	$1.7M	$1.1M	75x
Phoenix XPL	+0.0412%	1h	0.09734	+0.041%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.308%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4588%	1h	0.09785	+0.562%	$562K	$998K	10x	as long as short