Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Nado against Bulk−0.238%7-day average +0.018% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on Bulk Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.826%+$83 · spread now −0.238%, 7d avg +0.018%

Together, before fees+0.827%+ Points / potential airdropNado: Active · farm board+$83 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.256% cheaper against Bulk than usual: you would sell low and buy high, −$26 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09643	0.0100	pay 0.0013% / 1h	11m 11s	$140K	$5K	10x
Short	Nado XPL-PERP	0.09620	0.0100	get 0.0012% / 1h	11m 11s	$1.2M	$2.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Bulk. 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 BulkbpFee NadobpOrdersPrice spread, now −0.238%Rate

Funding earned: $0
Price spread: −0.238% → +0.018%: −$25.55
Slippage, 4 orders: −$22.27
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$61.82
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from Bulk: live order book, 53 min ago; Nado: live order book, 3 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 Bulk live order book, 53 min ago	5.18 bp	8.7 bp −$9	16.9 bp −$169	52.5 bp −$5,253	doesn't fit
Sell Nado live order book, 3 min ago	2.08 bp	8.0 bp −$8	17.8 bp −$178	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	−0.0392%	1h	0.09619	−0.253%	$559	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0272%	1h	0.09615	−0.295%	$178K	$231K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0268% / S +0.0588%	1h	0.09638	−0.051%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0121%	4h	0.09636	−0.077%	$45.6M	$56.7M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09639	−0.046%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09625	−0.195%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.495%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09645	+0.016%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09640	−0.032%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0060%	4h	0.09644	+0.006%	$8.3M	$52.6M	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	+0.0061%	8h	0.09622	−0.219%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09634	−0.098%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERPshort	+0.0100%	1h	0.09620	−0.238%	$1.2M	$2.8M	10x
Hyperliquid XPL	+0.0100%	1h	0.09643	−0.005%	$60.5M	$48.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09631	−0.127%	$244K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	−0.139%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09641	−0.025%	$43.7M	$108.3M	75x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09643	long leg	$140K	$5K	10x
Gate XPL_USDT	+0.0100%	4h	0.09631	−0.129%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09640	−0.035%	$12.5M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09624	−0.201%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09646	+0.027%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09634	−0.098%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09645	+0.013%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09611	−0.335%	$253K	$930K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	−0.243%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09636	−0.074%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.346%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.035%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09642	−0.015%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09639	−0.046%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09641	−0.029%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09632	−0.118%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09626	−0.181%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.276%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3553%	1h	0.09675	+0.330%	$549K	$1.0M	10x	as long as short