Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0706%/8h= +77.3% APRpaid last 24h +0.203%

Price spread now: Coinbase International against Bybit+0.676%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Coinbase International is 0.676% dearer against Bybit than usual: you sell high and buy low: +$68 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.112% in total (about 5.9% 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	Bybit XPLUSDT	0.09611	−0.0090	get 0.0045% / 4h	21m 13s	$45.5M	$54.7M	75x
Short	Coinbase International XPL-PERP-INTX	0.09676	0.0616	get 0.0077% / 1h	21m 13s	$75K	$87K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.676%Rate

Funding earned: $148.26
Price spread: +0.676% → 0.000%: $67.63
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $194.89
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Coinbase International: 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 Bybit live order book, 3 min ago	0.52 bp	12.9 bp −$13	46.2 bp −$462	doesn't fit	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: 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
01 Exchange XPLUSD	−0.0368%	1h	0.09599	−0.125%	$558	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09613	+0.018%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09612	+0.010%	$46K	$18K	25x	as long as short
Bybit XPLUSDTlong	−0.0090%	4h	0.09611	long leg	$45.5M	$54.7M	75x
Backpack XPL_USDC_PERP	−0.0020%	1h	0.09616	+0.052%	$178K	$223K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09620	+0.094%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.229%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09613	+0.021%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09604	−0.073%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09610	−0.014%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09606	−0.052%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09607	−0.036%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09629	+0.190%	$60.8M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09618	+0.073%	$241K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09627	+0.163%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09612	+0.010%	$43.6M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09614	+0.031%	$8.3M	$49.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09612	+0.010%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09615	+0.042%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09614	+0.031%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09616	+0.052%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09610	−0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	+0.039%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09624	+0.137%	$253K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.302%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09620	+0.089%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.218%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.094%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09624	+0.135%	$141K	$206K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	+0.198%	$140K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09610	−0.011%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09610	−0.010%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	+0.156%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09609	−0.021%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0616%	1h	0.09676	+0.676%	$75K	$87K	50x
Kraken Futures PF_XPLUSD	+0.3304%	1h	0.09655	+0.459%	$547K	$975K	10x	as long as short