Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0076%/8h= −8.4% APRpaid last 24h −0.063%

Price spread now: Deribit against Bybit+0.094%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 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 pays, funding is against you. Deribit is 0.094% dearer against Bybit than usual: you sell high and buy low (spread +0.094% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09625	−0.0089	get 0.0044% / 4h	23m 04s	$45.6M	$54.7M	75x
Short	Deribit XPL_USDC-PERPETUAL	0.09634	−0.0165	pay 0.0021% / 1h	23m 04s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.094%Rate

Funding earned: −$16.06
Price spread: +0.094% → 0.000%: $9.35
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.71
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.52 bp	12.9 bp −$13	46.2 bp −$462	doesn't fit	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
01 Exchange XPLUSD	−0.0368%	1h	0.09632	+0.073%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0614%	1h	0.09639	+0.149%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0165%	1h	0.09634	+0.094%	$46K	$18K	25x
Bybit XPLUSDTlong	−0.0089%	4h	0.09625	long leg	$45.6M	$54.7M	75x
dYdX XPL-USD	0.0000%	1h	0.09641	+0.164%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.344%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09639	+0.143%	$73K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09634	+0.094%	$178K	$223K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09632	+0.073%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09632	+0.076%	$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
Lighter XPL	+0.0096%	1h	0.09624	−0.010%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09632	+0.075%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09645	+0.212%	$60.9M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09641	+0.163%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09638	+0.138%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09628	+0.030%	$43.7M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09626	+0.010%	$8.3M	$49.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09636	+0.114%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09624	−0.010%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09636	+0.114%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09632	+0.073%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09630	+0.052%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.107%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	−0.140%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.156%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09646	+0.215%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.156%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	+0.052%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	+0.208%	$141K	$206K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	+0.052%	$140K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09624	−0.015%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09631	+0.068%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	+0.010%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09635	+0.104%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.530%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3298%	1h	0.09673	+0.504%	$548K	$975K	10x	as long as short