Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0091%/8h= +9.9% APRpaid last 24h −0.020%

Price spread now: dYdX against Bybit+0.144%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 dYdX

What this pair did over the last

the charts below follow

Funding, last 6 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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and dYdX is 0.144% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09545	−0.0091	get 0.0045% / 4h	18m 11s	$45.5M	$54.0M	75x
Short	dYdX XPL-USD	0.09559	0	get 0.0000% / 1h	18m 11s	$9K	$600	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.144%Rate

Funding earned: $19.08
Price spread: +0.144% → 0.000%: $14.44
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee dYdX: 5 bp × 2 orders: −$10
Net: $12.52
Costs to cover: 0.210%
Break-even: 2.4 days

Slippage unknown: Bybit: live order book, 1 min ago; dYdX: 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	9.8 bp −$10	40.6 bp −$406	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
Lighter XPL	−0.1440%	1h	0.09535	−0.105%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0504%	1h	0.09541	−0.042%	$555	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09553	+0.083%	$105K	—	100x	as long as short
Bybit XPLUSDTlong	−0.0091%	4h	0.09545	long leg	$45.5M	$54.0M	75x
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09554	+0.094%	$46K	$18K	25x	as long as short
Paradex XPL-USD-PERP	−0.0040%	8h	0.09548	+0.027%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0028%	4h	0.09547	+0.021%	$30K	$279K	10x	as long as short
dYdX XPL-USDshort	0.0000%	1h	0.09559	+0.144%	$9K	$600	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.684%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09553	+0.086%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0059%	4h	0.09543	−0.021%	$7.7M	$47.7M	50x	as long as short
Extended XPL-USD	+0.0064%	1h	0.09548	+0.032%	$597K	$1.2M	25x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09563	+0.191%	$60.3M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09558	+0.132%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09554	+0.092%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09549	+0.039%	$43.2M	$97.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09549	+0.042%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09550	+0.052%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09550	+0.052%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09557	+0.126%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09548	+0.031%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09555	+0.105%	$179K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.306%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09525	−0.205%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	−0.157%	$25K	$75K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09542	−0.029%	$1.3M	$2.2M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09553	+0.086%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.157%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	+0.052%	$195	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09546	+0.010%	$132K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	+0.105%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09548	+0.029%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09538	−0.073%	$193K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09562	+0.178%	$1.7M	$925K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09620	+0.786%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2733%	1h	0.09597	+0.545%	$541K	$939K	10x	as long as short