Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0596%/8h= +65.2% APRpaid last 24h +0.019%

Price spread now: Nado against Bybit−0.226%7-day average +0.075% · 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−$74as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Bybit Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.044%+$4 on $10k

Price spread, last 7 days+0.345%+$35 · spread now −0.226%, 7d avg +0.075%

Together, before fees+0.389%+ Points / potential airdropNado: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.301% cheaper against Bybit than usual: you would sell low and buy high (spread −0.226% now, against its 7-day average of +0.075%). If the spread goes back, that is −$30 on $10k: about 40 hours of funding at the current rate (+$18 a day). At the pace of the last 4 days (+0.044% in total) that is about 25 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.044% in total (about 4.5% 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	0.09511	−0.0496	get 0.0248% / 4h	3h 25m	$45.1M	$54.3M	75x
Short	Nado XPL-PERP	0.09489	0.0100	get 0.0012% / 1h	25m 55s	$1.2M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.226%Rate

Funding earned: $125.12
Price spread: −0.226% → +0.075%: −$30.09
Slippage, 4 orders: −$25.59
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $51.44
Costs to cover: 0.436%
Break-even: 4.1 days

Slippage from Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.53 bp	11.3 bp −$11	38.5 bp −$385	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	1.58 bp	8.8 bp −$9	17.3 bp −$173	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
Lighter XPL	−0.1200%	1h	0.09476	−0.368%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDTlong	−0.0496%	4h	0.09511	long leg	$45.1M	$54.3M	75x
Deribit XPL_USDC-PERPETUAL	−0.0487%	1h	0.09487	−0.252%	$45K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09480	−0.326%	$551	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09492	−0.204%	$105K	—	100x	as long as short
Gate XPL_USDT	−0.0130%	4h	0.09499	−0.126%	$2.9M	$3.3M	75x	as long as short
Paradex XPL-USD-PERP	−0.0120%	8h	0.09486	−0.259%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0064%	1h	0.09493	−0.189%	$178K	$180K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0053%	4h	0.09508	−0.032%	$7.5M	$47.4M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0031%	4h	0.09484	−0.284%	$30K	$244K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09499	−0.125%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.398%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09503	−0.087%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0064%	1h	0.09497	−0.144%	$613K	$1.2M	25x	as long as short
Binance XPLUSDT	+0.0094%	4h	0.09512	+0.011%	$43.4M	$98.1M	75x	as long as short
MEXC XPL_USDT	+0.0096%	4h	0.09504	−0.074%	$12.6M	$6.5M	100x	as long as short
Nado XPL-PERPshort	+0.0100%	1h	0.09489	−0.226%	$1.2M	$2.2M	10x
Hyperliquid XPL	+0.0100%	1h	0.09504	−0.077%	$60.1M	$45.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09515	+0.038%	$252K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09506	−0.052%	$217K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−0.334%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09500	−0.116%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09507	−0.042%	$8.9M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09512	+0.011%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09478	−0.348%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09478	−0.350%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09490	−0.221%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09495	−0.168%	$124K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09470	−0.431%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09490	−0.221%	$186	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09506	−0.053%	$132K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09474	−0.384%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09498	−0.137%	$192K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0336%	4h	0.09498	−0.137%	$1.7M	$941K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.894%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2722%	1h	0.09529	+0.188%	$541K	$957K	10x	as long as short