Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0949%/8h= −103.9% APRpaid last 24h −0.207%

Price spread now: Bybit against Coinbase International−2.414%54s7-day average — · you buy dearer than you sell

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

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Bybit is 2.414% cheaper against Coinbase International than usual: you would sell low and buy high (−$241 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.194% in total (about -10.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XPL-PERP-INTX	0.09736	0.0648	pay 0.0081% / 1h	20m 23s	$65K	$95K	50x
Short	Bybit XPLUSDT	0.09501	−0.0301	pay 0.0150% / 4h	2h 20m	$44.8M	$53.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −2.414%Rate

Funding earned: −$199.26
Price spread: −2.414% → 0.000%: −$241.37
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$461.63
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Bybit: live order book, 2 min ago. 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.53 bp	12.0 bp −$12	38.1 bp −$381	doesn't fit	doesn't fit

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 exchanges

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	−0.0960%	1h	0.09496	−2.465%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0536%	1h	0.09500	−2.424%	$552	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0376% / S +0.0653%	1h	0.09507	−2.356%	$105K	—	100x	as long as short
Bybit XPLUSDTshort	−0.0301%	4h	0.09501	−2.414%	$44.8M	$53.2M	75x
Deribit XPL_USDC-PERPETUAL	−0.0276%	1h	0.09502	−2.403%	$47K	$18K	25x	as long as short
Extended XPL-USD	−0.0208%	1h	0.09505	−2.371%	$601K	$1.2M	25x	as long as short
Paradex XPL-USD-PERP	−0.0139%	8h	0.09500	−2.420%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0096%	4h	0.09503	−2.393%	$7.6M	$47.1M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0067%	4h	0.09499	−2.434%	$30K	$195K	10x	as long as short
Gate XPL_USDT	−0.0046%	4h	0.09500	−2.424%	$2.9M	$3.4M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09520	−2.224%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.240%	—	—	—	as long as short
Binance XPLUSDT	+0.0001%	4h	0.09502	−2.403%	$43.5M	$96.7M	75x	as long as short
MEXC XPL_USDT	+0.0002%	4h	0.09507	−2.352%	$13.5M	$6.5M	100x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09507	−2.350%	$72K	—	150x	as long as short
BloFin XPL-USDT	+0.0013%	4h	0.09501	−2.414%	$1.7M	$810K	75x	as long as short
Aevo XPL-PERP	+0.0080%	1h	0.09503	−2.390%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09503	−2.388%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09523	−2.192%	$60.3M	$42.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09510	−2.323%	$253K	$379K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09514	−2.282%	$218K	$45K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09510	−2.321%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09510	−2.321%	$8.9M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09500	−2.424%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09507	−2.352%	$179K	$172K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09496	−2.470%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09508	−2.339%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−2.219%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09513	−2.285%	$125K	$1.4M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−2.527%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09500	−2.424%	$176	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09485	−2.578%	$132K	$211K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09515	−2.270%	$139K	$5K	10x	as long as short
Phoenix XPL	+0.0166%	1h	0.09508	−2.342%	$192K	$474K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0648%	1h	0.09736	long leg	$65K	$95K	50x
Kraken Futures PF_XPLUSD	+0.1852%	1h	0.09526	−2.157%	$542K	$984K	10x	as long as short