Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0692%/8h= −75.8% APRpaid last 24h −0.200%

Price spread now: Gate against Coinbase International−0.707%7-day average −0.710% · you buy dearer than you sell

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1591.588% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.707%, 7d avg −0.710%

Together, before fees−0.126%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.710%, so right now this pair is about funding alone: −$21 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.168% in total (about -8.8% 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	Coinbase International XPL-PERP-INTX	0.09760	0.0792	pay 0.0099% / 1h	30m 50s	$72K	$104K	50x
Short	Gate XPL_USDT	0.09691	0.0100	get 0.0050% / 4h	1h 30m	$3.0M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.707%Rate

Funding earned: −$145.32
Price spread: −0.707% → −0.710%: $0.29
Slippage, 4 orders: −$133.82
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$303.85
Costs to cover: 1.588%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 52 min ago; Gate: live order book, 2 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 Coinbase International live order book, 52 min ago	38.25 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	4.11 bp	28.1 bp −$28	151.4 bp −$1,514	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
Backpack XPL_USDC_PERP	−0.0382%	1h	0.09691	−0.707%	$176K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09691	−0.707%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09695	−0.666%	$564	$708	5x	as long as short
Lighter XPL	−0.0208%	1h	0.09680	−0.820%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0105% / S +0.0502%	1h	0.09699	−0.625%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	−0.606%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.435%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09700	−0.619%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0076%	4h	0.09689	−0.727%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0087%	8h	0.09691	−0.704%	$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
Nado XPL-PERP	+0.0100%	1h	0.09690	−0.717%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09709	−0.528%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09697	−0.647%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09700	−0.611%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09692	−0.697%	$43.6M	$106.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09692	−0.697%	$47.1M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09691	−0.707%	$8.8M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	−0.105%	$140K	$8K	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09691	−0.707%	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09690	−0.717%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09698	−0.635%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09701	−0.605%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09693	−0.686%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09701	−0.601%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09687	−0.744%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.307%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09705	−0.563%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.922%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.717%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	−0.533%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09691	−0.704%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09697	−0.647%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09692	−0.697%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09723	−0.379%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0792%	1h	0.09760	long leg	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4605%	1h	0.09749	−0.110%	$521K	$963K	10x	as long as short