Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0708%/8h= −77.5% APRpaid last 24h −0.193%

Price spread now: HTX against Coinbase International−0.052%7-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 HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.074%+$7 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 −$21 a day on $10k at the current rate, and HTX is 0.052% cheaper against Coinbase International than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.074%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.074% in total (about 3.9% 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	0.09570	0.0808	pay 0.0101% / 1h	11m 48s	$64K	$92K	50x
Short	HTX XPL-USDT	0.09565	0.0100	get 0.0050% / 4h	11m 48s	$132K	$212K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.052%Rate

Funding earned: −$148.68
Price spread: −0.052% → 0.000%: −$5.22
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$175.9
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; HTX: live order book, 25 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 HTX live order book, 25 min ago	18.90 bp	43.1 bp −$43	doesn't fit	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 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	−0.1416%	1h	0.09547	−0.240%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0472%	1h	0.09561	−0.094%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09567	−0.027%	$106K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0032%	8h	0.09567	−0.032%	$12K	$696	5x	as long as short
Bybit XPLUSDT	−0.0030%	4h	0.09561	−0.094%	$45.5M	$53.9M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0027%	4h	0.09561	−0.094%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09569	−0.013%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.890%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09566	−0.042%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09568	−0.016%	$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	+0.0050%	4h	0.09558	−0.125%	$7.7M	$47.7M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09561	−0.094%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09581	+0.115%	$60.4M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09568	−0.026%	$253K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09572	+0.018%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09563	−0.073%	$43.3M	$97.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09564	−0.063%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09562	−0.084%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09565	−0.052%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09572	+0.021%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09559	−0.115%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09568	−0.021%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.261%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09560	−0.104%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.209%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09575	+0.051%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.313%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.104%	$196	$9K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09565	−0.052%	$132K	$212K	20x
Bulk XPL-USD	+0.0100%	1h	0.09555	−0.157%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09560	−0.105%	$595K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09565	−0.052%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09563	−0.073%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09565	−0.052%	$1.7M	$925K	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0808%	1h	0.09570	long leg	$64K	$92K	50x
Kraken Futures PF_XPLUSD	+0.2734%	1h	0.09594	+0.246%	$541K	$939K	10x	as long as short