Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.213%

Price spread now: Orderly against Coinbase International−0.865%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$28 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 −$17 a day on $10k at the current rate, and Orderly is 0.865% cheaper against Coinbase International than usual: you would sell low and buy high (−$86 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 -0.285% in total (about -14.8% 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	0.09596	0.0536	pay 0.0067% / 1h	38m 18s	$64K	$92K	50x
Short	Orderly PERP_XPL_USDC	0.09513	−0.0025	pay 0.0012% / 4h	3h 38m	$30K	$261K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.865%Rate

Funding earned: −$117.78
Price spread: −0.865% → 0.000%: −$86.49
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$220.27
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: no order-book sample; Orderly: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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	−0.1296%	1h	0.09498	−1.021%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09510	−0.896%	$553	$873	5x	as long as short
Bybit XPLUSDT	−0.0347%	4h	0.09510	−0.896%	$45.2M	$54.1M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09519	−0.798%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0104%	8h	0.09508	−0.916%	$12K	$696	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0065%	1h	0.09520	−0.792%	$46K	$18K	25x	as long as short
Gate XPL_USDT	−0.0062%	4h	0.09514	−0.855%	$2.9M	$3.3M	75x	as long as short
OKX XPL-USDT-SWAP	−0.0029%	4h	0.09514	−0.855%	$7.6M	$47.4M	50x	as long as short
Backpack XPL_USDC_PERP	−0.0025%	1h	0.09505	−0.948%	$178K	$179K	10x	as long as short
Orderly PERP_XPL_USDCshort	−0.0025%	4h	0.09513	−0.865%	$30K	$261K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09515	−0.840%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.105%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09519	−0.802%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09511	−0.881%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09528	−0.706%	$60.3M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09520	−0.791%	$251K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09518	−0.813%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09514	−0.851%	$43.4M	$98.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	−0.896%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09514	−0.855%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09512	−0.875%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09524	−0.750%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09513	−0.865%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.834%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09520	−0.792%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−0.792%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09518	−0.817%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09480	−1.209%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09500	−1.000%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09501	−0.990%	$131K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09513	−0.869%	$588K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09515	−0.844%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09548	−0.500%	$193K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09513	−0.865%	$1.7M	$922K	75x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0536%	1h	0.09596	long leg	$64K	$92K	50x
Kraken Futures PF_XPLUSD	+0.2722%	1h	0.09529	−0.695%	$541K	$954K	10x	as long as short