Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0617%/8h= +67.5% APRpaid last 24h +0.144%

Price spread now: BloFin against Deribit−0.042%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 0.042% cheaper against Deribit than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 5 hours of funding at the current rate (+$19 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09485	−0.0277	get 0.0035% / 1h	33m 04s	$45K	$18K	25x
Short	BloFin XPL-USDT	0.09481	0.0340	get 0.0170% / 4h	3h 33m	$1.7M	$935K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.042%Rate

Funding earned: $129.54
Price spread: −0.042% → 0.000%: −$4.22
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $106.33
Costs to cover: 0.190%
Break-even: 1.3 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 5 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 Deribit no order-book sample	—	—	—	—	—
Sell BloFin live order book, 5 min ago	2.10 bp	12.0 bp −$12	21.9 bp −$219	68.1 bp −$6,807	doesn't fit

Deribit: 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	−0.1248%	1h	0.09481	−0.042%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0465%	4h	0.09489	+0.042%	$45.1M	$54.3M	75x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09469	−0.169%	$551	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09485	−0.002%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0277%	1h	0.09485	long leg	$45K	$18K	25x
Paradex XPL-USD-PERP	−0.0113%	8h	0.09467	−0.185%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0088%	1h	0.09491	+0.063%	$178K	$180K	10x	as long as short
Gate XPL_USDT	−0.0074%	4h	0.09493	+0.084%	$2.9M	$3.3M	75x	as long as short
OKX XPL-USDT-SWAP	−0.0038%	4h	0.09492	+0.074%	$7.5M	$47.4M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0029%	4h	0.09477	−0.084%	$30K	$252K	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	0.09482	−0.036%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.182%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09499	+0.146%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09473	−0.127%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09507	+0.228%	$60.1M	$45.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09493	+0.080%	$251K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09486	+0.015%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09493	+0.084%	$43.3M	$98.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	+0.264%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09488	+0.032%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09487	+0.021%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09498	+0.137%	$8.9M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09494	+0.095%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09502	+0.179%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09500	+0.158%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	+0.264%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09484	−0.011%	$124K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09460	−0.264%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09480	−0.053%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09485	0.000%	$132K	$214K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09477	−0.087%	$585K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09502	+0.177%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09511	+0.274%	$192K	$494K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09481	−0.042%	$1.7M	$935K	75x
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+1.170%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2727%	1h	0.09512	+0.285%	$540K	$957K	10x	as long as short