Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.062%

Price spread now: HTX against Deribit+0.146%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on HTX

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

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and HTX is 0.146% dearer against Deribit than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09582	−0.0272	get 0.0034% / 1h	48m 58s	$46K	$18K	25x
Short	HTX XPL-USDT	0.09596	0.0100	get 0.0050% / 4h	2h 48m	$140K	$184K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.146%Rate

Funding earned: $78.02
Price spread: +0.146% → 0.000%: $14.61
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $73.63
Costs to cover: 0.190%
Break-even: 0.4 days

Slippage unknown: Deribit: no order-book sample; HTX: live order book, 62 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 HTX live order book, 62 min ago	7.23 bp	63.5 bp −$64	doesn't fit	doesn't fit	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
Deribit XPL_USDC-PERPETUALlong	−0.0272%	1h	0.09582	long leg	$46K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09587	+0.051%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0192%	1h	0.09577	−0.052%	$557	$708	5x	as long as short
Lighter XPL	−0.0016%	1h	0.09570	−0.125%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09588	+0.061%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.989%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09588	+0.057%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0015%	4h	0.09580	−0.021%	$29K	$329K	10x	as long as short
Paradex XPL-USD-PERP	+0.0060%	8h	0.09581	−0.011%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09582	0.000%	$1.2M	$2.4M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09591	+0.098%	$60.5M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09578	−0.042%	$248K	$425K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09591	+0.095%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09567	−0.154%	$43.4M	$100.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09567	−0.157%	$45.3M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09571	−0.115%	$8.1M	$48.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09592	+0.100%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09581	−0.010%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09569	−0.136%	$12.5M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09584	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09577	−0.052%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09575	−0.073%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09582	0.000%	$174K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09610	+0.290%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09608	+0.276%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.397%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09592	+0.109%	$128K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.230%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.021%	$200	$12K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09596	+0.146%	$140K	$184K	20x
Extended XPL-USD	+0.0104%	1h	0.09567	−0.158%	$637K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09580	−0.021%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09626	+0.459%	$195K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09575	−0.073%	$1.7M	$946K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09640	+0.605%	$67K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2892%	1h	0.09612	+0.310%	$546K	$988K	10x	as long as short