Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.065%

Price spread now: MEXC against Deribit−0.073%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 MEXC

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. MEXC is 0.073% cheaper against Deribit than usual: you would sell low and buy high (spread −0.073% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 22 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09594	−0.0167	get 0.0021% / 1h	7m 33s	$46K	$18K	25x
Short	MEXC XPL_USDT	0.09587	0.0100	get 0.0050% / 4h	1h 07m	$12.5M	$8.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.073%Rate

Funding earned: $56.02
Price spread: −0.073% → 0.000%: −$7.3
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $41.73
Costs to cover: 0.070%
Break-even: 1.8 days

Slippage unknown: Deribit: no order-book sample; MEXC: live order book, 6 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 MEXC live order book, 6 min ago	2.60 bp	5.6 bp −$6	10.5 bp −$105	87.1 bp −$8,710	234.8 bp −$117.4K

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
01 Exchange XPLUSD	−0.0400%	1h	0.09574	−0.208%	$557	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0278%	1h	0.09594	0.000%	$178K	$230K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0270% / S +0.0589%	1h	0.09597	+0.032%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0167%	1h	0.09594	long leg	$46K	$18K	25x
Bybit XPLUSDT	−0.0136%	4h	0.09572	−0.229%	$45.3M	$56.5M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09590	−0.042%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09598	+0.043%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.090%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09600	+0.068%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09581	−0.136%	$8.2M	$51.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0060%	8h	0.09588	−0.061%	$12K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09581	−0.136%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09585	−0.096%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09602	+0.082%	$60.2M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09595	+0.008%	$243K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09593	−0.010%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09583	−0.119%	$43.4M	$107.5M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09643	+0.515%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09584	−0.104%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDTshort	+0.0100%	4h	0.09587	−0.073%	$12.5M	$8.0M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09579	−0.156%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09586	−0.083%	$8.5M	$10.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09582	−0.125%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09618	+0.246%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	+0.022%	$263K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	+0.063%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09589	−0.052%	$127K	$2.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09570	−0.250%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	−0.042%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	−0.021%	$144K	$262K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09581	−0.132%	$634K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	−0.042%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09638	+0.459%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09593	−0.010%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.792%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3568%	1h	0.09635	+0.431%	$546K	$1.0M	10x	as long as short