Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h +0.056%

Price spread now: Orderly against Deribit−0.010%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 Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09716	−0.0059	get 0.0007% / 1h	18m 17s	$47K	$18K	25x
Short	Orderly PERP_XPL_USDC	0.09715	0.0071	get 0.0035% / 4h	1h 18m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.010%Rate

Funding earned: $27.2
Price spread: −0.010% → 0.000%: −$1.03
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: $13.17
Costs to cover: 0.130%
Break-even: 3.6 days

Slippage unknown: Deribit: 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 Deribit no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Deribit 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
Backpack XPL_USDC_PERP	−0.0307%	1h	0.09722	+0.062%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0240%	1h	0.09704	−0.124%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0224%	1h	0.09706	−0.103%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0112% / S +0.0506%	1h	0.09720	+0.039%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0059%	1h	0.09716	long leg	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09720	+0.044%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.082%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09720	+0.042%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0071%	4h	0.09715	−0.010%	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0083%	8h	0.09719	+0.026%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09716	0.000%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09734	+0.182%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09722	+0.062%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09721	+0.057%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09710	−0.060%	$43.8M	$106.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09713	−0.031%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09716	0.000%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09725	+0.088%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09715	−0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09713	−0.031%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09715	−0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09723	+0.072%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09715	−0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09717	+0.013%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.041%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.144%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09729	+0.131%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.165%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.062%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	−0.031%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09712	−0.045%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09721	+0.054%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09710	−0.062%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	+0.288%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.453%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4594%	1h	0.09771	+0.565%	$561K	$995K	10x	as long as short