Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0419%/8h= +45.9% APRpaid last 24h +0.056%

Price spread now: Paradex against Deribit+0.136%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Paradex is 0.136% dearer against Deribit than usual: you sell high and buy low: +$14 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	0.09591	−0.0375	get 0.0047% / 1h	53m 32s	$46K	$18K	25x
Short	Paradex XPL-USD-PERP	0.09604	0.0044	get 0.0044% / 8h	5h 53m	$12K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.136%Rate

Funding earned: $88.01
Price spread: +0.136% → 0.000%: $13.56
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: $90.56
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Paradex: 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 Paradex no order-book sample	—	—	—	—	—

Deribit and Paradex: 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 35 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	−0.0717%	1h	0.09586	−0.052%	$177K	$241K	10x	as long as short
01 Exchange XPLUSD	−0.0376%	1h	0.09600	+0.094%	$558	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0375%	1h	0.09591	long leg	$46K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0213% / S +0.0572%	1h	0.09587	−0.040%	$110K	—	100x	as long as short
Lighter XPL	−0.0096%	1h	0.09590	−0.010%	$4.3M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0003%	4h	0.09590	−0.010%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09604	+0.131%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.067%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09589	−0.019%	$74K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09606	+0.156%	$8.3M	$53.0M	50x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERPshort	+0.0044%	8h	0.09604	+0.136%	$12K	$2K	5x
Nado XPL-PERP	+0.0100%	1h	0.09600	+0.094%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09600	+0.097%	$60.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09599	+0.082%	$244K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09604	+0.140%	$218K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09606	+0.155%	$43.6M	$107.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09602	+0.115%	$46.0M	$56.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	+0.511%	$140K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09596	+0.052%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09597	+0.063%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09593	+0.021%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09605	+0.146%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09605	+0.146%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	+0.812%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09642	+0.533%	$259K	$900K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.407%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09589	−0.022%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09570	−0.219%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	−0.010%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09600	+0.094%	$142K	$253K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09598	+0.072%	$640K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	−0.010%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09633	+0.438%	$195K	$629K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09522	−0.719%	$75K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3569%	1h	0.09630	+0.410%	$546K	$1.0M	10x	as long as short