Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.020%

Price spread now: Bybit against dYdX−0.057%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 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. Bybit is 0.057% cheaper against dYdX than usual: you would sell low and buy high (spread −0.057% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 3.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX XPL-USD	0.09690	0	get 0.0000% / 1h	28m 34s	$9K	$585	5x
Short	Bybit XPLUSDT	0.09684	0.0060	get 0.0030% / 4h	3h 28m	$45.8M	$54.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against dYdX. 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 dYdXbpFee BybitbpOrdersPrice spread, now −0.057%Rate

Funding earned: $12.65
Price spread: −0.057% → 0.000%: −$5.74
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$14.09
Costs to cover: 0.210%
Break-even: 14.8 days

Slippage unknown: dYdX: no order-book sample; Bybit: 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 dYdX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.52 bp	9.6 bp −$10	19.8 bp −$198	doesn't fit	doesn't fit

dYdX: 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	−0.0368%	1h	0.09689	−0.006%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09692	+0.023%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09686	−0.037%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0065%	1h	0.09692	+0.025%	$176K	$188K	10x	as long as short
dYdX XPL-USDlong	0.0000%	1h	0.09690	long leg	$9K	$585	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.866%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09692	+0.027%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09684	−0.057%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0052%	8h	0.09688	−0.021%	$13K	$2K	5x	as long as short
Bybit XPLUSDTshort	+0.0060%	4h	0.09684	−0.057%	$45.8M	$54.1M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09682	−0.078%	$4.4M	$3.0M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09702	+0.131%	$61.5M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09696	+0.069%	$253K	$424K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09694	+0.049%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09684	−0.057%	$44.0M	$101.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09683	−0.068%	$8.2M	$48.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09688	−0.016%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09682	−0.078%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09694	+0.046%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09690	+0.005%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09688	−0.016%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09720	+0.312%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09710	+0.211%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.417%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09689	−0.006%	$1.2M	$2.4M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09695	+0.054%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.202%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	+0.005%	$205	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09687	−0.026%	$142K	$192K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	−0.099%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09685	−0.051%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09684	−0.056%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.201%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09684	−0.057%	$1.7M	$964K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.335%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3098%	1h	0.09721	+0.322%	$553K	$990K	10x	as long as short