Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.005%

Price spread now: Bybit against Extended+0.053%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$460.459% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 4 days (all we have)+0.189%+$19 · spread now +0.053%, 7d avg +0.014%

Together, before fees+0.140%+ Points / potential airdropExtended: Active · farm board+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.038% dearer against Extended than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XPL-USD	0.09812	0.0104	pay 0.0013% / 1h	21m 55s	$664K	$1.1M	25x
Short	Bybit XPLUSDT	0.09817	0.0100	get 0.0050% / 4h	2h 21m	$47.9M	$53.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$0.84
Price spread: +0.053% → +0.014%: $3.85
Slippage, 4 orders: −$29.85
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.84
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Extended: live order book, 1 min ago; Bybit: live order book, 2 min ago.

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 Extended live order book, 1 min ago	0.51 bp	8.1 bp −$8	22.5 bp −$225	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.53 bp	15.0 bp −$15	43.4 bp −$434	doesn't fit	doesn't fit

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
GMX XPL/USD [WBTC.b-USDC]	L −0.0080% / S +0.0486%	1h	0.09824	+0.120%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09810	−0.019%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09809	−0.029%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09793	−0.197%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.842%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09827	+0.155%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09823	+0.117%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0014%	1h	0.09821	+0.094%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09820	+0.083%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09794	−0.177%	$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	0.09816	+0.043%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09829	+0.179%	$63.2M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09824	+0.123%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09799	−0.132%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09820	+0.086%	$44.3M	$104.7M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09817	+0.053%	$47.9M	$53.4M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09814	+0.022%	$9.1M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.732%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09816	+0.043%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09820	+0.083%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09813	+0.012%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09822	+0.104%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09816	+0.043%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09812	+0.003%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09807	−0.050%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.019%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09832	+0.204%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09810	−0.019%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09820	+0.083%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09794	−0.182%	$139K	$245K	20x	as long as short
Extended XPL-USDlong	+0.0104%	1h	0.09812	long leg	$664K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09824	+0.120%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09788	−0.243%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09825	+0.134%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.206%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3465%	1h	0.09869	+0.581%	$520K	$941K	10x	as long as short