Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.017%

Price spread now: Orderly against Extended−0.008%7-day average +0.001% · you buy dearer than you sell

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

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 4 days (all we have)−0.226%−$23 · spread now −0.008%, 7d avg +0.001%

Together, before fees−0.406%+ Points / potential airdropExtended: Active · farm board−$41 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XPL-USD	0.09633	0.0104	pay 0.0013% / 1h	23m 06s	$653K	$1.1M	25x
Short	Orderly PERP_XPL_USDC	0.09632	0.0013	get 0.0007% / 4h	23m 06s	$29K	$339K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.008%Rate

Funding earned: −$19.11
Price spread: −0.008% → +0.001%: −$0.91
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$31.01
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Extended: live order book, just now; 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 Extended live order book, just now	2.08 bp	10.7 bp −$11	26.6 bp −$266	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
01 Exchange XPLUSD	−0.0368%	1h	0.09632	−0.008%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0614%	1h	0.09639	+0.068%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09634	+0.013%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0089%	4h	0.09626	−0.070%	$45.6M	$54.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09641	+0.083%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.407%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09639	+0.062%	$73K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09634	+0.013%	$178K	$223K	10x	as long as short
Orderly PERP_XPL_USDCshort	+0.0013%	4h	0.09632	−0.008%	$29K	$339K	10x
Paradex XPL-USD-PERP	+0.0080%	8h	0.09632	−0.005%	$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
Lighter XPL	+0.0096%	1h	0.09624	−0.091%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09632	−0.005%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09645	+0.131%	$60.9M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09643	+0.104%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09638	+0.058%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09631	−0.018%	$43.8M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09631	−0.018%	$8.3M	$49.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09636	+0.034%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09634	+0.013%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09636	+0.034%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09636	+0.034%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09630	−0.028%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.187%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	−0.221%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.075%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09646	+0.134%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.236%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	−0.028%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	+0.127%	$141K	$206K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	−0.028%	$140K	$5K	10x	as long as short
Extended XPL-USDlong	+0.0104%	1h	0.09633	long leg	$653K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09631	−0.013%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	−0.070%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09635	+0.023%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.449%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3298%	1h	0.09673	+0.423%	$548K	$975K	10x	as long as short