Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0692%/8h= +75.8% APRpaid last 24h +0.200%

Price spread now: Coinbase International against HTX+0.484%7-day average +0.732% · you sell dearer than you buy

Net, funding: paid 7d − costs−$220as in the Funding arb table

Net, price: spread back to 7d avg − costs−$223as in the Price arb table

costs, in and out, $10k−$1991.987% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.214%−$21 on $10k

Price spread, last 3 days (all we have)+0.429%+$43 · spread now +0.484%, 7d avg +0.732%

Together, before fees+0.215%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.248% cheaper against HTX than usual: you would sell low and buy high (spread +0.484% now, against its 7-day average of +0.732%). If the spread goes back, that is −$25 on $10k: about 29 hours of funding at the current rate (+$21 a day). Mind the row above: over the last 7 days funding on this pair cost −0.214%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.214% in total (about -11.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09713	0.0100	pay 0.0050% / 4h	1h 27m	$138K	$246K	20x
Short	Coinbase International XPL-PERP-INTX	0.09760	0.0792	get 0.0099% / 1h	27m 47s	$72K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against HTX. 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 HTXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.484%Rate

Funding earned: $145.32
Price spread: +0.484% → +0.732%: −$24.8
Slippage, 4 orders: −$176.67
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$78.15
Costs to cover: 1.987%
Break-even: 10.8 days

Slippage from HTX: live order book, 54 min ago; Coinbase International: live order book, 55 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 HTX live order book, 54 min ago	15.83 bp	22.7 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 55 min ago	38.25 bp	61.5 bp −$62	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0358%	1h	0.09705	−0.082%	$176K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09710	−0.031%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09731	+0.185%	$566	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09693	−0.206%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0107% / S +0.0503%	1h	0.09720	+0.067%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09732	+0.191%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.058%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09721	+0.078%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0074%	4h	0.09708	−0.051%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0087%	8h	0.09730	+0.175%	$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	0.09728	+0.160%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	−0.019%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09702	−0.116%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09734	+0.212%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09693	−0.201%	$43.7M	$106.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09688	−0.257%	$47.0M	$54.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09687	−0.268%	$8.8M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.256%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09695	−0.185%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09696	−0.175%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09702	−0.113%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09696	−0.175%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09697	−0.165%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.203%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.202%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.175%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09741	+0.291%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.031%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.031%	$447	$10K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09713	long leg	$138K	$246K	20x
Extended XPL-USD	+0.0104%	1h	0.09695	−0.189%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09716	+0.030%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09709	−0.041%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09712	−0.010%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0792%	1h	0.09760	+0.484%	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4601%	1h	0.09758	+0.460%	$521K	$961K	10x	as long as short