Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.004%

Price spread now: Extended against HTX−0.098%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1131.126% of the position

Long on HTX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 4 days (all we have)+0.337%+$34 · spread now −0.098%, 7d avg −0.018%

Together, before fees+0.176%+ Points / potential airdropExtended: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Extended is 0.080% cheaper against HTX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09320	0.0100	pay 0.0050% / 4h	50m 28s	$130K	$171K	20x
Short	Extended XPL-USD	0.09311	0.0064	get 0.0008% / 1h	50m 28s	$589K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$7.56
Price spread: −0.098% → −0.018%: −$8.01
Slippage, 4 orders: −$95.61
Fee HTX: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$128.18
Costs to cover: 1.126%
Break-even: never at this rate

Slippage from HTX: live order book, 54 min ago; Extended: live order book, 1 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	6.37 bp	19.3 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 1 min ago	1.07 bp	9.5 bp −$9	19.6 bp −$196	doesn't fit	doesn't fit

XPL on 36 exchanges

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	−0.0544%	1h	0.09310	−0.107%	$541	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0510% / S +0.0730%	1h	0.09318	−0.025%	$103K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0394%	1h	0.09312	−0.086%	$47K	$19K	25x	as long as short
Lighter XPL	−0.0384%	1h	0.09306	−0.150%	$4.2M	$2.5M	10x	as long as short
Bybit XPLUSDT	−0.0347%	4h	0.09326	+0.064%	$43.6M	$53.3M	75x	as long as short
Polymarket Perps XPL-USD	−0.0266%	1h	0.09315	−0.054%	$37K	$1.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0142%	4h	0.09309	−0.118%	$29K	$89K	10x	as long as short
Paradex XPL-USD-PERP	−0.0103%	8h	0.09308	−0.126%	$12K	$696	5x	as long as short
Binance XPLUSDT	−0.0068%	4h	0.09327	+0.075%	$42.9M	$96.0M	75x	as long as short
MEXC XPL_USDT	−0.0066%	4h	0.09311	−0.097%	$12.3M	$6.5M	100x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	−0.0010%	4h	0.09329	+0.097%	$7.1M	$45.7M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09325	+0.053%	$9K	$1K	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−18.771%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09317	−0.032%	$70K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0017%	1h	0.09317	−0.032%	$180K	$168K	10x	as long as short
Gate XPL_USDT	+0.0022%	4h	0.09310	−0.107%	$2.8M	$2.7M	75x	as long as short
Nado XPL-PERP	+0.0050%	1h	0.09310	−0.102%	$1.1M	$2.4M	10x	as long as short
Extended XPL-USDshort	+0.0064%	1h	0.09311	−0.098%	$589K	$1.1M	25x
Aevo XPL-PERP	+0.0064%	1h	0.09308	−0.127%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09329	+0.094%	$58.7M	$40.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09317	−0.028%	$242K	$374K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09320	0.000%	$207K	$52K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09357	+0.402%	$136K	$5K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09322	+0.021%	$2.2M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09318	−0.021%	$8.7M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09313	−0.075%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09314	−0.064%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09348	+0.296%	$250K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09360	+0.429%	$24K	$67K	50x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09290	−0.322%	$2K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09310	−0.107%	$180	$9K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09320	long leg	$130K	$171K	20x
Phoenix XPL	+0.0170%	1h	0.09368	+0.515%	$189K	$435K	10x	as long as short
BloFin XPL-USDT	+0.0174%	4h	0.09311	−0.097%	$1.7M	$840K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0608%	1h	0.09455	+1.448%	$63K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1203%	1h	0.09336	+0.168%	$550K	$988K	10x	as long as short