Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0440%/8h= −48.1% APRpaid last 24h −0.069%

Price spread now: Deribit against OKX+0.021%7-day average — · you sell dearer than you buy

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

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Deribit is 0.021% dearer against OKX than usual: you sell high and buy low (spread +0.021% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09463	−0.0049	get 0.0025% / 4h	1h 55m	$7.4M	$46.4M	50x
Short	Deribit XPL_USDC-PERPETUAL	0.09465	−0.0489	pay 0.0061% / 1h	55m 12s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$92.32
Price spread: +0.021% → 0.000%: $2.11
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$107.2
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 2 min ago; Deribit: 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 OKX live order book, 2 min ago	0.53 bp	10.7 bp −$11	31.6 bp −$316	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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 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
Lighter XPL	−0.0768%	1h	0.09457	−0.063%	$4.3M	$3.0M	10x	as long as short
01 Exchange XPLUSD	−0.0584%	1h	0.09455	−0.085%	$550	$873	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0489%	1h	0.09465	+0.021%	$47K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0416% / S +0.0677%	1h	0.09468	+0.049%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0247%	4h	0.09458	−0.053%	$44.6M	$52.1M	75x	as long as short
Extended XPL-USD	−0.0152%	1h	0.09462	−0.012%	$601K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0116%	8h	0.09462	−0.010%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0088%	4h	0.09459	−0.042%	$30K	$185K	10x	as long as short
OKX XPL-USDT-SWAPlong	−0.0049%	4h	0.09463	long leg	$7.4M	$46.4M	50x
Binance XPLUSDT	−0.0027%	4h	0.09459	−0.043%	$43.5M	$95.7M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0024%	4h	0.09460	−0.032%	$13.3M	$6.3M	100x	as long as short
Backpack XPL_USDC_PERP	−0.0023%	1h	0.09463	0.000%	$178K	$170K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09468	+0.054%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−19.997%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09487	+0.251%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0022%	4h	0.09466	+0.032%	$2.9M	$3.2M	75x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09460	−0.032%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09464	+0.016%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09478	+0.161%	$60.1M	$42.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09470	+0.074%	$252K	$360K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09470	+0.074%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09471	+0.085%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09475	+0.127%	$8.8M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09464	+0.011%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09453	−0.105%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09480	+0.180%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09500	+0.391%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09475	+0.127%	$124K	$1.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09450	−0.137%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09460	−0.032%	$181	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09470	+0.074%	$134K	$209K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09455	−0.085%	$138K	$5K	10x	as long as short
Phoenix XPL	+0.0166%	1h	0.09471	+0.085%	$191K	$435K	10x	as long as short
BloFin XPL-USDT	+0.0215%	4h	0.09465	+0.021%	$1.7M	$826K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+0.793%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1349%	1h	0.09487	+0.249%	$553K	$992K	10x	as long as short