Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0346%/8h= +37.9% APRpaid last 24h +0.217%

Price spread now: Coinbase International against Orderly+0.153%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.201%+$20 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.153% dearer against Orderly than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.201% in total (about 10.5% 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	Orderly PERP_XPL_USDC	0.09830	0.0030	pay 0.0015% / 4h	3h 34m	$30K	$335K	10x
Short	Coinbase International XPL-PERP-INTX	0.09845	0.0376	get 0.0047% / 1h	34m 50s	$73K	$96K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.153%Rate

Funding earned: $72.71
Price spread: +0.153% → 0.000%: $15.26
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $71.97
Costs to cover: 0.160%
Break-even: 0.1 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: 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
GMX XPL/USD [WBTC.b-USDC]	L −0.0162% / S +0.0539%	1h	0.09833	+0.032%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0146%	1h	0.09835	+0.051%	$182K	$272K	10x	as long as short
01 Exchange XPLUSD	−0.0144%	1h	0.09839	+0.092%	$572	$708	5x	as long as short
Lighter XPL	−0.0104%	1h	0.09823	−0.071%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09829	−0.008%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.986%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09835	+0.051%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09832	+0.024%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0030%	4h	0.09830	long leg	$30K	$335K	10x
Paradex XPL-USD-PERP	+0.0041%	8h	0.09835	+0.049%	$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	0.09838	+0.086%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09843	+0.128%	$254K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09839	+0.093%	$224K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09836	+0.056%	$44.9M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09848	+0.183%	$47.7M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09846	+0.163%	$8.7M	$55.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−0.659%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09834	+0.041%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09835	+0.051%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09837	+0.071%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09851	+0.214%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09833	+0.031%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09825	−0.051%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.634%	$258K	$840K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	−0.102%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09843	+0.134%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.102%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	0.000%	$198	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09790	−0.407%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09833	+0.026%	$665K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09831	+0.005%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09823	−0.071%	$199K	$655K	10x	as long as short
Hyperliquid XPL	+0.0171%	1h	0.09871	+0.412%	$63.8M	$47.2M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09830	0.000%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0376%	1h	0.09845	+0.153%	$73K	$96K	50x
Kraken Futures PF_XPLUSD	+0.5040%	1h	0.09871	+0.416%	$572K	$1.0M	10x	as long as short