Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0388%/8h= −42.5% APRpaid last 24h −0.038%

Price spread now: 01 Exchange against Orderly−0.031%46s7-day average — · you buy dearer than you sell

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

Long on Orderly Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 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

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and 01 Exchange is 0.031% cheaper against Orderly than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09653	0.0012	pay 0.0006% / 4h	3h 23m	$29K	$339K	10x
Short	01 Exchange XPLUSD	0.09650	−0.0376	pay 0.0047% / 1h	23m 44s	$561	$708	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.031%Rate

Funding earned: −$81.42
Price spread: −0.031% → 0.000%: −$3.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$97.52
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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 XPLUSDshort	−0.0376%	1h	0.09650	−0.031%	$561	$708	5x
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09662	+0.092%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0267%	1h	0.09657	+0.041%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0102%	1h	0.09663	+0.104%	$176K	$188K	10x	as long as short
Bybit XPLUSDT	−0.0027%	4h	0.09658	+0.052%	$45.8M	$54.1M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09670	+0.178%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.571%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	+0.118%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0012%	4h	0.09653	long leg	$29K	$339K	10x
Paradex XPL-USD-PERP	+0.0058%	8h	0.09658	+0.055%	$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	+0.0088%	1h	0.09656	+0.031%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09663	+0.104%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09685	+0.327%	$61.4M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09671	+0.186%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09668	+0.158%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09661	+0.084%	$43.9M	$100.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09660	+0.073%	$8.2M	$48.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09656	+0.031%	$141K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09664	+0.114%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09664	+0.114%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09662	+0.093%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09670	+0.176%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09659	+0.062%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09668	+0.152%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.382%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.280%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	+0.196%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.135%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.073%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09663	+0.104%	$141K	$187K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09656	+0.029%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09653	−0.001%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09705	+0.539%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09659	+0.062%	$1.7M	$961K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09685	+0.332%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3108%	1h	0.09691	+0.398%	$551K	$990K	10x	as long as short