Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0126%/8h= −13.8% APRpaid last 24h −0.022%

Price spread now: Orderly against Pacifica−0.173%7-day average −0.083% · you buy dearer than you sell

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

Long on Pacifica Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.212%−$21 on $10k

Price spread, last 4 days (all we have)−0.473%−$47 · spread now −0.173%, 7d avg −0.083%

Together, before fees−0.684%+ Points / potential airdropPacifica: Active · farm board−$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.090% cheaper against Pacifica than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.083%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica XPL	0.09556	0.0100	pay 0.0013% / 1h	49m 38s	$219K	$46K	10x
Short	Orderly PERP_XPL_USDC	0.09539	−0.0026	pay 0.0013% / 4h	3h 49m	$30K	$277K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. 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 PacificabpFee OrderlybpOrdersPrice spread, now −0.173%Rate

Funding earned: −$26.47
Price spread: −0.173% → −0.083%: −$8.98
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$49.45
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 48 min ago; Orderly: 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 Pacifica live order book, 48 min ago	10.47 bp	27.4 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Lighter XPL	−0.1344%	1h	0.09533	−0.235%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0483%	1h	0.09541	−0.152%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09542	−0.141%	$555	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09549	−0.070%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0145%	4h	0.09545	−0.110%	$45.4M	$53.9M	75x	as long as short
Paradex XPL-USD-PERP	−0.0076%	8h	0.09546	−0.099%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDCshort	−0.0026%	4h	0.09539	−0.173%	$30K	$277K	10x
OKX XPL-USDT-SWAP	−0.0006%	4h	0.09546	−0.099%	$7.7M	$47.6M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09557	+0.014%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.771%	—	—	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09562	+0.067%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0078%	1h	0.09541	−0.152%	$179K	$180K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09546	−0.099%	$1.3M	$2.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09555	−0.004%	$252K	$404K	20x	as long as short
Pacifica XPLlong	+0.0100%	1h	0.09556	long leg	$219K	$46K	10x
Binance XPLUSDT	+0.0100%	4h	0.09545	−0.108%	$43.4M	$97.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	−0.005%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09547	−0.089%	$2.9M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09544	−0.120%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09550	−0.058%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09560	+0.047%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09551	−0.047%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09553	−0.027%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	+0.013%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.152%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09553	−0.021%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.267%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.162%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09546	−0.099%	$132K	$210K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09548	−0.083%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09538	−0.181%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0113%	1h	0.09565	+0.097%	$60.5M	$46.0M	10x	as long as short
Phoenix XPL	+0.0251%	1h	0.09566	+0.110%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09534	−0.225%	$1.7M	$927K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.424%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2709%	1h	0.09576	+0.214%	$543K	$943K	10x	as long as short