Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.053%

Price spread now: Deribit against Paradex+0.254%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Deribit

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—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.254% dearer against Paradex than usual: you sell high and buy low (spread +0.254% now, against zero (this spread has no 7-day history yet)): +$25 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09538	0.0066	pay 0.0066% / 8h	2h 28m	$12K	$696	5x
Short	Deribit XPL_USDC-PERPETUAL	0.09562	−0.0168	pay 0.0021% / 1h	28m 42s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Paradex. 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 ParadexbpFee DeribitbpOrdersPrice spread, now +0.254%Rate

Funding earned: −$49.18
Price spread: +0.254% → 0.000%: $25.38
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$34.8
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell Deribit no order-book sample	—	—	—	—	—

Paradex and 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 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 −0.0234% / S +0.0570%	1h	0.09571	+0.350%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09554	+0.170%	$555	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0168%	1h	0.09562	+0.254%	$46K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09548	+0.107%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.622%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09570	+0.336%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09555	+0.180%	$29K	$320K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09537	−0.008%	$4.3M	$3.0M	10x	as long as short
Paradex XPL-USD-PERPlong	+0.0066%	8h	0.09538	long leg	$12K	$696	5x
Nado XPL-PERP	+0.0100%	1h	0.09558	+0.217%	$1.2M	$2.4M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09562	+0.251%	$60.5M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09558	+0.210%	$251K	$429K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09547	+0.101%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09531	−0.076%	$43.2M	$100.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09533	−0.050%	$45.2M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09534	−0.040%	$8.1M	$48.0M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09539	+0.013%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09532	−0.061%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09543	+0.055%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09543	+0.055%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09534	−0.040%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09557	+0.201%	$173K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09525	−0.134%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09546	+0.089%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	+0.023%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09573	+0.366%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.082%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	+0.128%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09556	+0.191%	$138K	$188K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	+0.023%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09531	−0.076%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09561	+0.239%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09562	+0.254%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09553	+0.159%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09581	+0.453%	$67K	$89K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2901%	1h	0.09584	+0.484%	$545K	$991K	10x	as long as short