Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.015%

Price spread now: Orderly against Paradex−0.027%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Orderly

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

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Orderly is 0.027% cheaper against Paradex 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09720	0.0090	pay 0.0090% / 8h	1h 58m	$13K	$2K	5x
Short	Orderly PERP_XPL_USDC	0.09717	0.0080	get 0.0040% / 4h	1h 58m	$27K	$333K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.027%Rate

Funding earned: −$2.02
Price spread: −0.027% → 0.000%: −$2.69
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$14.7
Costs to cover: 0.100%
Break-even: never at this rate

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

Paradex and 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	−0.0352%	1h	0.09713	−0.068%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09714	−0.058%	$565	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0184%	1h	0.09729	+0.097%	$177K	$283K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09727	+0.076%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0092% / S +0.0493%	1h	0.09721	+0.017%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09726	+0.066%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.109%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09723	+0.033%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0080%	4h	0.09717	−0.027%	$27K	$333K	10x
Paradex XPL-USD-PERPlong	+0.0090%	8h	0.09720	long leg	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09717	−0.027%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09719	−0.008%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09727	+0.074%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09722	+0.025%	$43.7M	$105.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09723	+0.035%	$47.3M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09716	−0.037%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.200%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09720	+0.004%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09719	−0.006%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09720	+0.004%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09728	+0.086%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09721	+0.014%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09700	−0.200%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09709	−0.105%	$263K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.099%	$25K	$87K	50x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.202%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.004%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09698	−0.222%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09712	−0.078%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09723	+0.031%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0255%	1h	0.09736	+0.166%	$62.6M	$47.4M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09727	+0.076%	$1.8M	$1.2M	75x	as long as short
Polymarket Perps XPL-USD	+0.0375%	1h	0.09735	+0.158%	$129K	$2.7M	10x	as long as short
Phoenix XPL	+0.0485%	1h	0.09717	−0.027%	$197K	$642K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09731	+0.117%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4585%	1h	0.09790	+0.727%	$516K	$948K	10x	as long as short