Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Binance−0.533%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$380.384% of the position

Long on Binance Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.457%+$46 · spread now −0.533%, 7d avg +0.027%

Together, before fees+0.455%+$45 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.560% cheaper against Binance than usual: you would sell low and buy high, −$56 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09772	0.0100	pay 0.0050% / 4h	3h 42m	$44.6M	$108.8M	75x
Short	Bulk XPL-USD	0.09720	0.0100	get 0.0013% / 1h	42m 55s	$142K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Binance. 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 BinancebpFee BulkbpOrdersPrice spread, now −0.533%Rate

Funding earned: $0
Price spread: −0.533% → +0.027%: −$55.98
Slippage, 4 orders: −$21.44
Fee Binance: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$94.42
Costs to cover: 0.384%
Break-even: 194016220401031968.0 days

Slippage from Binance: live order book, 15 min ago; Bulk: live order book, 31 min ago.

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 Binance live order book, 15 min ago	0.51 bp	10.6 bp −$11	23.0 bp −$230	124.6 bp −$12.5K	doesn't fit
Sell Bulk live order book, 31 min ago	5.15 bp	10.3 bp −$10	20.5 bp −$205	49.1 bp −$4,909	231.3 bp −$115.7K

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
Backpack XPL_USDC_PERP	−0.0323%	1h	0.09767	−0.054%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0264%	1h	0.09759	−0.136%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09767	−0.054%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0158% / S +0.0537%	1h	0.09771	−0.009%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09768	−0.044%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09754	−0.187%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.531%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09770	−0.022%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09769	−0.033%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0030%	8h	0.09754	−0.183%	$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	0.09753	−0.192%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09781	+0.090%	$63.1M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09771	−0.014%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09757	−0.155%	$222K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09772	long leg	$44.6M	$108.8M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09768	−0.044%	$47.3M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09767	−0.054%	$8.6M	$55.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09769	−0.033%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09773	+0.008%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09764	−0.085%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09774	+0.018%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09768	−0.044%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.381%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09743	−0.300%	$266K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.330%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09772	−0.004%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.330%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	−0.023%	$193	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09754	−0.187%	$141K	$241K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09720	−0.533%	$142K	$2K	10x
Extended XPL-USD	+0.0104%	1h	0.09764	−0.080%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09770	−0.027%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09753	−0.197%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09763	−0.095%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.437%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5068%	1h	0.09816	+0.450%	$569K	$1.0M	10x	as long as short