Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Bitget−0.725%7-day average −0.017% · 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−$127as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Bitget Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.134%+$13 · spread now −0.725%, 7d avg −0.017%

Together, before fees+0.133%+$13 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 0.708% cheaper against Bitget than usual: you would sell low and buy high, −$71 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09771	0.0100	pay 0.0050% / 4h	1h 56m	$8.6M	$11.1M	75x
Short	Bulk XPL-USD	0.09700	0.0100	get 0.0013% / 1h	56m 38s	$140K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bitget. 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 BitgetbpFee BulkbpOrdersPrice spread, now −0.725%Rate

Funding earned: $0
Price spread: −0.725% → −0.017%: −$70.78
Slippage, 4 orders: −$37.27
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$127.06
Costs to cover: 0.563%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Bulk: live order book, 27 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 Bitget live order book, 2 min ago	6.18 bp	21.0 bp −$21	46.4 bp −$464	doesn't fit	doesn't fit
Sell Bulk live order book, 27 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	37.8 bp −$3,781	134.9 bp −$67.4K

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	−0.0230%	1h	0.09755	−0.164%	$178K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0096%	1h	0.09765	−0.061%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0093% / S +0.0494%	1h	0.09757	−0.140%	$112K	—	100x	as long as short
Lighter XPL	−0.0032%	1h	0.09750	−0.215%	$4.4M	$4.1M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09755	−0.163%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.519%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09751	−0.205%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09757	−0.143%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09749	−0.225%	$29K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09764	−0.067%	$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	0.09776	+0.049%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09768	−0.032%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09763	−0.086%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09766	−0.051%	$43.9M	$105.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09784	+0.133%	$47.7M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09779	+0.082%	$9.0M	$53.6M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09700	−0.725%	$140K	$10K	10x
Gate XPL_USDT	+0.0100%	4h	0.09760	−0.113%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09762	−0.092%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09762	−0.092%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09771	long leg	$8.6M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09765	−0.061%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09700	−0.725%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09709	−0.630%	$263K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.624%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+0.212%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.420%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.215%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09719	−0.532%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09764	−0.067%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09756	−0.159%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0138%	1h	0.09779	+0.079%	$62.9M	$47.4M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09736	−0.358%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	−0.461%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09731	−0.409%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4587%	1h	0.09787	+0.163%	$515K	$950K	10x	as long as short