Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Bulk against BloFin−0.593%7-day average +0.057% · 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−$108as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on BloFin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.246%−$25 on $10k

Price spread, last 3 days (all we have)+0.822%+$82 · spread now −0.593%, 7d avg +0.057%

Together, before fees+0.576%+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bulk is 0.649% cheaper against BloFin than usual: you would sell low and buy high (−$65 if the spread goes back to its 7-day average of +0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09788	0.0340	pay 0.0170% / 4h	2h 44m	$1.8M	$1.2M	75x
Short	Bulk XPL-USD	0.09730	0.0100	get 0.0013% / 1h	44m 42s	$140K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BloFin. 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 BloFinbpFee BulkbpOrdersPrice spread, now −0.593%Rate

Funding earned: −$50.4
Price spread: −0.593% → +0.057%: −$64.94
Slippage, 4 orders: −$23.72
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$158.06
Costs to cover: 0.427%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Bulk: live order book, 44 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 BloFin live order book, 3 min ago	0.51 bp	6.8 bp −$7	13.5 bp −$135	58.1 bp −$5,808	doesn't fit
Sell Bulk live order book, 44 min ago	5.04 bp	8.5 bp −$9	18.2 bp −$182	55.9 bp −$5,591	doesn't fit

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	−0.0272%	1h	0.09759	−0.296%	$4.4M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0072%	1h	0.09789	+0.010%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0069% / S +0.0479%	1h	0.09797	+0.089%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09796	+0.082%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09772	−0.166%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.651%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09797	+0.094%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0064%	1h	0.09775	−0.133%	$568	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09794	+0.061%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09769	−0.191%	$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	0.09792	+0.046%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09780	−0.082%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09779	−0.087%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09774	−0.140%	$221K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09771	−0.174%	$44.3M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09770	−0.184%	$47.5M	$52.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09768	−0.204%	$9.0M	$53.0M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09768	−0.204%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09771	−0.174%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09773	−0.153%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09775	−0.133%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09770	−0.184%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09793	+0.052%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09807	+0.194%	$266K	$769K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	+0.327%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09803	+0.150%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	−0.082%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+0.020%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09790	+0.020%	$139K	$245K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09730	−0.593%	$140K	$11K	10x
Extended XPL-USD	+0.0104%	1h	0.09770	−0.185%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09798	+0.097%	$38K	$5K	3x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09788	long leg	$1.8M	$1.2M	75x
Phoenix XPL	+0.0485%	1h	0.09731	−0.582%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.572%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3477%	1h	0.09835	+0.485%	$517K	$939K	10x	as long as short