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: BingX against Bulk+0.142%7-day average −0.031% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on Bulk Short on BingX

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)+0.148%+$15 · spread now +0.142%, 7d avg −0.031%

Together, before fees+0.151%+$15 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: BingX is 0.173% dearer against Bulk than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09880	0.0100	pay 0.0013% / 1h	19m 48s	$144K	$2K	10x
Short	BingX XPL-USDT	0.09894	0.0100	get 0.0050% / 4h	3h 19m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bulk. 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 BulkbpFee BingXbpOrdersPrice spread, now +0.142%Rate

Funding earned: $0
Price spread: +0.142% → −0.031%: $17.26
Slippage, 4 orders: −$30.77
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$30.51
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from Bulk: live order book, 54 min ago; BingX: live order book, 3 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 Bulk live order book, 54 min ago	5.15 bp	8.7 bp −$9	14.8 bp −$148	45.9 bp −$4,591	doesn't fit
Sell BingX live order book, 3 min ago	5.55 bp	14.3 bp −$14	25.6 bp −$256	87.5 bp −$8,753	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0169% / S +0.0544%	1h	0.09916	+0.363%	$114K	—	100x	as long as short
01 Exchange XPLUSD	−0.0160%	1h	0.09910	+0.304%	$576	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0153%	1h	0.09913	+0.334%	$48K	$18K	25x	as long as short
Lighter XPL	0.0000%	1h	0.09887	+0.071%	$4.5M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09898	+0.182%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.375%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09914	+0.341%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0024%	4h	0.09909	+0.294%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09910	+0.302%	$13K	$2K	5x	as long as short
Backpack XPL_USDC_PERP	+0.0093%	1h	0.09910	+0.304%	$186K	$271K	10x	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	0.09908	+0.288%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09914	+0.348%	$257K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09914	+0.346%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09892	+0.117%	$45.3M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09892	+0.121%	$48.1M	$56.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09889	+0.091%	$8.8M	$56.0M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09880	long leg	$144K	$2K	10x
Gate XPL_USDT	+0.0100%	4h	0.09906	+0.263%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09905	+0.253%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09912	+0.324%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09902	+0.223%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09894	+0.142%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09915	+0.353%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09940	+0.607%	$263K	$828K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09930	+0.506%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09925	+0.455%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09890	+0.101%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09910	+0.304%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09882	+0.020%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09903	+0.230%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09965	+0.856%	$30K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09941	+0.617%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0221%	1h	0.09913	+0.338%	$64.3M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09912	+0.324%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+1.012%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4994%	1h	0.09962	+0.830%	$576K	$1.0M	10x	as long as short