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: Bitget against Bulk+0.854%7-day average +0.017% · 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+$27as in the Price arb table

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

Long on Bulk Short on Bitget

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)−0.263%−$26 · spread now +0.854%, 7d avg +0.017%

Together, before fees−0.262%−$26 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: Bitget is 0.837% dearer against Bulk than usual: you sell high and buy low, +$84 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	Bulk XPL-USD	0.09700	0.0100	pay 0.0013% / 1h	56m 18s	$140K	$10K	10x
Short	Bitget XPLUSDT	0.09783	0.0100	get 0.0050% / 4h	1h 56m	$8.6M	$11.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.854%Rate

Funding earned: $0
Price spread: +0.854% → +0.017%: $83.68
Slippage, 4 orders: −$37.27
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $27.41
Costs to cover: 0.563%
Break-even: from the start

Slippage from Bulk: live order book, 28 min ago; Bitget: live order book, 2 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, 28 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell Bitget live order book, 2 min ago	6.18 bp	18.1 bp −$18	47.7 bp −$477	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0230%	1h	0.09755	+0.565%	$178K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0096%	1h	0.09765	+0.668%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0093% / S +0.0494%	1h	0.09779	+0.811%	$113K	—	100x	as long as short
Lighter XPL	−0.0032%	1h	0.09750	+0.513%	$4.4M	$4.1M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09755	+0.566%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.953%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09751	+0.524%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09781	+0.830%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09778	+0.802%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09764	+0.662%	$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	+0.779%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09770	+0.722%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09763	+0.643%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09778	+0.802%	$43.9M	$105.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09779	+0.812%	$47.7M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09777	+0.792%	$9.0M	$53.6M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09700	long leg	$140K	$10K	10x
Gate XPL_USDT	+0.0100%	4h	0.09774	+0.761%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09773	+0.750%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09764	+0.658%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09783	+0.854%	$8.6M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09776	+0.781%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09700	0.000%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09709	+0.095%	$263K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.101%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+0.943%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	+0.307%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	+0.513%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09719	+0.194%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09764	+0.662%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09781	+0.833%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0153%	1h	0.09797	+0.997%	$63.0M	$47.4M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09736	+0.369%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	+0.266%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09731	+0.317%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4587%	1h	0.09787	+0.894%	$515K	$950K	10x	as long as short