Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: BloFin against Bulk+0.208%7-day average −0.053% · 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−$19as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Bulk Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.243%+$24 on $10k

Price spread, last 3 days (all we have)−0.119%−$12 · spread now +0.208%, 7d avg −0.053%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.261% dearer against Bulk than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.053%.

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	29m 13s	$141K	$9K	10x
Short	BloFin XPL-USDT	0.09720	0.0340	get 0.0170% / 4h	29m 13s	$1.8M	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.208%Rate

Funding earned: $50.4
Price spread: +0.208% → −0.053%: $26.15
Slippage, 4 orders: −$26.49
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $31.05
Costs to cover: 0.455%
Break-even: 2.7 days

Slippage from Bulk: live order book, 50 min ago; BloFin: 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, 50 min ago	5.15 bp	8.6 bp −$9	14.8 bp −$148	45.9 bp −$4,590	doesn't fit
Sell BloFin live order book, 3 min ago	0.51 bp	10.2 bp −$10	19.2 bp −$192	56.5 bp −$5,653	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	−0.0592%	1h	0.09715	+0.156%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09713	+0.136%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0135% / S +0.0522%	1h	0.09724	+0.244%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09725	+0.260%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	+0.209%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.952%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09723	+0.242%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0020%	8h	0.09719	+0.200%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09718	+0.187%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0076%	4h	0.09717	+0.177%	$3.0M	$4.0M	75x	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	0.09718	+0.187%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09732	+0.330%	$62.8M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09725	+0.261%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09725	+0.260%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09720	+0.213%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09720	+0.208%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09717	+0.177%	$8.8M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09719	+0.198%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09719	+0.198%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09725	+0.260%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09718	+0.187%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09721	+0.218%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	−0.035%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09699	−0.010%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.105%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09729	+0.298%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	+0.002%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.208%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09699	−0.008%	$138K	$233K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09700	long leg	$141K	$9K	10x
Extended XPL-USD	+0.0104%	1h	0.09720	+0.210%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09725	+0.260%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09714	+0.146%	$197K	$651K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09720	+0.208%	$1.8M	$1.2M	75x
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.291%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5107%	1h	0.09775	+0.780%	$564K	$1.0M	10x	as long as short