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 −0.020%

Price spread now: GRVT against Bulk+0.521%7-day average −0.013% · 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−$94as in the Price arb table

costs, in and out, $10k−$1471.471% of the position

Long on Bulk Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.521%, 7d avg −0.013%

Together, before fees−0.165%+ Points / potential airdropGRVT: Active · farm board−$16 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: GRVT is 0.533% dearer against Bulk than usual: you sell high and buy low, +$53 on $10k if it goes back to its 7-day average of −0.013%.

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	55m 29s	$140K	$10K	10x
Short	GRVT XPL_USDT_Perp	0.09751	0.0100	get 0.0050% / 4h	1h 55m	$264K	$775K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.521%Rate

Funding earned: $0
Price spread: +0.521% → −0.013%: $53.34
Slippage, 4 orders: −$131.13
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$93.79
Costs to cover: 1.471%
Break-even: never at this rate

Slippage from Bulk: live order book, 28 min ago; GRVT: 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 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 GRVT live order book, 27 min ago	5.11 bp	81.2 bp −$81	327.5 bp −$3,275	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
Deribit XPL_USDC-PERPETUAL	−0.0159%	1h	0.09780	+0.823%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0096%	1h	0.09776	+0.781%	$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
Backpack XPL_USDC_PERP	−0.0062%	1h	0.09779	+0.812%	$178K	$282K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09782	+0.839%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.953%	—	—	—	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
Lighter XPL	+0.0048%	1h	0.09766	+0.678%	$4.4M	$4.1M	10x	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	0.09776	+0.780%	$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	0.09781	+0.828%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09782	+0.843%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09780	+0.824%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09779	+0.817%	$43.9M	$105.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09781	+0.833%	$47.7M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09779	+0.812%	$9.0M	$53.7M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09700	long leg	$140K	$10K	10x
Gate XPL_USDT	+0.0100%	4h	0.09773	+0.750%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09779	+0.812%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09780	+0.823%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09787	+0.895%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09771	+0.730%	—	$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_Perpshort	+0.0100%	4h	0.09751	+0.521%	$264K	$775K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.513%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+0.942%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	+0.616%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.823%	$203	$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	0.09769	+0.714%	$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	+0.0136%	1h	0.09798	+1.009%	$63.1M	$47.5M	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	0.09794	+0.967%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4574%	1h	0.09814	+1.169%	$517K	$952K	10x	as long as short