Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: HTX against Bulk+0.681%7-day average −0.074% · 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−$72as in the Price arb table

costs, in and out, $10k−$1481.480% of the position

Long on Bulk Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−1.685%−$169 · spread now +0.681%, 7d avg −0.074%

Together, before fees−1.685%−$169 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: HTX is 0.755% dearer against Bulk than usual: you sell high and buy low, +$76 on $10k if it goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09540	0.0100	pay 0.0013% / 1h	40m 45s	$139K	$7K	10x
Short	HTX XPL-USDT	0.09605	0.0100	get 0.0050% / 4h	1h 40m	$144K	$264K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.681%Rate

Funding earned: $0
Price spread: +0.681% → −0.074%: $75.55
Slippage, 4 orders: −$128.99
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$72.44
Costs to cover: 1.480%
Break-even: never at this rate

Slippage from Bulk: live order book, 23 min ago; HTX: live order book, 21 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, 23 min ago	5.18 bp	8.7 bp −$9	16.9 bp −$169	52.5 bp −$5,253	doesn't fit
Sell HTX live order book, 21 min ago	14.47 bp	69.9 bp −$70	doesn't fit	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	−0.0606%	1h	0.09594	+0.566%	$181K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09586	+0.482%	$557	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0271%	1h	0.09592	+0.545%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0247% / S +0.0576%	1h	0.09602	+0.653%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09592	+0.545%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09605	+0.678%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.643%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09602	+0.655%	$72K	—	150x	as long as short
Lighter XPL	+0.0032%	1h	0.09589	+0.513%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0034%	4h	0.09602	+0.650%	$8.3M	$53.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09608	+0.711%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0086%	4h	0.09597	+0.597%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09599	+0.621%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09607	+0.698%	$60.4M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09606	+0.688%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09605	+0.677%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09597	+0.597%	$43.4M	$108.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09591	+0.534%	$45.5M	$56.7M	75x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09540	long leg	$139K	$7K	10x
MEXC XPL_USDT	+0.0100%	4h	0.09597	+0.597%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09586	+0.482%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09602	+0.650%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09596	+0.587%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09587	+0.489%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.795%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.838%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09610	+0.733%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	+0.419%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	+0.524%	$2K	$11K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09605	+0.681%	$144K	$264K	20x
Extended XPL-USD	+0.0104%	1h	0.09597	+0.592%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	+0.524%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	+0.346%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09603	+0.660%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+1.048%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3569%	1h	0.09631	+0.953%	$546K	$1.0M	10x	as long as short