Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Bulk−0.573%7-day average +0.006% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$640.636% of the position

Long on Bulk Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.497%+$50 · spread now −0.573%, 7d avg +0.006%

Together, before fees+0.497%+ Points / potential airdropPacifica: Active · farm board+$50 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: Pacifica is 0.578% cheaper against Bulk than usual: you would sell low and buy high, −$58 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09815	0.0100	pay 0.0013% / 1h	16m 22s	$141K	$11K	10x
Short	Pacifica XPL	0.09759	0.0100	get 0.0013% / 1h	16m 22s	$221K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.573%Rate

Funding earned: $0
Price spread: −0.573% → +0.006%: −$57.84
Slippage, 4 orders: −$48.64
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$121.48
Costs to cover: 0.636%
Break-even: never at this rate

Slippage from Bulk: live order book, 7 min ago; Pacifica: live order book, 7 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, 7 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell Pacifica live order book, 7 min ago	5.10 bp	24.5 bp −$25	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
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09755	−0.611%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0088%	1h	0.09743	−0.734%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0083% / S +0.0488%	1h	0.09756	−0.600%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09753	−0.632%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0004%	1h	0.09766	−0.499%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09759	−0.571%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.867%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09758	−0.583%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09751	−0.652%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09751	−0.653%	$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	0.09753	−0.629%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09765	−0.505%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09760	−0.565%	$252K	$527K	20x	as long as short
Pacifica XPLshort	+0.0100%	1h	0.09759	−0.573%	$221K	$45K	10x
Binance XPLUSDT	+0.0100%	4h	0.09750	−0.663%	$44.0M	$105.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09751	−0.652%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09750	−0.662%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09815	long leg	$141K	$11K	10x
Gate XPL_USDT	+0.0100%	4h	0.09749	−0.672%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09750	−0.662%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09758	−0.581%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09758	−0.581%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09751	−0.652%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	−0.067%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09796	−0.197%	$265K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.051%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09764	−0.521%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.764%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.662%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	−0.632%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09749	−0.677%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09755	−0.614%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09754	−0.621%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.214%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09805	−0.102%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3485%	1h	0.09812	−0.035%	$517K	$942K	10x	as long as short