Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.009%

Price spread now: Paradex against Bulk−0.300%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bulk Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Paradex is 0.300% cheaper against Bulk than usual: you would sell low and buy high (−$30 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09565	0.0100	pay 0.0013% / 1h	50m 58s	$139K	$5K	10x
Short	Paradex XPL-USD-PERP	0.09536	0.0070	get 0.0070% / 8h	4h 50m	$12K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.300%Rate

Funding earned: −$6.32
Price spread: −0.300% → 0.000%: −$29.99
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$47.31
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 8 min ago; Paradex: no order-book sample. Net counts fees only.

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, 8 min ago	5.22 bp	8.7 bp −$9	15.9 bp −$159	36.4 bp −$3,641	131.8 bp −$65.9K
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange XPLUSD	−0.0328%	1h	0.09525	−0.418%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0288% / S +0.0601%	1h	0.09527	−0.395%	$105K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0136%	1h	0.09531	−0.355%	$176K	$227K	10x	as long as short
Bybit XPLUSDT	−0.0118%	4h	0.09522	−0.450%	$45.1M	$56.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09538	−0.281%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.849%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09527	−0.397%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09523	−0.439%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09529	−0.379%	$72K	—	150x	as long as short
Paradex XPL-USD-PERPshort	+0.0070%	8h	0.09536	−0.300%	$12K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0095%	4h	0.09538	−0.282%	$8.2M	$50.0M	50x	as long as short
Lighter XPL	+0.0096%	1h	0.09517	−0.502%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09527	−0.392%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09539	−0.267%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09534	−0.324%	$242K	$477K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09532	−0.341%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09528	−0.387%	$43.2M	$105.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09533	−0.335%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09536	−0.303%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09534	−0.324%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09540	−0.261%	$8.5M	$10.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09526	−0.408%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.493%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	−0.255%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.052%	$25K	$80K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09536	−0.304%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.575%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	−0.470%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	0.000%	$143K	$237K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09565	long leg	$139K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09536	−0.299%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09525	−0.418%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09568	+0.031%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09528	−0.387%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.429%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09568	+0.027%	$541K	$977K	10x	as long as short