Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SunX against Bulk+0.103%7-day average −0.213% · 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−$296as in the Price arb table

costs, in and out, $10k−$3283.276% of the position

Long on Bulk Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.469%−$47 · spread now +0.103%, 7d avg −0.213%

Together, before fees−0.466%−$47 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: SunX is 0.317% dearer against Bulk than usual: you sell high and buy low, +$32 on $10k if it goes back to its 7-day average of −0.213%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09680	0.0100	pay 0.0013% / 1h	31m 22s	$141K	$5K	10x
Short	SunX XPL-USDT	0.09690	0.0100	get 0.0050% / 4h	3h 31m	$3K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.103%Rate

Funding earned: $0
Price spread: +0.103% → −0.213%: $31.68
Slippage, 4 orders: −$312.59
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$295.92
Costs to cover: 3.276%
Break-even: never at this rate

Slippage from Bulk: live order book, 22 min ago; SunX: live order book, 4 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, 22 min ago	5.16 bp	8.7 bp −$9	16.3 bp −$163	49.0 bp −$4,898	doesn't fit
Sell SunX live order book, 4 min ago	30.96 bp	137.9 bp −$138	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
01 Exchange XPLUSD	−0.0384%	1h	0.09704	+0.248%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09718	+0.390%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0085%	1h	0.09685	+0.052%	$176K	$189K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09691	+0.115%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.788%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09723	+0.444%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	+0.400%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09717	+0.382%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09679	−0.015%	$13K	$2K	5x	as long as short
Bybit XPLUSDT	+0.0089%	4h	0.09716	+0.372%	$46.0M	$54.2M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09684	+0.041%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09703	+0.232%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09722	+0.434%	$61.6M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09717	+0.381%	$253K	$454K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	+0.186%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09717	+0.382%	$44.1M	$101.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09720	+0.413%	$8.3M	$49.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09715	+0.362%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09703	+0.238%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09702	+0.227%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09726	+0.475%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09718	+0.393%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09694	+0.143%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09683	+0.030%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.310%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09715	+0.364%	$129K	$2.0M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09690	+0.103%	$3K	$1.7M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.413%	$206	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09687	+0.072%	$142K	$192K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09680	long leg	$141K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09716	+0.374%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09720	+0.413%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.300%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09694	+0.145%	$1.7M	$969K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.434%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3088%	1h	0.09752	+0.744%	$555K	$990K	10x	as long as short