Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Bulk against Bybit+0.362%7-day average +0.059% · 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−$19as in the Price arb table

costs, in and out, $10k−$500.495% of the position

Long on Bybit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 4 days (all we have)−0.520%−$52 · spread now +0.362%, 7d avg +0.059%

Together, before fees−0.490%−$49 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: Bulk is 0.302% dearer against Bybit than usual: you sell high and buy low, +$30 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09705	0.0100	pay 0.0050% / 4h	32m 56s	$47.3M	$55.3M	75x
Short	Bulk XPL-USD	0.09740	0.0100	get 0.0013% / 1h	32m 56s	$142K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bybit. 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 BybitbpFee BulkbpOrdersPrice spread, now +0.362%Rate

Funding earned: $0
Price spread: +0.362% → +0.059%: $30.24
Slippage, 4 orders: −$31.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$19.27
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Bulk: live order book, 46 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 Bybit live order book, 1 min ago	0.52 bp	12.3 bp −$12	38.9 bp −$389	doesn't fit	doesn't fit
Sell Bulk live order book, 46 min ago	5.15 bp	17.9 bp −$18	19.4 bp −$194	52.1 bp −$5,212	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
Lighter XPL	−0.0656%	1h	0.09694	−0.113%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09695	−0.103%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09711	+0.062%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0133% / S +0.0521%	1h	0.09712	+0.072%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	−0.045%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.995%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09710	+0.054%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0023%	8h	0.09708	+0.027%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0052%	4h	0.09705	0.000%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0078%	4h	0.09703	−0.021%	$3.0M	$4.0M	75x	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	0.09707	+0.021%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09720	+0.154%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09715	+0.100%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09705	+0.004%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09706	+0.010%	$44.1M	$108.1M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09705	long leg	$47.3M	$55.3M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09706	+0.010%	$8.7M	$54.2M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09740	+0.362%	$142K	$9K	10x
MEXC XPL_USDT	+0.0100%	4h	0.09704	−0.010%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09705	0.000%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09713	+0.082%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09706	+0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09710	+0.052%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09708	+0.035%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09715	+0.105%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.155%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09719	+0.148%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.155%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.052%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	+0.062%	$138K	$233K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09703	−0.018%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09710	+0.052%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09751	+0.474%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	0.000%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.236%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5113%	1h	0.09764	+0.607%	$563K	$1.0M	10x	as long as short