Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0335%/8h= +36.6% APRpaid last 24h +0.100%

Price spread now: BloFin against gTrade (Gains Network)−0.124%50s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. BloFin is 0.124% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.124% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 30 hours of funding at the current rate (+$10 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) XPL/USD	0.09568	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	33m 39s	$72K	—	150x
Short	BloFin XPL-USDT	0.09556	0.0340	get 0.0170% / 4h	1h 33m	$1.7M	$931K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BloFinbpOrdersPrice spread, now −0.124%Rate

Funding earned: $70.25
Price spread: −0.124% → 0.000%: −$12.43
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $35.82
Costs to cover: 0.220%
Break-even: 3.4 days

Slippage unknown: gTrade (Gains Network): no order-book sample; BloFin: live order book, 4 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.52 bp	11.0 bp −$11	18.5 bp −$185	56.0 bp −$5,597	doesn't fit

gTrade (Gains Network): 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
Lighter XPL	−0.1136%	1h	0.09561	−0.072%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09558	−0.103%	$556	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09564	−0.035%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09563	−0.051%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09560	−0.082%	$30K	$267K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09579	+0.120%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.875%	—	—	—	as long as short
gTrade (Gains Network) XPL/USDlong	L +0.0005% / S −0.0004%	1h	0.09568	long leg	$72K	—	150x
Paradex XPL-USD-PERP	+0.0055%	8h	0.09579	+0.114%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09559	−0.093%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09579	+0.119%	$60.5M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09580	+0.131%	$253K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09580	+0.127%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09576	+0.085%	$43.3M	$97.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09574	+0.064%	$45.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09580	+0.127%	$7.9M	$47.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09595	+0.283%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09567	−0.009%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09573	+0.053%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09563	−0.051%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09583	+0.158%	$8.8M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09579	+0.116%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09568	+0.001%	$176K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09540	−0.293%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	+0.127%	$256K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.231%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09570	+0.021%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.187%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.082%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09556	−0.124%	$132K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09577	+0.097%	$602K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09561	−0.068%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09570	+0.022%	$194K	$506K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09556	−0.124%	$1.7M	$931K	75x
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.569%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2855%	1h	0.09591	+0.240%	$543K	$933K	10x	as long as short