Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.028%

Price spread now: Bybit against gTrade (Gains Network)−0.292%52s7-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 Bybit

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. Bybit is 0.292% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.292% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$29 on $10k: about 10 days of funding at the current rate (+$3 a day). The two prices were read 52 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	0.09626	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	41m 38s	$73K	—	150x
Short	Bybit XPLUSDT	0.09598	0.0100	get 0.0050% / 4h	1h 41m	$45.5M	$56.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.292%Rate

Funding earned: $19.85
Price spread: −0.292% → 0.000%: −$29.18
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.33
Costs to cover: 0.210%
Break-even: 17.7 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.52 bp	14.4 bp −$14	39.2 bp −$392	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0603%	1h	0.09621	−0.053%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09586	−0.416%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0246% / S +0.0575%	1h	0.09625	−0.011%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0062%	1h	0.09622	−0.042%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0004%	4h	0.09616	−0.105%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09596	−0.310%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.352%	—	—	—	as long as short
gTrade (Gains Network) XPL/USDlong	L +0.0005% / S −0.0004%	1h	0.09626	long leg	$73K	—	150x
Lighter XPL	+0.0024%	1h	0.09581	−0.468%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09600	−0.271%	$8.3M	$53.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09590	−0.372%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09594	−0.333%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09599	−0.279%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09600	−0.267%	$60.3M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09596	−0.314%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09596	−0.307%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09597	−0.302%	$43.4M	$108.7M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09598	−0.292%	$45.5M	$56.8M	75x
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.894%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09589	−0.385%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09597	−0.302%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09598	−0.292%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09593	−0.344%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09526	−1.042%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	−0.107%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	−0.063%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09633	+0.068%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.271%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.063%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09605	−0.219%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09592	−0.354%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09615	−0.115%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	−0.552%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09590	−0.375%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.145%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3559%	1h	0.09659	+0.337%	$548K	$1.0M	10x	as long as short