Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0580%/8h= −63.5% APRpaid last 24h −0.107%

Price spread now: GMX against Gate+0.143%7-day average +0.010% · you sell dearer than you buy

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

Long on Gate Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.147%−$15 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now +0.143%, 7d avg +0.010%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.133% dearer against Gate than usual: you sell high and buy low (spread +0.143% now, against its 7-day average of +0.010%): +$13 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 18 hours. At the pace of the last 3 days (−0.147% in total) that is about 2.8 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.147% in total (about -17.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09753	0.0100	pay 0.0050% / 4h	2h 39m	$3.0M	$4.0M	75x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09767	L −0.0072% / S +0.0480%	pay 0.0060% / 1h	39m 28s	$113K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee GMXbpOrdersPrice spread, now +0.143%Rate

Funding earned: −$121.87
Price spread: +0.143% → +0.010%: $13.27
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: −$135.6
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 4 min ago; GMX: 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 Gate live order book, 4 min ago	5.11 bp	20.9 bp −$21	140.7 bp −$1,407	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Deribit XPL_USDC-PERPETUAL	−0.0467%	1h	0.09752	−0.010%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0224%	1h	0.09737	−0.164%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0072% / S +0.0480%	1h	0.09767	+0.143%	$113K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09758	+0.053%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.377%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	0.000%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0016%	1h	0.09747	−0.062%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	+0.0025%	1h	0.09758	+0.051%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09754	+0.010%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09761	+0.078%	$13K	$2K	5x	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	0.09756	+0.033%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09762	+0.090%	$62.7M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09751	−0.018%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09758	+0.054%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09750	−0.027%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09748	−0.051%	$47.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09748	−0.051%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.712%	$142K	$11K	10x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09753	long leg	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09748	−0.051%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09756	+0.031%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09755	+0.021%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09753	0.000%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.472%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.367%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.379%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09759	+0.059%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	+0.072%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.031%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09775	+0.226%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09754	+0.008%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	−0.001%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09780	+0.277%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09815	+0.636%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.933%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	+0.511%	$516K	$939K	10x	as long as short