Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0173%/8h= +19.0% APRpaid last 24h +0.010%

Price spread now: Binance against GMX+0.039%7-day average −0.017% · you sell dearer than you buy

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 3 days (all we have)−0.174%−$17 · spread now +0.039%, 7d avg −0.017%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Binance is 0.055% dearer against GMX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.017%. Mind the row above: over the last 3 days funding on this pair cost −0.079%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09775	L −0.0073% / S +0.0481%	get 0.0009% / 1h	37m 14s	$113K	—	100x
Short	Binance XPLUSDT	0.09779	0.0100	get 0.0050% / 4h	2h 37m	$44.2M	$104.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now +0.039%Rate

Funding earned: $36.35
Price spread: +0.039% → −0.017%: $5.53
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: $19.89
Costs to cover: 0.220%
Break-even: 3.2 days

Slippage unknown: GMX: no order-book sample; Binance: live order book, 6 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 6 min ago	0.51 bp	11.2 bp −$11	28.1 bp −$281	130.8 bp −$13.1K	doesn't fit

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
Lighter XPL	−0.0168%	1h	0.09752	−0.233%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0073% / S +0.0481%	1h	0.09775	long leg	$113K	—	100x
Backpack XPL_USDC_PERP	−0.0026%	1h	0.09754	−0.213%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	−0.254%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.550%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09779	+0.043%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09776	+0.007%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09772	−0.029%	$568	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09775	+0.002%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09762	−0.126%	$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	0.09768	−0.072%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09784	+0.097%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09768	−0.065%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09763	−0.122%	$221K	$45K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09779	+0.039%	$44.2M	$104.3M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09776	+0.012%	$47.7M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09775	+0.002%	$9.0M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.488%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09769	−0.059%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09774	−0.008%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09765	−0.100%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09779	+0.043%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09775	+0.002%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.248%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.143%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.156%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09784	+0.095%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.254%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.053%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09756	−0.192%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09775	+0.007%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09780	+0.050%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09750	−0.254%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09766	−0.090%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.708%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3481%	1h	0.09823	+0.491%	$517K	$939K	10x	as long as short