Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.010%

Price spread now: BingX against GMX+0.056%7-day average −0.038% · you sell dearer than you buy

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

Long on GMX Short on BingX

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)−0.186%−$19 · spread now +0.056%, 7d avg −0.038%

Together, before fees−0.265%−$27 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 BingX is 0.094% dearer against GMX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.038%. 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]	0.09785	L −0.0069% / S +0.0478%	get 0.0009% / 1h	45m 51s	$113K	—	100x
Short	BingX XPL-USDT	0.09791	0.0100	get 0.0050% / 4h	2h 45m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.056%Rate

Funding earned: $35.43
Price spread: +0.056% → −0.038%: $9.43
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $22.85
Costs to cover: 0.220%
Break-even: 2.5 days

Slippage unknown: GMX: no order-book sample; BingX: live order book, 7 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 BingX live order book, 7 min ago	5.66 bp	15.9 bp −$16	34.8 bp −$348	88.9 bp −$8,889	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
Deribit XPL_USDC-PERPETUAL	−0.0363%	1h	0.09785	−0.005%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0296%	1h	0.09772	−0.138%	$4.4M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0103%	1h	0.09789	+0.036%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0069% / S +0.0478%	1h	0.09785	long leg	$113K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09802	+0.169%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.632%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09787	+0.014%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09786	+0.005%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09797	+0.114%	$13K	$2K	5x	as long as short
01 Exchange XPLUSD	+0.0096%	1h	0.09777	−0.087%	$568	$582	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	0.09777	−0.087%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09791	+0.055%	$63.0M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09794	+0.085%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09801	+0.154%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09792	+0.065%	$44.4M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09790	+0.046%	$47.6M	$52.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09787	+0.015%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09788	+0.026%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09790	+0.046%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09785	−0.005%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09795	+0.097%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09791	+0.056%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09735	−0.521%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.669%	$264K	$769K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.465%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09785	−0.006%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.158%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	−0.056%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09740	−0.465%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.567%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09790	+0.045%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09788	+0.024%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09812	+0.271%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09731	−0.557%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.598%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3480%	1h	0.09827	+0.428%	$517K	$939K	10x	as long as short