Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.010%

Price spread now: Bitget against GMX−0.118%7-day average +0.015% · you buy dearer than you sell

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

Long on GMX Short on Bitget

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)−0.002%$0 · spread now −0.118%, 7d avg +0.015%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.132% cheaper against GMX than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.015%). If the spread goes back, that is −$13 on $10k: about 2.3 days of funding at the current rate (+$6 a day). 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]	0.09781	L −0.0094% / S +0.0495%	get 0.0012% / 1h	54m 50s	$113K	—	100x
Short	Bitget XPLUSDT	0.09770	0.0100	get 0.0050% / 4h	1h 54m	$8.6M	$11.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.118%Rate

Funding earned: $40.65
Price spread: −0.118% → +0.015%: −$13.22
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: $3.43
Costs to cover: 0.240%
Break-even: 6.4 days

Slippage unknown: GMX: no order-book sample; Bitget: 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	6.18 bp	18.1 bp −$18	47.7 bp −$477	doesn't fit	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	−0.0159%	1h	0.09777	−0.046%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0096%	1h	0.09776	−0.056%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0094% / S +0.0495%	1h	0.09781	long leg	$113K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09770	−0.122%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.602%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09779	−0.026%	$72K	—	150x	as long as short
Lighter XPL	+0.0056%	1h	0.09755	−0.271%	$4.4M	$4.1M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0081%	4h	0.09774	−0.077%	$29K	$335K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0089%	1h	0.09780	−0.015%	$178K	$282K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09776	−0.057%	$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	0.09781	−0.010%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09772	−0.094%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09780	−0.014%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09766	−0.158%	$43.9M	$105.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09764	−0.179%	$47.6M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09763	−0.189%	$9.0M	$53.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.831%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09766	−0.158%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09764	−0.179%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09769	−0.128%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09770	−0.118%	$8.6M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09764	−0.179%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09767	−0.147%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	−0.315%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	−0.322%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+0.103%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.220%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	−0.118%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09771	−0.107%	$139K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09764	−0.180%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09778	−0.033%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0121%	1h	0.09781	−0.001%	$63.0M	$47.4M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09770	−0.118%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	−0.567%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09794	+0.128%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4573%	1h	0.09817	+0.367%	$518K	$952K	10x	as long as short