Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0443%/8h= +48.5% APRpaid last 24h +0.087%

Price spread now: BloFin against GMX+0.138%51s7-day average −0.036% · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.143%+$14 on $10k

Price spread, last 3 days (all we have)−0.356%−$36 · spread now +0.138%, 7d avg −0.036%

Together, before fees−0.213%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and BloFin is 0.174% dearer against GMX than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of −0.036%. The two prices were read 51 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	GMX XPL/USD [WBTC.b-USDC]	0.09703	L −0.0103% / S +0.0501%	get 0.0013% / 1h	35m 34s	$112K	—	100x
Short	BloFin XPL-USDT	0.09716	0.0340	get 0.0170% / 4h	1h 35m	$1.7M	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.138%Rate

Funding earned: $92.99
Price spread: +0.138% → −0.036%: $17.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $86.42
Costs to cover: 0.240%
Break-even: 0.5 days

Slippage unknown: GMX: no order-book sample; BloFin: 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	1.03 bp	8.7 bp −$9	20.0 bp −$200	63.6 bp −$6,357	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
Backpack XPL_USDC_PERP	−0.0360%	1h	0.09691	−0.120%	$177K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09694	−0.089%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09699	−0.037%	$564	$708	5x	as long as short
Lighter XPL	−0.0184%	1h	0.09684	−0.192%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0103% / S +0.0501%	1h	0.09703	long leg	$112K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09700	−0.029%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.976%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09703	+0.007%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0077%	4h	0.09693	−0.099%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09691	−0.117%	$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	0.09705	+0.025%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09710	+0.073%	$62.6M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09700	−0.030%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09701	−0.018%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09707	+0.045%	$43.7M	$106.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09710	+0.076%	$47.2M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09709	+0.066%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.486%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	−0.120%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09692	−0.109%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09699	−0.037%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09716	+0.138%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09700	−0.027%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	+0.462%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09702	−0.006%	$261K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.489%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09720	+0.182%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.233%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.130%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09689	−0.140%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09698	−0.043%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09695	−0.080%	$38K	$5K	3x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09716	+0.138%	$1.7M	$1.2M	75x
Phoenix XPL	+0.0412%	1h	0.09762	+0.612%	$198K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.592%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4609%	1h	0.09739	+0.379%	$509K	$956K	10x	as long as short