Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0259%/8h= +28.3% APRpaid last 24h +0.024%

Price spread now: Bybit against GMX−0.057%7-day average −0.054% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.098%−$10 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now −0.057%, 7d avg −0.054%

Together, before fees−0.125%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.054%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.098%, 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]	0.09778	L −0.0159% / S +0.0537%	get 0.0020% / 1h	40m 59s	$113K	—	100x
Short	Bybit XPLUSDT	0.09772	0.0100	get 0.0050% / 4h	3h 40m	$47.3M	$55.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.057%Rate

Funding earned: $54.36
Price spread: −0.057% → −0.054%: −$0.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $31.03
Costs to cover: 0.230%
Break-even: 3.0 days

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.51 bp	13.5 bp −$14	45.3 bp −$453	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
Backpack XPL_USDC_PERP	−0.0245%	1h	0.09776	−0.016%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0232%	1h	0.09766	−0.119%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0184%	1h	0.09780	+0.025%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0159% / S +0.0537%	1h	0.09778	long leg	$113K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09779	+0.012%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.574%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09779	+0.014%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09778	+0.007%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09775	−0.027%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0033%	8h	0.09776	−0.016%	$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	0.09777	−0.006%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09792	+0.146%	$63.2M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09781	+0.038%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09782	+0.041%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09776	−0.021%	$44.6M	$108.8M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09772	−0.057%	$47.3M	$55.7M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09771	−0.068%	$8.6M	$55.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09775	−0.027%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09779	+0.014%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09781	+0.035%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09781	+0.035%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09774	−0.037%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09780	+0.024%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.101%	$267K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.385%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09787	+0.096%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.180%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.025%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09780	+0.025%	$142K	$242K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09720	−0.587%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09774	−0.032%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09780	+0.019%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09753	−0.252%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09776	−0.016%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.383%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5062%	1h	0.09828	+0.518%	$569K	$1.0M	10x	as long as short