Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0404%/8h= +44.2% APRpaid last 24h +0.042%

Price spread now: GRVT against GMX−0.148%7-day average −0.057% · you buy dearer than you sell

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.061%−$6 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.148%, 7d avg −0.057%

Together, before fees+0.020%+ Points / potential airdropGRVT: Active · farm board+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.091% cheaper against GMX than usual: you would sell low and buy high (spread −0.148% now, against its 7-day average of −0.057%). If the spread goes back, that is −$9 on $10k: about 18 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 3 days funding on this pair cost −0.061%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.061% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09665	L −0.0304% / S +0.0610%	get 0.0038% / 1h	2m 36s	$107K	—	100x
Short	GRVT XPL_USDT_Perp	0.09651	0.0100	get 0.0050% / 4h	2m 36s	$260K	$993K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now −0.148%Rate

Funding earned: $84.78
Price spread: −0.148% → −0.057%: −$9.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $54.67
Costs to cover: 0.210%
Break-even: 2.5 days

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 55 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 GRVT live order book, 55 min ago	5.24 bp	55.8 bp −$56	88.8 bp −$888	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
01 Exchange XPLUSD	−0.0384%	1h	0.09651	−0.148%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0304% / S +0.0610%	1h	0.09665	long leg	$107K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09662	−0.034%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0147%	1h	0.09664	−0.013%	$178K	$224K	10x	as long as short
Bybit XPLUSDT	−0.0093%	4h	0.09658	−0.076%	$45.7M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09662	−0.038%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.669%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	−0.009%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09658	−0.076%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09660	−0.051%	$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
Gate XPL_USDT	+0.0084%	4h	0.09655	−0.107%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09648	−0.179%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09663	−0.019%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09667	+0.022%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09663	−0.028%	$251K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09662	−0.033%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09659	−0.065%	$43.9M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09663	−0.024%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.351%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09651	−0.148%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	−0.200%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09671	+0.059%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09658	−0.076%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	−0.233%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09651	−0.148%	$260K	$993K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.262%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09675	+0.096%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.262%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.055%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.272%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09653	−0.129%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	−0.055%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	+0.049%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09655	−0.107%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.338%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3290%	1h	0.09697	+0.328%	$550K	$977K	10x	as long as short