Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0404%/8h= +44.2% APRpaid last 24h +0.042%

Price spread now: HTX against GMX+0.157%7-day average −0.044% · you sell dearer than you buy

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

Long on GMX Short on HTX

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)−0.613%−$61 · spread now +0.157%, 7d avg −0.044%

Together, before fees−0.674%−$67 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and HTX is 0.202% dearer against GMX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.044%. 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]	0.09662	L −0.0304% / S +0.0610%	get 0.0038% / 1h	54m 07s	$107K	—	100x
Short	HTX XPL-USDT	0.09677	0.0100	get 0.0050% / 4h	3h 54m	$142K	$206K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.157%Rate

Funding earned: $84.78
Price spread: +0.157% → −0.044%: $20.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: $80.94
Costs to cover: 0.240%
Break-even: 0.3 days

Slippage unknown: GMX: no order-book sample; HTX: live order book, 63 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 HTX live order book, 63 min ago	11.53 bp	54.9 bp −$55	doesn't fit	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	−0.0472%	1h	0.09659	−0.029%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0371%	1h	0.09655	−0.070%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0304% / S +0.0610%	1h	0.09662	long leg	$107K	—	100x
Backpack XPL_USDC_PERP	−0.0209%	1h	0.09660	−0.019%	$178K	$199K	10x	as long as short
Gate XPL_USDT	−0.0026%	4h	0.09658	−0.039%	$3.0M	$3.4M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09683	+0.217%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.641%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09663	+0.008%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09653	−0.091%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09677	+0.160%	$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
Lighter XPL	+0.0096%	1h	0.09652	−0.101%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09659	−0.026%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09673	+0.111%	$61.0M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.085%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09688	+0.273%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09666	+0.043%	$43.8M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09655	−0.070%	$45.7M	$54.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09657	−0.050%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09670	+0.085%	$141K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09654	−0.081%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09653	−0.091%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09665	+0.033%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09657	−0.050%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09661	−0.010%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	+0.033%	$260K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	+0.085%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	+0.102%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.122%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.122%	$203	$12K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09677	+0.157%	$142K	$206K	20x
Extended XPL-USD	+0.0104%	1h	0.09652	−0.103%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	−0.021%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09681	+0.199%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09674	+0.126%	$1.7M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09708	+0.478%	$75K	$85K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3106%	1h	0.09698	+0.373%	$550K	$974K	10x	as long as short