Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0206%/8h= +22.6% APRpaid last 24h +0.015%

Price spread now: KuCoin against GMX+0.025%7-day average +0.003% · you sell dearer than you buy

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.078%−$8 on $10k

Price spread, last 3 days (all we have)−0.151%−$15 · spread now +0.025%, 7d avg +0.003%

Together, before fees−0.229%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and KuCoin is 0.022% dearer against GMX than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.003%. Mind the row above: over the last 3 days funding on this pair cost −0.078%, 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]	0.09716	L −0.0106% / S +0.0503%	get 0.0013% / 1h	28m 57s	$112K	—	100x
Short	KuCoin XPLUSDTM	0.09718	0.0100	get 0.0050% / 4h	1h 28m	$2.4M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.025%Rate

Funding earned: $43.31
Price spread: +0.025% → +0.003%: $2.19
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $21.5
Costs to cover: 0.240%
Break-even: 3.5 days

Slippage unknown: GMX: no order-book sample; KuCoin: 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 KuCoin live order book, 3 min ago	7.74 bp	36.1 bp −$36	185.6 bp −$1,856	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	−0.0373%	1h	0.09724	+0.086%	$177K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09713	−0.027%	$565	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09706	−0.099%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0106% / S +0.0503%	1h	0.09716	long leg	$112K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09717	+0.014%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09712	−0.035%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.080%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09714	−0.015%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0075%	4h	0.09712	−0.037%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0087%	8h	0.09706	−0.102%	$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	0.09713	−0.027%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09739	+0.240%	$63.0M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09729	+0.135%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09718	+0.029%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09722	+0.066%	$43.8M	$106.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09721	+0.056%	$47.2M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09721	+0.056%	$8.9M	$53.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.283%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09717	+0.014%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09726	+0.107%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09718	+0.025%	$2.4M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09728	+0.128%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09731	+0.159%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.230%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.229%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.148%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09721	+0.052%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.263%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.045%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09688	−0.284%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09720	+0.043%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09721	+0.054%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09709	−0.068%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09712	−0.037%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.457%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4596%	1h	0.09768	+0.537%	$522K	$961K	10x	as long as short