Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0297%/8h= +32.6% APRpaid last 24h +0.029%

Price spread now: MEXC against GMX−0.118%7-day average −0.025% · you buy dearer than you sell

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

Long on GMX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now −0.118%, 7d avg −0.025%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.093% cheaper against GMX than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of −0.025%). If the spread goes back, that is −$9 on $10k: about 25 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 3 days funding on this pair cost −0.067%, 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 -0.067% in total (about -7.6% 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]	0.09671	L −0.0197% / S +0.0562%	get 0.0025% / 1h	24m 29s	$111K	—	100x
Short	MEXC XPL_USDT	0.09660	0.0100	get 0.0050% / 4h	2h 24m	$12.7M	$7.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.118%Rate

Funding earned: $62.47
Price spread: −0.118% → −0.025%: −$9.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $41.14
Costs to cover: 0.120%
Break-even: 2.4 days

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.51 bp	3.6 bp −$4	20.4 bp −$204	104.8 bp −$10.5K	238.2 bp −$119.1K

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 35 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	−0.0232%	1h	0.09657	−0.149%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0197% / S +0.0562%	1h	0.09671	long leg	$111K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09670	−0.014%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0115%	1h	0.09668	−0.035%	$179K	$245K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09672	+0.002%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.719%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09668	−0.035%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09671	−0.003%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0056%	4h	0.09657	−0.149%	$8.4M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0061%	8h	0.09665	−0.068%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09662	−0.097%	$4.4M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0096%	4h	0.09655	−0.170%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09664	−0.077%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09671	−0.003%	$61.7M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09665	−0.061%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09671	−0.004%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09656	−0.159%	$43.9M	$110.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09655	−0.170%	$46.5M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	+0.040%	$141K	$7K	10x	as long as short
MEXC XPL_USDTshort	+0.0100%	4h	0.09660	−0.118%	$12.7M	$7.9M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09655	−0.170%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09662	−0.097%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09655	−0.170%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09672	+0.005%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09674	+0.032%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.296%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09676	+0.048%	$129K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.118%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.118%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09669	−0.025%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09653	−0.186%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.014%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09701	+0.306%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.978%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4404%	1h	0.09712	+0.419%	$551K	$1.0M	10x	as long as short