Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0247%/8h= +27.0% APRpaid last 24h +0.060%

Price spread now: OKX against GMX+0.007%7-day average −0.006% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.007%, 7d avg −0.006%

Together, before fees−0.090%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.041% in total (about -4.3% 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]	0.09561	L −0.0234% / S +0.0570%	get 0.0029% / 1h	58m 55s	$105K	—	100x
Short	OKX XPL-USDT-SWAP	0.09562	0.0012	get 0.0006% / 4h	3h 58m	$7.7M	$47.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.007%Rate

Funding earned: $51.86
Price spread: +0.007% → −0.006%: $1.36
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $31.23
Costs to cover: 0.220%
Break-even: 2.8 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	0.52 bp	10.9 bp −$11	37.5 bp −$375	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
Lighter XPL	−0.1568%	1h	0.09540	−0.223%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09549	−0.129%	$555	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0234% / S +0.0570%	1h	0.09561	long leg	$105K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0168%	1h	0.09559	−0.024%	$46K	$18K	25x	as long as short
Paradex XPL-USD-PERP	−0.0054%	8h	0.09559	−0.023%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0026%	1h	0.09558	−0.035%	$179K	$180K	10x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09554	−0.076%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09571	+0.102%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.819%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09563	+0.018%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAPshort	+0.0012%	4h	0.09562	+0.007%	$7.7M	$47.6M	50x
Nado XPL-PERP	+0.0100%	1h	0.09552	−0.092%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09572	+0.108%	$60.5M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09568	+0.071%	$253K	$406K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09568	+0.074%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09562	+0.007%	$43.3M	$97.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09563	+0.018%	$45.5M	$53.9M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09563	+0.020%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09556	−0.055%	$2.9M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09556	−0.055%	$12.4M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09557	−0.045%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09566	+0.049%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09559	−0.024%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09567	+0.062%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	+0.041%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.196%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09562	+0.007%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.327%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.118%	$195	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09525	−0.380%	$131K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09553	−0.085%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.165%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09576	+0.154%	$194K	$493K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09554	−0.076%	$1.7M	$929K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.363%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2705%	1h	0.09589	+0.292%	$541K	$940K	10x	as long as short