Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0184%/8h= +20.2% APRpaid last 24h +0.003%

Price spread now: Orderly against GMX−0.054%7-day average −0.060% · you buy dearer than you sell

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

Long on GMX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.115%−$12 on $10k

Price spread, last 3 days (all we have)−0.144%−$14 · spread now −0.054%, 7d avg −0.060%

Together, before fees−0.259%−$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.060%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair cost −0.115%, 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]	0.09803	L −0.0149% / S +0.0531%	get 0.0019% / 1h	2m 29s	$113K	—	100x
Short	Orderly PERP_XPL_USDC	0.09798	0.0036	get 0.0018% / 4h	2m 29s	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.054%Rate

Funding earned: $38.73
Price spread: −0.054% → −0.060%: $0.62
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $21.34
Costs to cover: 0.180%
Break-even: 3.1 days

Slippage unknown: GMX: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

GMX and Orderly: 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	−0.0536%	1h	0.09788	−0.156%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0360%	1h	0.09802	−0.013%	$570	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0149% / S +0.0531%	1h	0.09803	long leg	$113K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09800	−0.036%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.777%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09792	−0.115%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09803	−0.001%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0016%	8h	0.09802	−0.014%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDCshort	+0.0036%	4h	0.09798	−0.054%	$29K	$335K	10x
Gate XPL_USDT	+0.0044%	4h	0.09800	−0.034%	$3.1M	$4.1M	75x	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	0.09799	−0.044%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09817	+0.144%	$63.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09807	+0.033%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09806	+0.029%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09800	−0.034%	$44.7M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09800	−0.034%	$47.5M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09799	−0.044%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.442%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09801	−0.023%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09799	−0.044%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09808	+0.048%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09800	−0.034%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09795	−0.085%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09760	−0.440%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.357%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.238%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09813	+0.094%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.340%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.136%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09768	−0.360%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09796	−0.073%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09795	−0.090%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09782	−0.217%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09788	−0.156%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09804	+0.007%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5077%	1h	0.09834	+0.309%	$568K	$1.0M	10x	as long as short