Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0203%/8h= +22.3% APRpaid last 24h +0.015%

Price spread now: SunX against GMX−0.343%55s7-day average −0.189% · you buy dearer than you sell

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

Long on GMX Short on SunX

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)−0.108%−$11 · spread now −0.343%, 7d avg −0.189%

Together, before fees−0.186%−$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.154% cheaper against GMX than usual: you would sell low and buy high (spread −0.343% now, against its 7-day average of −0.189%). If the spread goes back, that is −$15 on $10k: about 2.5 days of funding at the current rate (+$6 a day). 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. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09713	L −0.0103% / S +0.0501%	get 0.0013% / 1h	35m 18s	$112K	—	100x
Short	SunX XPL-USDT	0.09680	0.0100	get 0.0050% / 4h	1h 35m	$2K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.343%Rate

Funding earned: $42.7
Price spread: −0.343% → −0.189%: −$15.43
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: $7.27
Costs to cover: 0.200%
Break-even: 5.8 days

Slippage unknown: GMX: no order-book sample; SunX: live order book, 11 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 SunX live order book, 11 min ago	36.03 bp	150.8 bp −$151	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
Backpack XPL_USDC_PERP	−0.0360%	1h	0.09691	−0.230%	$177K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09694	−0.199%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09699	−0.147%	$564	$708	5x	as long as short
Lighter XPL	−0.0184%	1h	0.09684	−0.302%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0103% / S +0.0501%	1h	0.09713	long leg	$112K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09700	−0.140%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.062%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09713	+0.002%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0077%	4h	0.09707	−0.065%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09691	−0.228%	$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	0.09705	−0.085%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09727	+0.143%	$62.7M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09710	−0.033%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09701	−0.128%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09710	−0.036%	$43.7M	$106.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09708	−0.055%	$47.2M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09705	−0.085%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.376%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09703	−0.106%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09709	−0.044%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09706	−0.075%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09710	−0.034%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09708	−0.055%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09701	−0.123%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09702	−0.116%	$261K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.378%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09720	+0.072%	$129K	$2.7M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09680	−0.343%	$2K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.240%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09689	−0.250%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09698	−0.153%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09711	−0.026%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09716	+0.028%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09762	+0.501%	$198K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.481%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4609%	1h	0.09739	+0.268%	$509K	$956K	10x	as long as short