Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: BingX against GRVT−0.417%54s7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$258as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2602.599% of the position

Long on GRVT Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.014%+$1 on $10k

Price spread, last 3 days (all we have)−0.213%−$21 · spread now −0.417%, 7d avg +0.002%

Together, before fees−0.198%+ Points / potential airdropGRVT: Active · farm board−$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.419% cheaper against GRVT than usual: you would sell low and buy high, −$42 on $10k if it goes back to its 7-day average of +0.002%. The two prices were read 54 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	GRVT XPL_USDT_Perp	0.09866	0.0100	pay 0.0050% / 4h	2h 56m	$268K	$782K	10x
Short	BingX XPL-USDT	0.09825	0.0100	get 0.0050% / 4h	2h 56m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GRVT. 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 GRVTbpFee BingXbpOrdersPrice spread, now −0.417%Rate

Funding earned: $0
Price spread: −0.417% → +0.002%: −$41.91
Slippage, 4 orders: −$240.87
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$301.77
Costs to cover: 2.599%
Break-even: never at this rate

Slippage from GRVT: live order book, 31 min ago; BingX: live order book, 11 min ago.

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 GRVT live order book, 31 min ago	5.05 bp	82.7 bp −$83	220.5 bp −$2,205	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	5.55 bp	16.1 bp −$16	29.0 bp −$290	94.2 bp −$9,416	doesn't fit

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	−0.0186%	1h	0.09843	−0.235%	$184K	$283K	10x	as long as short
Lighter XPL	−0.0128%	1h	0.09832	−0.347%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09840	−0.261%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0056%	1h	0.09825	−0.417%	$571	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09836	−0.306%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.264%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09845	−0.215%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09842	−0.244%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09842	−0.245%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09835	−0.316%	$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	0.09840	−0.265%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09844	−0.226%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09846	−0.207%	$223K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09840	−0.264%	$44.8M	$102.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09831	−0.357%	$47.5M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09830	−0.367%	$9.2M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.353%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09830	−0.367%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09838	−0.286%	$13.2M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09835	−0.316%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09833	−0.336%	$8.7M	$11.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09825	−0.417%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09899	+0.329%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09866	long leg	$268K	$782K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09890	+0.241%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09852	−0.142%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.468%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09840	−0.265%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	−0.032%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09828	−0.388%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09846	−0.204%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0125%	1h	0.09855	−0.117%	$65.1M	$45.2M	10x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+0.211%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	−0.407%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.002%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3462%	1h	0.09877	+0.109%	$295K	$673K	10x	as long as short