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: Bybit against GRVT−0.226%90s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$268as 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−$2602.595% of the position

Long on GRVT Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 3 days (all we have)−0.196%−$20 · spread now −0.226%, 7d avg −0.019%

Together, before fees−0.283%+ Points / potential airdropGRVT: Active · farm board−$28 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: Bybit is 0.208% cheaper against GRVT than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.019%. The two prices were read 90 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	0.09770	0.0100	pay 0.0050% / 4h	2h 40m	$256K	$777K	10x
Short	Bybit XPLUSDT	0.09748	0.0100	get 0.0050% / 4h	2h 40m	$47.6M	$53.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.226%Rate

Funding earned: $0
Price spread: −0.226% → −0.019%: −$20.78
Slippage, 4 orders: −$239.53
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$280.31
Costs to cover: 2.595%
Break-even: never at this rate

Slippage from GRVT: live order book, 47 min ago; Bybit: live order book, 4 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, 47 min ago	5.05 bp	82.7 bp −$83	220.5 bp −$2,205	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.51 bp	12.2 bp −$12	51.3 bp −$513	doesn't fit	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
Deribit XPL_USDC-PERPETUAL	−0.0467%	1h	0.09752	−0.186%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0224%	1h	0.09742	−0.288%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0072% / S +0.0480%	1h	0.09767	−0.033%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09796	+0.270%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.514%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09768	−0.021%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0024%	1h	0.09776	+0.060%	$568	$582	5x	as long as short
Backpack XPL_USDC_PERP	+0.0025%	1h	0.09758	−0.124%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09754	−0.165%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09787	+0.177%	$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	0.09777	+0.070%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09763	−0.073%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09754	−0.161%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09797	+0.271%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09749	−0.216%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09748	−0.226%	$47.6M	$53.1M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09747	−0.237%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.536%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09749	−0.216%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09750	−0.206%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09745	−0.257%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09754	−0.165%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09751	−0.196%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.296%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09770	long leg	$256K	$777K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.203%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09781	+0.113%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.104%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.206%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09775	+0.050%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09746	−0.243%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	−0.176%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09780	+0.101%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09810	+0.408%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.756%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	+0.335%	$516K	$939K	10x	as long as short