Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against GRVT−0.244%50s7-day average — · you buy dearer than you sell

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

Long on GRVT Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.244% cheaper against GRVT than usual: you would sell low and buy high (−$24 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 50 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	0.09541	0.0100	pay 0.0050% / 4h	50m 26s	$254K	$955K	10x
Short	dYdX XPL-USD	0.09517	0	get 0.0000% / 1h	50m 26s	$8K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.244%Rate

Funding earned: −$21
Price spread: −0.244% → 0.000%: −$24.36
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$64.36
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 8 min ago; dYdX: 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 GRVT live order book, 8 min ago	5.24 bp	45.7 bp −$46	316.0 bp −$3,160	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: 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
01 Exchange XPLUSD	−0.0320%	1h	0.09513	−0.289%	$553	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0289% / S +0.0601%	1h	0.09521	−0.206%	$105K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0136%	1h	0.09531	−0.101%	$176K	$227K	10x	as long as short
Bybit XPLUSDT	−0.0114%	4h	0.09513	−0.289%	$45.1M	$55.9M	75x	as long as short
dYdX XPL-USDshort	0.0000%	1h	0.09517	−0.244%	$8K	—	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.647%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09527	−0.143%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09518	−0.237%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09521	−0.208%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0071%	8h	0.09525	−0.168%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09515	−0.269%	$4.3M	$3.3M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0097%	4h	0.09521	−0.206%	$8.2M	$49.8M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09515	−0.263%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09533	−0.076%	$59.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09521	−0.209%	$241K	$477K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09520	−0.216%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09518	−0.237%	$43.2M	$105.4M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09518	−0.237%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09522	−0.195%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09512	−0.300%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09525	−0.164%	$8.5M	$10.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09518	−0.237%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.239%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09541	long leg	$254K	$955K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.308%	$25K	$80K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09528	−0.132%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.321%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	−0.216%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	+0.256%	$143K	$237K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.256%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09511	−0.311%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09525	−0.164%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09568	+0.287%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09528	−0.132%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.685%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09568	+0.282%	$541K	$977K	10x	as long as short