Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against HTX−0.165%7-day average +0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$131as in the Price arb table

costs, in and out, $10k−$1081.079% of the position

Long on HTX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.427%+$43 · spread now −0.165%, 7d avg +0.067%

Together, before fees+0.425%+$42 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: Bulk is 0.232% cheaper against HTX than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09696	0.0100	pay 0.0050% / 4h	3h 32m	$142K	$192K	20x
Short	Bulk XPL-USD	0.09680	0.0100	get 0.0013% / 1h	32m 57s	$141K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against HTX. 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 HTXbpFee BulkbpOrdersPrice spread, now −0.165%Rate

Funding earned: $0
Price spread: −0.165% → +0.067%: −$23.2
Slippage, 4 orders: −$88.91
Fee HTX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$131.11
Costs to cover: 1.079%
Break-even: 269400797884853056.0 days

Slippage from HTX: live order book, 18 min ago; Bulk: live order book, 21 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 HTX live order book, 18 min ago	7.23 bp	19.4 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 21 min ago	5.16 bp	16.4 bp −$16	21.7 bp −$217	49.0 bp −$4,901	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
01 Exchange XPLUSD	−0.0400%	1h	0.09688	−0.083%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09698	+0.022%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0095%	1h	0.09700	+0.041%	$177K	$190K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09680	−0.162%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.918%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09699	+0.031%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09697	+0.014%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09692	−0.041%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09679	−0.174%	$13K	$2K	5x	as long as short
Bybit XPLUSDT	+0.0054%	4h	0.09685	−0.113%	$45.9M	$54.3M	75x	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	0.09688	−0.083%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09684	−0.124%	$1.2M	$2.5M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	+0.156%	$61.6M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09696	−0.001%	$253K	$454K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09685	−0.108%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09689	−0.075%	$44.0M	$102.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09685	−0.113%	$8.2M	$49.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09688	−0.083%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09692	−0.041%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09698	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09694	−0.021%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09685	−0.113%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09694	−0.023%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	−0.062%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.248%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09702	+0.060%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.165%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.062%	$201	$12K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09696	long leg	$142K	$192K	20x
Bulk XPL-USDshort	+0.0100%	1h	0.09680	−0.165%	$141K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09688	−0.086%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09695	−0.010%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.134%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09694	−0.021%	$1.7M	$969K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.268%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3099%	1h	0.09719	+0.242%	$553K	$990K	10x	as long as short