Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0710%/8h= −77.8% APRpaid last 24h −0.156%

Price spread now: GMX against HTX−0.020%7-day average +0.043% · you buy dearer than you sell

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

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.219%−$22 on $10k

Price spread, last 4 days (all we have)+0.367%+$37 · spread now −0.020%, 7d avg +0.043%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and GMX is 0.063% cheaper against HTX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.043%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.219% in total (about -23.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09687	0.0100	pay 0.0050% / 4h	3h 31m	$142K	$192K	20x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09685	L −0.0304% / S +0.0610%	pay 0.0076% / 1h	31m 57s	$107K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$149.11
Price spread: −0.020% → +0.043%: −$6.29
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$179.4
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 19 min ago; GMX: 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 HTX live order book, 19 min ago	7.23 bp	19.4 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
01 Exchange XPLUSD	−0.0392%	1h	0.09680	−0.072%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0304% / S +0.0610%	1h	0.09685	−0.020%	$107K	—	100x
Backpack XPL_USDC_PERP	−0.0085%	1h	0.09685	−0.021%	$176K	$189K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09691	+0.043%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.845%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09684	−0.031%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09686	−0.008%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09680	−0.072%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09683	−0.037%	$13K	$2K	5x	as long as short
Bybit XPLUSDT	+0.0063%	4h	0.09691	+0.041%	$45.9M	$54.2M	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	0.09674	−0.134%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09679	−0.080%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09698	+0.111%	$61.5M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09696	+0.091%	$253K	$454K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09692	+0.047%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09691	+0.041%	$44.0M	$101.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09691	+0.041%	$8.2M	$49.0M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	+0.041%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09685	−0.021%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09689	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09698	+0.114%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09692	+0.052%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09694	+0.070%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.031%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.341%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09691	+0.045%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.279%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.072%	$204	$12K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09687	long leg	$142K	$192K	20x
Bulk XPL-USD	+0.0100%	1h	0.09680	−0.072%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09680	−0.075%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09680	−0.072%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.227%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09694	+0.072%	$1.7M	$969K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.361%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3102%	1h	0.09710	+0.239%	$552K	$990K	10x	as long as short