Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against KuCoin+0.619%7-day average −0.011% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$1000.996% of the position

Long on KuCoin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.928%−$93 · spread now +0.619%, 7d avg −0.011%

Together, before fees−0.930%−$93 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 0.630% dearer against KuCoin than usual: you sell high and buy low, +$63 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09695	0.0100	pay 0.0050% / 4h	2h 49m	$2.3M	$1.5M	50x
Short	Bulk XPL-USD	0.09755	0.0100	get 0.0013% / 1h	49m 07s	$142K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against KuCoin. 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 KuCoinbpFee BulkbpOrdersPrice spread, now +0.619%Rate

Funding earned: $0
Price spread: +0.619% → −0.011%: $63.02
Slippage, 4 orders: −$80.6
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$36.58
Costs to cover: 0.996%
Break-even: 75168346602959328.0 days

Slippage from KuCoin: live order book, 3 min ago; Bulk: live order book, 20 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 KuCoin live order book, 3 min ago	9.80 bp	43.1 bp −$43	148.5 bp −$1,485	doesn't fit	doesn't fit
Sell Bulk live order book, 20 min ago	5.04 bp	18.2 bp −$18	19.5 bp −$195	42.6 bp −$4,259	131.9 bp −$65.9K

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	−0.0288%	1h	0.09708	+0.134%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0185% / S +0.0554%	1h	0.09698	+0.034%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0094%	1h	0.09714	+0.196%	$179K	$242K	10x	as long as short
Lighter XPL	−0.0080%	1h	0.09700	+0.052%	$4.4M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09699	+0.041%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09714	+0.199%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.912%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09700	+0.056%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09697	+0.021%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0048%	4h	0.09723	+0.289%	$8.5M	$56.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09712	+0.173%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0068%	1h	0.09705	+0.108%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09722	+0.277%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09707	+0.128%	$246K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09712	+0.177%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09723	+0.289%	$44.3M	$110.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09718	+0.237%	$46.9M	$58.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09716	+0.217%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09711	+0.165%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09695	long leg	$2.3M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09725	+0.309%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09717	+0.227%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.021%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.017%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.155%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09715	+0.204%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.052%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.052%	$204	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	+0.062%	$142K	$255K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09755	+0.619%	$142K	$2K	10x
Extended XPL-USD	+0.0104%	1h	0.09696	+0.010%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09700	+0.052%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.536%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.113%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.526%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4390%	1h	0.09743	+0.493%	$551K	$1.0M	10x	as long as short