Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0638%/8h= −69.9% APRpaid last 24h −0.126%

Price spread now: GMX against KuCoin+0.032%7-day average −0.002% · you sell dearer than you buy

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.185%−$19 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now +0.032%, 7d avg −0.002%

Together, before fees−0.133%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.034% dearer against KuCoin than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.002%): +$3 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 4 hours. At the pace of the last 3 days (−0.185% in total) that is about 14 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.185% in total (about -21.3% 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	KuCoin XPLUSDTM	0.09777	0.0100	pay 0.0050% / 4h	3h 38m	$2.4M	$1.5M	50x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09780	L −0.0160% / S +0.0538%	pay 0.0067% / 1h	38m 07s	$113K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$134.01
Price spread: +0.032% → −0.002%: $3.41
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$154.6
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 9 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 KuCoin live order book, 9 min ago	8.22 bp	25.1 bp −$25	126.1 bp −$1,261	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
Backpack XPL_USDC_PERP	−0.0214%	1h	0.09786	+0.092%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0168%	1h	0.09767	−0.102%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0160% / S +0.0538%	1h	0.09780	+0.032%	$113K	—	100x
01 Exchange XPLUSD	−0.0160%	1h	0.09770	−0.072%	$568	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09768	−0.093%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.569%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09780	+0.031%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09780	+0.031%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09776	−0.010%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0037%	8h	0.09776	−0.008%	$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	0.09774	−0.026%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09806	+0.297%	$63.3M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09782	+0.053%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09773	−0.042%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09785	+0.083%	$44.7M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09783	+0.061%	$47.4M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09786	+0.092%	$8.6M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−0.120%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09786	+0.092%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09778	+0.010%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09777	long leg	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09793	+0.164%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09785	+0.082%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09780	+0.031%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.095%	$267K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.031%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09790	+0.135%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.174%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.031%	$194	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09789	+0.123%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09783	+0.066%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09777	−0.003%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09791	+0.143%	$198K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09773	−0.041%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.389%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5063%	1h	0.09826	+0.502%	$569K	$1.0M	10x	as long as short