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 MEXC+0.083%7-day average +0.027% · 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−$26as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on MEXC 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)−0.573%−$57 · spread now +0.083%, 7d avg +0.027%

Together, before fees−0.575%−$58 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 0.056% dearer against MEXC than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XPL_USDT	0.09642	0.0100	pay 0.0050% / 4h	3h 12m	$12.7M	$7.1M	100x
Short	Bulk XPL-USD	0.09650	0.0100	get 0.0013% / 1h	12m 21s	$141K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against MEXC. 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 MEXCbpFee BulkbpOrdersPrice spread, now +0.083%Rate

Funding earned: $0
Price spread: +0.083% → +0.027%: $5.59
Slippage, 4 orders: −$24.36
Fee MEXC: 0 bp × 2 orders: $0
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$25.77
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Bulk: live order book, 41 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 MEXC live order book, 6 min ago	0.52 bp	3.7 bp −$4	7.4 bp −$74	89.4 bp −$8,936	230.1 bp −$115.1K
Sell Bulk live order book, 41 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
Deribit XPL_USDC-PERPETUAL	−0.0371%	1h	0.09656	+0.145%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0360%	1h	0.09631	−0.114%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09637	−0.053%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0054%	1h	0.09661	+0.197%	$176K	$189K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09658	+0.163%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.480%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09639	−0.027%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0010%	4h	0.09628	−0.145%	$29K	$339K	10x	as long as short
Bybit XPLUSDT	+0.0017%	4h	0.09631	−0.114%	$45.6M	$54.1M	75x	as long as short
Lighter XPL	+0.0048%	1h	0.09639	−0.031%	$4.4M	$3.0M	10x	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	+0.0051%	8h	0.09642	+0.001%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09642	0.000%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09651	+0.094%	$61.2M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09642	−0.001%	$251K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09650	+0.083%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09628	−0.140%	$43.7M	$100.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09631	−0.114%	$8.2M	$48.5M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09650	+0.083%	$141K	$5K	10x
Gate XPL_USDT	+0.0100%	4h	0.09644	+0.021%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09642	long leg	$12.7M	$7.1M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09648	+0.062%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09647	+0.052%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09631	−0.114%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09655	+0.133%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09657	+0.154%	$260K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.394%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09646	+0.037%	$128K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.021%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.083%	$205	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09643	+0.010%	$141K	$185K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09637	−0.049%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09648	+0.060%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09681	+0.404%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09658	+0.166%	$1.8M	$961K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09708	+0.685%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3109%	1h	0.09688	+0.478%	$551K	$990K	10x	as long as short