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= −77.7% APRpaid last 24h −0.148%

Price spread now: GMX against MEXC+0.071%7-day average +0.024% · you sell dearer than you buy

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now +0.071%, 7d avg +0.024%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.047% dearer against MEXC than usual: you sell high and buy low (spread +0.071% now, against its 7-day average of +0.024%): +$5 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 3 days (−0.207% in total) that is about 18 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.207% in total (about -22.6% 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	MEXC XPL_USDT	0.09664	0.0100	pay 0.0050% / 4h	3h 57m	$12.5M	$7.0M	100x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09671	L −0.0304% / S +0.0610%	pay 0.0076% / 1h	57m 02s	$107K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$149.11
Price spread: +0.071% → +0.024%: $4.74
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$156.37
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 1 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 MEXC live order book, 1 min ago	1.55 bp	4.5 bp −$4	14.2 bp −$142	102.5 bp −$10.2K	242.7 bp −$121.4K
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	−0.0480%	1h	0.09658	−0.062%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0371%	1h	0.09663	−0.010%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0304% / S +0.0610%	1h	0.09671	+0.071%	$107K	—	100x
Backpack XPL_USDC_PERP	−0.0263%	1h	0.09666	+0.021%	$179K	$223K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09677	+0.136%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.659%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09672	+0.081%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0016%	4h	0.09658	−0.062%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09679	+0.156%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09658	−0.062%	$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
Nado XPL-PERP	+0.0100%	1h	0.09673	+0.098%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09676	+0.120%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09671	+0.073%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09680	+0.166%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09662	−0.021%	$43.8M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09661	−0.031%	$45.7M	$54.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09665	+0.010%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.338%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09659	−0.052%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09664	long leg	$12.5M	$7.0M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	−0.041%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09675	+0.114%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09661	−0.031%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	+0.050%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09661	−0.034%	$258K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	+0.062%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09676	+0.128%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.145%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.041%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09677	+0.135%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09662	−0.017%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	−0.041%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09681	+0.176%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09661	−0.031%	$1.7M	$986K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09698	+0.352%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3105%	1h	0.09700	+0.371%	$550K	$974K	10x	as long as short