Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against OKX−0.790%45s7-day average +0.035% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$430.433% of the position

Long on OKX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.772%+$77 · spread now −0.790%, 7d avg +0.035%

Together, before fees+0.773%+$77 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 0.825% cheaper against OKX than usual: you would sell low and buy high, −$82 on $10k if it goes back to its 7-day average of +0.035%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09626	0.0100	pay 0.0050% / 4h	28m 54s	$8.3M	$49.6M	50x
Short	Bulk XPL-USD	0.09550	0.0100	get 0.0013% / 1h	28m 54s	$139K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against OKX. 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 OKXbpFee BulkbpOrdersPrice spread, now −0.790%Rate

Funding earned: $0
Price spread: −0.790% → +0.035%: −$82.47
Slippage, 4 orders: −$26.28
Fee OKX: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$125.75
Costs to cover: 0.433%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Bulk: live order book, 30 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 OKX live order book, 5 min ago	0.52 bp	11.7 bp −$12	33.1 bp −$331	doesn't fit	doesn't fit
Sell Bulk live order book, 30 min ago	5.22 bp	8.7 bp −$9	12.8 bp −$128	33.3 bp −$3,327	110.4 bp −$55.2K

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	0.09646	+0.208%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0306% / S +0.0611%	1h	0.09655	+0.304%	$107K	—	100x	as long as short
Bybit XPLUSDT	−0.0091%	4h	0.09624	−0.021%	$45.6M	$54.8M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09671	+0.464%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.351%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09653	+0.280%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09657	+0.323%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09650	+0.249%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0079%	8h	0.09661	+0.360%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09642	+0.166%	$4.4M	$3.3M	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	0.09654	+0.291%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09651	+0.258%	$60.8M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09644	+0.187%	$242K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	+0.454%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09627	+0.010%	$43.7M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09626	long leg	$8.3M	$49.6M	50x
Bulk XPL-USDshort	+0.0100%	1h	0.09550	−0.790%	$139K	$5K	10x
Gate XPL_USDT	+0.0100%	4h	0.09636	+0.104%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09631	+0.052%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09637	+0.114%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09635	+0.093%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09627	+0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09639	+0.135%	$178K	$223K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09656	+0.310%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09669	+0.450%	$262K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.042%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09665	+0.406%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	+0.145%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.249%	$198	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09673	+0.488%	$141K	$207K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09626	0.000%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09651	+0.262%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09585	−0.426%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09646	+0.208%	$1.7M	$994K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.519%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3291%	1h	0.09693	+0.693%	$549K	$975K	10x	as long as short