Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0599%/8h= −65.6% APRpaid last 24h −0.133%

Price spread now: GMX against OKX+0.052%7-day average +0.012% · you sell dearer than you buy

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

Long on OKX 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)−0.005%$0 · spread now +0.052%, 7d avg +0.012%

Together, before fees−0.190%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.041% dearer against OKX than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of +0.012%): +$4 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 3 days (−0.185% in total) that is about 17 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 -21.0% 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	OKX XPL-USDT-SWAP	0.09727	0.0045	pay 0.0023% / 4h	2h 49m	$8.5M	$56.0M	50x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09732	L −0.0185% / S +0.0553%	pay 0.0069% / 1h	49m 41s	$112K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$125.76
Price spread: +0.052% → +0.012%: $4.07
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$143.69
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 4 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 OKX live order book, 4 min ago	0.52 bp	12.0 bp −$12	35.7 bp −$357	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
01 Exchange XPLUSD	−0.0296%	1h	0.09721	−0.062%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0185% / S +0.0553%	1h	0.09732	+0.052%	$112K	—	100x
Lighter XPL	−0.0112%	1h	0.09698	−0.298%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0105%	1h	0.09730	+0.031%	$180K	$241K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	−0.069%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.170%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09727	0.000%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09730	+0.031%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09726	−0.010%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAPlong	+0.0045%	4h	0.09727	long leg	$8.5M	$56.0M	50x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0049%	1h	0.09721	−0.062%	$1.2M	$2.8M	10x	as long as short
Paradex XPL-USD-PERP	+0.0051%	8h	0.09719	−0.080%	$13K	$2K	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09739	+0.123%	$62.9M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09734	+0.076%	$247K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09725	−0.020%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09726	−0.010%	$44.3M	$110.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09723	−0.041%	$46.8M	$57.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09724	−0.031%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09728	+0.010%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09718	−0.093%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09728	+0.010%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	−0.031%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.350%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.346%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09690	−0.380%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09730	+0.032%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.072%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.031%	$201	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09726	−0.010%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.288%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09725	−0.023%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09730	+0.031%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.864%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	−0.236%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.195%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4379%	1h	0.09767	+0.408%	$553K	$1.0M	10x	as long as short