Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0042%/8h= +4.6% APRpaid last 24h +0.009%

Price spread now: Bulk against Paradex−0.301%55s7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Bulk is 0.301% cheaper against Paradex than usual: you would sell low and buy high (spread −0.301% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 24 days of funding at the current rate (+$1 a day). The two prices were read 55 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	Paradex XPL-USD-PERP	0.09660	0.0058	pay 0.0058% / 8h	4h 02m	$13K	$2K	5x
Short	Bulk XPL-USD	0.09631	0.0100	get 0.0013% / 1h	2m 42s	$140K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Paradex. 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 ParadexbpFee BulkbpOrdersPrice spread, now −0.301%Rate

Funding earned: $8.9
Price spread: −0.301% → 0.000%: −$30.05
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$32.15
Costs to cover: 0.110%
Break-even: 32.3 days

Slippage unknown: Paradex: no order-book sample; Bulk: live order book, 56 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Bulk live order book, 56 min ago	5.22 bp	8.7 bp −$9	12.8 bp −$128	33.3 bp −$3,327	110.4 bp −$55.2K

Paradex: 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	−0.0384%	1h	0.09647	−0.138%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09665	+0.051%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09662	+0.017%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0147%	1h	0.09664	+0.038%	$178K	$224K	10x	as long as short
Bybit XPLUSDT	−0.0098%	4h	0.09650	−0.107%	$45.7M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09662	+0.012%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.629%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	+0.042%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09658	−0.025%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERPlong	+0.0058%	8h	0.09660	long leg	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XPL_USDT	+0.0082%	4h	0.09659	−0.014%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09648	−0.128%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09653	−0.071%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09667	+0.073%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.095%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09662	+0.018%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09652	−0.084%	$43.8M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09656	−0.045%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09631	−0.301%	$140K	$5K	10x
MEXC XPL_USDT	+0.0100%	4h	0.09651	−0.097%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	−0.149%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09665	+0.048%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09658	−0.025%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	−0.182%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09651	−0.097%	$260K	$993K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.211%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09668	+0.079%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.211%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.004%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.221%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09657	−0.032%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	−0.004%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	+0.100%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09655	−0.056%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.389%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3290%	1h	0.09697	+0.379%	$550K	$977K	10x	as long as short