Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0622%/8h= −68.1% APRpaid last 24h −0.120%

Price spread now: GMX against SunX+0.242%7-day average +0.190% · you sell dearer than you buy

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.174%−$17 on $10k

Price spread, last 3 days (all we have)+0.155%+$15 · spread now +0.242%, 7d avg +0.190%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.053% dearer against SunX than usual: you sell high and buy low (spread +0.242% now, against its 7-day average of +0.190%): +$5 on $10k if it goes back. Holding the pair costs −$19 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 3 days (−0.174% in total) that is about 23 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.174% in total (about -20.2% 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	SunX XPL-USDT	0.09700	0.0100	pay 0.0050% / 4h	28m 53s	$2K	$2.0M	20x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09724	L −0.0135% / S +0.0522%	pay 0.0065% / 1h	28m 53s	$112K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpFee GMXbpOrdersPrice spread, now +0.242%Rate

Funding earned: −$130.61
Price spread: +0.242% → +0.190%: $5.28
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$145.34
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 7 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 SunX live order book, 7 min ago	36.10 bp	160.5 bp −$161	doesn't fit	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
Lighter XPL	−0.0592%	1h	0.09715	+0.155%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09713	+0.134%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0135% / S +0.0522%	1h	0.09724	+0.242%	$112K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09725	+0.258%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	+0.207%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.954%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09723	+0.241%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0020%	8h	0.09719	+0.198%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09718	+0.186%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0076%	4h	0.09717	+0.175%	$3.0M	$4.0M	75x	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	0.09718	+0.186%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09732	+0.328%	$62.8M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09725	+0.258%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09725	+0.258%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09719	+0.196%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09720	+0.206%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09718	+0.186%	$8.7M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09721	+0.216%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09719	+0.196%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09726	+0.268%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09718	+0.186%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09721	+0.216%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	−0.037%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09699	−0.012%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.103%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09729	+0.296%	$130K	$2.7M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09700	long leg	$2K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.206%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09699	−0.010%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.002%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09718	+0.188%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09725	+0.258%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09714	+0.144%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09720	+0.206%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.289%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5107%	1h	0.09775	+0.778%	$564K	$1.0M	10x	as long as short