Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against BingX+0.020%7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 7 days−0.007%−$1 · spread now +0.020%, 7d avg −0.012%

Together, before fees−0.107%−$11 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: Bybit is 0.032% dearer against BingX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09814	0.0100	pay 0.0050% / 4h	2h 22m	—	$7.9M	—
Short	Bybit XPLUSDT	0.09816	0.0100	get 0.0050% / 4h	2h 22m	$47.9M	$53.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against BingX. 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 BingXbpFee BybitbpOrdersPrice spread, now +0.020%Rate

Funding earned: $0
Price spread: +0.020% → −0.012%: $3.23
Slippage, 4 orders: −$44.02
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.79
Costs to cover: 0.650%
Break-even: never at this rate

Slippage from BingX: live order book, 1 min ago; Bybit: live order book, 2 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 BingX live order book, 1 min ago	4.59 bp	18.5 bp −$19	33.7 bp −$337	95.1 bp −$9,511	doesn't fit
Sell Bybit live order book, 2 min ago	1.53 bp	15.0 bp −$15	43.4 bp −$434	doesn't fit	doesn't fit

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
GMX XPL/USD [WBTC.b-USDC]	L −0.0080% / S +0.0486%	1h	0.09824	+0.098%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09810	−0.041%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09809	−0.051%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09793	−0.219%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.860%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09827	+0.132%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09823	+0.095%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0014%	1h	0.09821	+0.071%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09820	+0.061%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09794	−0.199%	$13K	$2K	5x	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	0.09816	+0.020%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09829	+0.157%	$63.2M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09824	+0.103%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09799	−0.154%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09817	+0.034%	$44.3M	$104.7M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09816	+0.020%	$47.9M	$53.4M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09808	−0.061%	$9.1M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.754%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09815	+0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09816	+0.020%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09813	−0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09823	+0.092%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09814	long leg	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09812	−0.019%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09807	−0.072%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.041%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09832	+0.181%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09810	−0.041%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09820	+0.061%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09794	−0.204%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09821	+0.075%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09824	+0.098%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09788	−0.265%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09825	+0.112%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.183%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3465%	1h	0.09869	+0.559%	$520K	$941K	10x	as long as short