Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.072%

Price spread now: Bulk against BloFin−0.106%7-day average +0.087% · 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−$63as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on BloFin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.282%−$28 on $10k

Price spread, last 4 days (all we have)+0.335%+$34 · spread now −0.106%, 7d avg +0.087%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bulk is 0.193% cheaper against BloFin than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.087%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09465	0.0215	pay 0.0108% / 4h	1h 54m	$1.7M	$826K	75x
Short	Bulk XPL-USD	0.09455	0.0100	get 0.0013% / 1h	54m 35s	$138K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BloFin. 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 BloFinbpFee BulkbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$24.18
Price spread: −0.106% → +0.087%: −$19.29
Slippage, 4 orders: −$24.37
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$86.84
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from BloFin: live order book, 1 min ago; Bulk: live order book, 57 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 BloFin live order book, 1 min ago	1.59 bp	9.6 bp −$10	18.0 bp −$180	77.2 bp −$7,724	doesn't fit
Sell Bulk live order book, 57 min ago	5.25 bp	10.2 bp −$10	18.3 bp −$183	48.1 bp −$4,812	doesn't fit

XPL on 36 exchanges

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	−0.0680%	1h	0.09451	−0.148%	$4.3M	$3.0M	10x	as long as short
01 Exchange XPLUSD	−0.0584%	1h	0.09455	−0.106%	$550	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0489%	1h	0.09465	0.000%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0416% / S +0.0677%	1h	0.09468	+0.027%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0247%	4h	0.09460	−0.053%	$44.6M	$52.1M	75x	as long as short
Extended XPL-USD	−0.0152%	1h	0.09457	−0.086%	$601K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0119%	8h	0.09458	−0.072%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0088%	4h	0.09459	−0.063%	$30K	$185K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0049%	4h	0.09462	−0.032%	$7.4M	$46.4M	50x	as long as short
Binance XPLUSDT	−0.0027%	4h	0.09459	−0.063%	$43.5M	$95.6M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0026%	4h	0.09459	−0.063%	$13.3M	$6.3M	100x	as long as short
Backpack XPL_USDC_PERP	−0.0014%	1h	0.09468	+0.032%	$178K	$170K	10x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.014%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09487	+0.230%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0022%	4h	0.09459	−0.063%	$2.9M	$3.2M	75x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09460	−0.053%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09464	−0.005%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09474	+0.096%	$60.1M	$41.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09470	+0.053%	$252K	$360K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09470	+0.053%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09468	+0.032%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09468	+0.032%	$8.8M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09459	−0.063%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09453	−0.126%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09480	+0.158%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09500	+0.370%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09475	+0.106%	$124K	$1.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09450	−0.158%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09460	−0.053%	$181	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09470	+0.053%	$134K	$209K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09455	−0.106%	$138K	$5K	10x
Phoenix XPL	+0.0166%	1h	0.09471	+0.063%	$191K	$435K	10x	as long as short
BloFin XPL-USDTlong	+0.0215%	4h	0.09465	long leg	$1.7M	$826K	75x
dYdX XPL-USD	+0.0240%	1h	0.09468	+0.033%	$9K	$600	5x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+0.771%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1349%	1h	0.09487	+0.228%	$553K	$992K	10x	as long as short