Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Bulk−0.041%7-day average −0.060% · 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−$48as in the Price arb table

costs, in and out, $10k−$500.500% of the position

Long on Bulk Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.041%, 7d avg −0.060%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09815	0.0100	pay 0.0013% / 1h	20m 40s	$141K	$11K	10x
Short	Bybit XPLUSDT	0.09811	0.0100	get 0.0050% / 4h	2h 20m	$47.9M	$53.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Bulk. 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 BulkbpFee BybitbpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → −0.060%: $1.93
Slippage, 4 orders: −$31.97
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.05
Costs to cover: 0.500%
Break-even: never at this rate

Slippage from Bulk: live order book, 3 min ago; Bybit: live order book, 3 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 Bulk live order book, 3 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell Bybit live order book, 3 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 −0.0081% / S +0.0486%	1h	0.09809	−0.060%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09809	−0.061%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0048%	1h	0.09804	−0.112%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0024%	1h	0.09806	−0.092%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09815	−0.001%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.868%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09809	−0.062%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0015%	1h	0.09805	−0.102%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09806	−0.092%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09817	+0.020%	$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	0.09813	−0.015%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09828	+0.130%	$63.2M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09819	+0.040%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09814	−0.006%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09806	−0.090%	$44.3M	$104.8M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09811	−0.041%	$47.9M	$53.5M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09806	−0.092%	$9.1M	$53.5M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09815	long leg	$141K	$11K	10x
Gate XPL_USDT	+0.0100%	4h	0.09810	−0.051%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09816	+0.010%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09809	−0.061%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09818	+0.031%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09808	−0.071%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09812	−0.029%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.255%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.255%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09825	+0.101%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.255%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.153%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09817	+0.020%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09810	−0.053%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09808	−0.070%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09813	−0.020%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.214%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.173%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3467%	1h	0.09863	+0.491%	$520K	$941K	10x	as long as short