Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: HTX against Bulk+0.134%7-day average −0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$1091.093% of the position

Long on Bulk Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.396%−$40 · spread now +0.134%, 7d avg −0.059%

Together, before fees−0.396%−$40 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: HTX is 0.193% dearer against Bulk than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09695	0.0100	pay 0.0013% / 1h	48m 39s	$140K	$8K	10x
Short	HTX XPL-USDT	0.09708	0.0100	get 0.0050% / 4h	1h 48m	$138K	$246K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.134%Rate

Funding earned: $0
Price spread: +0.134% → −0.059%: $19.35
Slippage, 4 orders: −$90.3
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$89.95
Costs to cover: 1.093%
Break-even: never at this rate

Slippage from Bulk: live order book, 35 min ago; HTX: live order book, 33 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, 35 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell HTX live order book, 33 min ago	15.83 bp	69.4 bp −$69	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0305%	1h	0.09727	+0.330%	$177K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0192%	1h	0.09711	+0.165%	$565	$708	5x	as long as short
Lighter XPL	−0.0176%	1h	0.09706	+0.114%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0096% / S +0.0497%	1h	0.09727	+0.335%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09723	+0.289%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09725	+0.310%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.912%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09729	+0.349%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09725	+0.310%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0091%	8h	0.09710	+0.153%	$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
Hyperliquid XPL	+0.0100%	1h	0.09732	+0.382%	$62.7M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09723	+0.289%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09723	+0.293%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09715	+0.207%	$43.6M	$105.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09718	+0.238%	$47.4M	$53.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09710	+0.155%	$8.9M	$53.3M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09695	long leg	$140K	$8K	10x
Gate XPL_USDT	+0.0100%	4h	0.09716	+0.217%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09715	+0.207%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09709	+0.145%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09719	+0.248%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09712	+0.176%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	+0.007%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09706	+0.117%	$255K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.155%	$25K	$87K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09708	+0.134%	$1.4M	$2.7M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09733	+0.390%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	+0.052%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.258%	$203	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09708	+0.134%	$138K	$246K	20x
Extended XPL-USD	+0.0104%	1h	0.09707	+0.125%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09729	+0.351%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09717	+0.227%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09727	+0.330%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09794	+1.021%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4594%	1h	0.09771	+0.784%	$514K	$952K	10x	as long as short