Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.003%

Price spread now: Bulk against Gate−0.608%7-day average +0.021% · 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−$136as in the Price arb table

costs, in and out, $10k−$730.727% of the position

Long on Gate Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now −0.608%, 7d avg +0.021%

Together, before fees+0.215%+$21 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: Bulk is 0.629% cheaper against Gate than usual: you would sell low and buy high, −$63 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09640	0.0100	pay 0.0050% / 4h	2h 15m	$3.1M	$3.4M	75x
Short	Bulk XPL-USD	0.09581	0.0100	get 0.0013% / 1h	15m 28s	$140K	$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Gate. 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 GatebpFee BulkbpOrdersPrice spread, now −0.608%Rate

Funding earned: $0
Price spread: −0.608% → +0.021%: −$62.92
Slippage, 4 orders: −$50.65
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$135.57
Costs to cover: 0.727%
Break-even: never at this rate

Slippage from Gate: live order book, 3 min ago; Bulk: 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 Gate live order book, 3 min ago	3.62 bp	26.7 bp −$27	135.9 bp −$1,359	doesn't fit	doesn't fit
Sell Bulk live order book, 33 min ago	5.23 bp	8.7 bp −$9	8.7 bp −$87	25.4 bp −$2,542	104.5 bp −$52.3K

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
01 Exchange XPLUSD	−0.0272%	1h	0.09640	0.000%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09641	+0.008%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09640	0.000%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09645	+0.053%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.464%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09644	+0.042%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09635	−0.052%	$29K	$306K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09635	−0.052%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09643	+0.027%	$13K	$696	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09653	+0.139%	$61.0M	$46.4M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09647	+0.076%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09650	+0.105%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09638	−0.021%	$43.6M	$99.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09634	−0.062%	$45.6M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09636	−0.041%	$8.1M	$48.5M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09581	−0.608%	$140K	$0	10x
Gate XPL_USDTlong	+0.0100%	4h	0.09640	long leg	$3.1M	$3.4M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09644	+0.041%	$12.5M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09631	−0.093%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09647	+0.073%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09637	−0.031%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09645	+0.052%	$175K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09638	−0.022%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09637	−0.031%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+0.104%	$25K	$77K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09643	+0.031%	$1.2M	$2.3M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09650	+0.107%	$126K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.104%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	0.000%	$207	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.010%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09641	+0.009%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09630	−0.104%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09657	+0.176%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09654	+0.145%	$1.7M	$946K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09704	+0.664%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2875%	1h	0.09671	+0.326%	$549K	$958K	10x	as long as short