Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0508%/8h= −55.6% APRpaid last 24h −0.172%

Price spread now: GMX against Gate+0.057%7-day average +0.008% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.236%−$24 on $10k

Price spread, last 4 days (all we have)+0.199%+$20 · spread now +0.057%, 7d avg +0.008%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.049% dearer against Gate than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of +0.008%): +$5 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 4 days (−0.236% in total) that is about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09514	−0.0062	get 0.0031% / 4h	3h 38m	$2.9M	$3.3M	75x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09519	L −0.0234% / S +0.0570%	pay 0.0071% / 1h	38m 12s	$105K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$106.6
Price spread: +0.057% → +0.008%: $4.85
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: −$128.75
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; GMX: no order-book sample. Net counts fees only.

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, 5 min ago	3.15 bp	23.7 bp −$24	152.6 bp −$1,526	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Lighter XPL	−0.1296%	1h	0.09504	−0.105%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09510	−0.042%	$553	$873	5x	as long as short
Bybit XPLUSDT	−0.0347%	4h	0.09515	+0.011%	$45.2M	$54.1M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0234% / S +0.0570%	1h	0.09519	+0.057%	$105K	—	100x
Paradex XPL-USD-PERP	−0.0104%	8h	0.09508	−0.062%	$12K	$696	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0065%	1h	0.09520	+0.063%	$46K	$18K	25x	as long as short
Gate XPL_USDTlong	−0.0062%	4h	0.09514	long leg	$2.9M	$3.3M	75x
OKX XPL-USDT-SWAP	−0.0029%	4h	0.09517	+0.032%	$7.6M	$47.5M	50x	as long as short
Backpack XPL_USDC_PERP	−0.0027%	1h	0.09526	+0.126%	$178K	$179K	10x	as long as short
Orderly PERP_XPL_USDC	−0.0025%	4h	0.09513	−0.011%	$30K	$261K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09515	+0.015%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.425%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09519	+0.053%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09511	−0.026%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09534	+0.213%	$60.3M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09522	+0.084%	$251K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09518	+0.042%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09516	+0.019%	$43.4M	$98.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	−0.042%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09517	+0.032%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09512	−0.021%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09531	+0.179%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09521	+0.074%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	+0.020%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09520	+0.063%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	+0.063%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09518	+0.038%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.147%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.042%	$192	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09501	−0.137%	$131K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09513	−0.015%	$588K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09515	+0.011%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09548	+0.357%	$193K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09513	−0.011%	$1.7M	$922K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.862%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2719%	1h	0.09538	+0.247%	$541K	$954K	10x	as long as short