Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0404%/8h= +44.2% APRpaid last 24h +0.049%

Price spread now: Binance against GMX−0.101%60s7-day average −0.020% · you buy dearer than you sell

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

Long on GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.101%, 7d avg −0.020%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.082% cheaper against GMX than usual: you would sell low and buy high (spread −0.101% now, against its 7-day average of −0.020%). If the spread goes back, that is −$8 on $10k: about 16 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 3 days funding on this pair cost −0.052%, so the current rate has only just turned in your favour. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.052% in total (about -5.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09674	L −0.0304% / S +0.0610%	get 0.0038% / 1h	25m 26s	$107K	—	100x
Short	Binance XPLUSDT	0.09665	0.0100	get 0.0050% / 4h	3h 25m	$43.9M	$100.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.101%Rate

Funding earned: $84.78
Price spread: −0.101% → −0.020%: −$8.16
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: $54.61
Costs to cover: 0.220%
Break-even: 2.5 days

Slippage unknown: GMX: no order-book sample; Binance: live order book, 2 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.52 bp	9.2 bp −$9	19.6 bp −$196	106.8 bp −$10.7K	doesn't fit

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
01 Exchange XPLUSD	−0.0368%	1h	0.09659	−0.159%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0304% / S +0.0610%	1h	0.09674	long leg	$107K	—	100x
Backpack XPL_USDC_PERP	−0.0085%	1h	0.09672	−0.025%	$176K	$188K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09672	−0.025%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0028%	4h	0.09663	−0.118%	$45.8M	$54.1M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09670	−0.044%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.744%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09670	−0.047%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09668	−0.066%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0059%	8h	0.09662	−0.125%	$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
Lighter XPL	+0.0096%	1h	0.09659	−0.159%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09665	−0.097%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09683	+0.085%	$61.4M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09676	+0.015%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	−0.042%	$221K	$46K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09665	−0.101%	$43.9M	$100.9M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09663	−0.118%	$8.2M	$48.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09672	−0.025%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09663	−0.118%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09670	−0.045%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09678	+0.037%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09664	−0.108%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09668	−0.069%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.160%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.058%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09674	−0.004%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.252%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.045%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09688	+0.141%	$142K	$189K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	+0.058%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09661	−0.136%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09667	−0.071%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09705	+0.316%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09675	+0.006%	$1.7M	$963K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.492%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3104%	1h	0.09702	+0.286%	$552K	$990K	10x	as long as short