Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0413%/8h= +45.2% APRpaid last 24h +0.053%

Price spread now: Gate against GMX−0.068%72s7-day average −0.010% · you buy dearer than you sell

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.063%−$6 on $10k

Price spread, last 4 days (all we have)+0.021%+$2 · spread now −0.068%, 7d avg −0.010%

Together, before fees−0.042%−$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.058% cheaper against GMX than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.010%). If the spread goes back, that is −$6 on $10k: about 11 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 3 days funding on this pair cost −0.063%, so the current rate has only just turned in your favour. The two prices were read 72 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 -0.063% in total (about -6.6% 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]	0.09657	L −0.0313% / S +0.0615%	get 0.0039% / 1h	5m 59s	$106K	—	100x
Short	Gate XPL_USDT	0.09650	0.0100	get 0.0050% / 4h	1h 05m	$3.0M	$3.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.068%Rate

Funding earned: $86.65
Price spread: −0.068% → −0.010%: −$5.8
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $53.86
Costs to cover: 0.270%
Break-even: 2.6 days

Slippage unknown: GMX: no order-book sample; Gate: 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 Gate live order book, 2 min ago	3.12 bp	25.2 bp −$25	139.4 bp −$1,394	doesn't fit	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
Lighter XPL	−0.1112%	1h	0.09635	−0.224%	$4.4M	$3.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0313% / S +0.0615%	1h	0.09657	long leg	$106K	—	100x
01 Exchange XPLUSD	−0.0304%	1h	0.09650	−0.068%	$561	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09645	−0.120%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0006%	4h	0.09646	−0.110%	$30K	$257K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09656	−0.011%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.599%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09653	−0.039%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0068%	8h	0.09652	−0.047%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09653	−0.037%	$1.3M	$2.2M	10x	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	0.09669	+0.124%	$61.1M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09662	+0.059%	$255K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09659	+0.022%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09651	−0.061%	$43.9M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09654	−0.027%	$46.0M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09651	−0.058%	$7.8M	$48.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	−0.017%	$141K	$0	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09650	−0.068%	$3.0M	$3.4M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09650	−0.068%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09651	−0.058%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09661	+0.046%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09651	−0.058%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09656	−0.006%	$181K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09660	+0.032%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09640	−0.174%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.068%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09663	+0.065%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.275%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.068%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09644	−0.130%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09650	−0.066%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	−0.120%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09671	+0.149%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09625	−0.327%	$1.7M	$935K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.636%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2830%	1h	0.09676	+0.200%	$549K	$932K	10x	as long as short