Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0406%/8h= +44.5% APRpaid last 24h +0.060%

Price spread now: OKX against GMX−0.211%52s7-day average −0.006% · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.211%, 7d avg −0.006%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.205% cheaper against GMX than usual: you would sell low and buy high (spread −0.211% now, against its 7-day average of −0.006%). If the spread goes back, that is −$21 on $10k: about 40 hours of funding at the current rate (+$12 a day). The two prices were read 52 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 -0.041% in total (about -4.3% 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]	0.09554	L −0.0313% / S +0.0615%	get 0.0039% / 1h	35m 31s	$105K	—	100x
Short	OKX XPL-USDT-SWAP	0.09534	0.0094	get 0.0047% / 4h	35m 31s	$7.7M	$47.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against GMX. 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 GMXbpFee OKXbpOrdersPrice spread, now −0.211%Rate

Funding earned: $85.36
Price spread: −0.211% → −0.006%: −$20.51
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $42.85
Costs to cover: 0.220%
Break-even: 3.5 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.52 bp	11.6 bp −$12	30.5 bp −$305	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	−0.1416%	1h	0.09527	−0.285%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0504%	1h	0.09526	−0.295%	$554	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0313% / S +0.0615%	1h	0.09554	long leg	$105K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09550	−0.044%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0019%	4h	0.09545	−0.096%	$30K	$246K	10x	as long as short
Paradex XPL-USD-PERP	−0.0006%	8h	0.09541	−0.141%	$12K	$696	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09546	−0.085%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.761%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09553	−0.008%	$72K	—	150x	as long as short
Bybit XPLUSDT	+0.0030%	4h	0.09532	−0.232%	$45.4M	$53.9M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAPshort	+0.0094%	4h	0.09534	−0.211%	$7.7M	$47.6M	50x
Extended XPL-USD	+0.0096%	1h	0.09536	−0.195%	$598K	$1.1M	25x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09534	−0.211%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09546	−0.082%	$60.3M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09545	−0.096%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09551	−0.038%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09537	−0.180%	$43.1M	$97.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−0.044%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09537	−0.180%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09542	−0.128%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09549	−0.054%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09548	−0.065%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09534	−0.211%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09548	−0.065%	$179K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09535	−0.205%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	+0.165%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.044%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09546	−0.082%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.253%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.149%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09537	−0.180%	$132K	$212K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09540	−0.149%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09564	+0.103%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09543	−0.117%	$1.7M	$923K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09567	+0.134%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2736%	1h	0.09588	+0.358%	$544K	$930K	10x	as long as short