Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0374%/8h= +40.9% APRpaid last 24h +0.033%

Price spread now: Paradex against GMX−0.204%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.204% cheaper against GMX than usual: you would sell low and buy high (spread −0.204% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 44 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09549	L −0.0298% / S +0.0607%	get 0.0037% / 1h	38m 45s	$105K	—	100x
Short	Paradex XPL-USD-PERP	0.09530	0.0076	get 0.0076% / 8h	4h 38m	$12K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.204%Rate

Funding earned: $78.52
Price spread: −0.204% → 0.000%: −$20.35
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: $42.17
Costs to cover: 0.160%
Break-even: 3.2 days

Slippage unknown: GMX: no order-book sample; Paradex: 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 GMX no order-book sample	—	—	—	—	—
Sell Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	−0.0344%	1h	0.09528	−0.222%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0298% / S +0.0607%	1h	0.09549	long leg	$105K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09542	−0.075%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0092%	4h	0.09526	−0.243%	$45.1M	$54.8M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09532	−0.178%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.719%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09548	−0.011%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0009%	4h	0.09538	−0.117%	$29K	$339K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0038%	1h	0.09537	−0.128%	$178K	$222K	10x	as long as short
Paradex XPL-USD-PERPshort	+0.0076%	8h	0.09530	−0.204%	$12K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09527	−0.232%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09544	−0.060%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09548	−0.018%	$59.8M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09538	−0.122%	$240K	$463K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09535	−0.145%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09528	−0.222%	$43.2M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09531	−0.191%	$8.3M	$49.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09530	−0.201%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09528	−0.222%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09529	−0.212%	$12.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09536	−0.138%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09538	−0.117%	$8.5M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09531	−0.191%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.047%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09574	+0.256%	$256K	$962K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.218%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09553	+0.041%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.306%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.096%	$191	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09579	+0.312%	$140K	$217K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09529	−0.207%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09538	−0.117%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09570	+0.218%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09545	−0.044%	$1.7M	$976K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09583	+0.354%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3330%	1h	0.09579	+0.317%	$543K	$975K	10x	as long as short