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 +0.056%

Price spread now: SunX against GMX−0.188%7-day average −0.189% · you buy dearer than you sell

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.045%−$5 on $10k

Price spread, last 4 days (all we have)−0.165%−$17 · spread now −0.188%, 7d avg −0.189%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.189%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.045% in total (about -4.8% 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]	0.09648	L −0.0313% / S +0.0615%	get 0.0039% / 1h	13m 18s	$106K	—	100x
Short	SunX XPL-USDT	0.09630	0.0100	get 0.0050% / 4h	1h 13m	$3K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.188%Rate

Funding earned: $86.65
Price spread: −0.188% → −0.189%: $0.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: $66.75
Costs to cover: 0.200%
Break-even: 1.6 days

Slippage unknown: GMX: no order-book sample; SunX: live order book, 12 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 SunX live order book, 12 min ago	31.25 bp	139.2 bp −$139	doesn't fit	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	−0.1120%	1h	0.09628	−0.208%	$4.4M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0320%	1h	0.09648	−0.001%	$561	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0313% / S +0.0615%	1h	0.09648	long leg	$106K	—	100x
Orderly PERP_XPL_USDC	−0.0006%	4h	0.09642	−0.063%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09655	+0.072%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.530%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09646	−0.022%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09648	+0.001%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09644	−0.041%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09644	−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	0.09662	+0.148%	$61.1M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09651	+0.033%	$255K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09650	+0.018%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09642	−0.063%	$43.9M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09640	−0.084%	$46.0M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09641	−0.074%	$7.9M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	−0.188%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09645	−0.032%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09647	−0.011%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	−0.022%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09648	−0.001%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09643	−0.053%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09649	+0.009%	$181K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09658	+0.101%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09655	+0.076%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	+0.227%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09654	+0.057%	$126K	$1.8M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09630	−0.188%	$3K	$1.6M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.084%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09652	+0.040%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09640	−0.082%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	−0.032%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09667	+0.196%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09645	−0.032%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.724%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2829%	1h	0.09679	+0.316%	$549K	$932K	10x	as long as short