Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0655%/8h= −71.7% APRpaid last 24h −0.133%

Price spread now: GMX against HTX−0.245%7-day average +0.046% · you buy dearer than you sell

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

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.192%−$19 on $10k

Price spread, last 3 days (all we have)+0.484%+$48 · spread now −0.245%, 7d avg +0.046%

Together, before fees+0.292%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.292% cheaper against HTX than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.046%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.192% in total (about -21.8% 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	HTX XPL-USDT	0.09708	0.0100	pay 0.0050% / 4h	2h 45m	$142K	$255K	20x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09684	L −0.0187% / S +0.0555%	pay 0.0069% / 1h	45m 31s	$111K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against HTX. 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 HTXbpFee GMXbpOrdersPrice spread, now −0.245%Rate

Funding earned: −$137.5
Price spread: −0.245% → +0.046%: −$29.15
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$190.65
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 21 min ago; GMX: 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 HTX live order book, 21 min ago	13.68 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0240%	1h	0.09678	−0.309%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0187% / S +0.0555%	1h	0.09684	−0.245%	$111K	—	100x
Backpack XPL_USDC_PERP	−0.0114%	1h	0.09686	−0.227%	$179K	$241K	10x	as long as short
Lighter XPL	−0.0080%	1h	0.09663	−0.464%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09680	−0.288%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.014%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09683	−0.258%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09667	−0.417%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09664	−0.453%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0054%	4h	0.09668	−0.412%	$8.4M	$55.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0055%	8h	0.09671	−0.376%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09662	−0.476%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09677	−0.317%	$62.6M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09685	−0.242%	$246K	$550K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09680	−0.289%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09668	−0.412%	$44.0M	$110.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09669	−0.402%	$46.6M	$58.2M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09663	−0.464%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09667	−0.422%	$12.8M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09658	−0.515%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09666	−0.433%	$8.5M	$11.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09667	−0.422%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09678	−0.309%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.111%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.124%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	−0.373%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.288%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.288%	$201	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09708	long leg	$142K	$255K	20x
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.024%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09677	−0.319%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09676	−0.326%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09693	−0.155%	$196K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	−0.021%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.391%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4399%	1h	0.09722	+0.147%	$550K	$1.0M	10x	as long as short