Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against MEXC−0.115%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on MEXC Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.281%−$28 · spread now −0.115%, 7d avg +0.031%

Together, before fees−0.282%−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.147% cheaper against MEXC than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XPL_USDT	0.09551	0.0100	pay 0.0050% / 4h	2h 29m	$12.3M	$6.9M	100x
Short	Bulk XPL-USD	0.09540	0.0100	get 0.0013% / 1h	29m 01s	$139K	$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against MEXC. 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 MEXCbpFee BulkbpOrdersPrice spread, now −0.115%Rate

Funding earned: $0
Price spread: −0.115% → +0.031%: −$14.66
Slippage, 4 orders: −$23.32
Fee MEXC: 0 bp × 2 orders: $0
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$44.98
Costs to cover: 0.303%
Break-even: 92424975364241760.0 days

Slippage from MEXC: live order book, 4 min ago; Bulk: live order book, 20 min ago.

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 MEXC live order book, 4 min ago	1.05 bp	3.4 bp −$3	8.7 bp −$87	83.3 bp −$8,334	225.7 bp −$112.8K
Sell Bulk live order book, 20 min ago	5.23 bp	8.7 bp −$9	8.7 bp −$87	25.4 bp −$2,542	104.5 bp −$52.3K

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
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09571	+0.211%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09554	+0.031%	$555	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0168%	1h	0.09562	+0.115%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09557	+0.067%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.732%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09570	+0.197%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09555	+0.042%	$29K	$320K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09542	−0.094%	$4.3M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0067%	8h	0.09550	−0.010%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09558	+0.079%	$1.2M	$2.4M	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	0.09562	+0.110%	$60.5M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09552	+0.010%	$251K	$429K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09554	+0.028%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09543	−0.084%	$43.2M	$100.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09542	−0.094%	$45.2M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09543	−0.084%	$8.1M	$48.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09554	+0.031%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09551	long leg	$12.3M	$6.9M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09545	−0.063%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09553	+0.021%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09546	−0.052%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09557	+0.063%	$173K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09525	−0.272%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09546	−0.049%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.115%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09573	+0.227%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.220%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.010%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09556	+0.052%	$138K	$188K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09540	−0.115%	$139K	$0	10x
Extended XPL-USD	+0.0104%	1h	0.09556	+0.052%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09561	+0.101%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09562	+0.115%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09553	+0.021%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09581	+0.314%	$67K	$89K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2901%	1h	0.09584	+0.345%	$545K	$991K	10x	as long as short