Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against SunX+0.262%7-day average +0.219% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$330as in the Price arb table

costs, in and out, $10k−$3343.340% of the position

Long on SunX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.184%−$18 · spread now +0.262%, 7d avg +0.219%

Together, before fees−0.184%−$18 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 0.043% dearer against SunX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.219%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XPL-USDT	0.09540	0.0100	pay 0.0050% / 4h	1h 31m	$2K	$1.6M	20x
Short	Bulk XPL-USD	0.09565	0.0100	get 0.0013% / 1h	31m 40s	$139K	$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against SunX. 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 SunXbpFee BulkbpOrdersPrice spread, now +0.262%Rate

Funding earned: $0
Price spread: +0.262% → +0.219%: $4.29
Slippage, 4 orders: −$318.97
Fee SunX: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$329.68
Costs to cover: 3.340%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Bulk: live order book, 12 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 SunX live order book, 3 min ago	36.67 bp	163.1 bp −$163	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 12 min ago	5.20 bp	8.7 bp −$9	17.4 bp −$174	47.1 bp −$4,709	doesn't fit

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	−0.1160%	1h	0.09552	+0.126%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09564	+0.252%	$556	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09565	+0.262%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09561	+0.220%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0003%	4h	0.09556	+0.168%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09564	+0.247%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.643%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09565	+0.265%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09562	+0.233%	$12K	$696	5x	as long as short
Extended XPL-USD	+0.0096%	1h	0.09571	+0.327%	$602K	$1.2M	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09569	+0.299%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09572	+0.335%	$60.4M	$46.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09571	+0.324%	$253K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09574	+0.357%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09569	+0.304%	$43.3M	$97.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09570	+0.314%	$45.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09575	+0.367%	$7.9M	$47.7M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09565	+0.262%	$139K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09568	+0.294%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09569	+0.304%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09554	+0.147%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09579	+0.409%	$8.8M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09571	+0.325%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09563	+0.241%	$176K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09540	−0.002%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	+0.419%	$256K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.524%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09569	+0.308%	$125K	$1.8M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09540	long leg	$2K	$1.6M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09560	+0.210%	$197	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09556	+0.168%	$132K	$213K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09556	+0.171%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09577	+0.388%	$194K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09571	+0.325%	$1.7M	$933K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.866%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2855%	1h	0.09592	+0.543%	$544K	$933K	10x	as long as short