Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0707%/8h= −77.4% APRpaid last 24h −0.175%

Price spread now: GMX against Binance+0.282%120s7-day average +0.015% · you sell dearer than you buy

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

Long on Binance Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.254%−$25 on $10k

Price spread, last 4 days (all we have)−0.005%−$1 · spread now +0.282%, 7d avg +0.015%

Together, before fees−0.259%−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.267% dearer against Binance than usual: you sell high and buy low (spread +0.282% now, against its 7-day average of +0.015%): +$27 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 30 hours. At the pace of the last 4 days (−0.254% in total) that is about 3.7 days. The two prices were read 120 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09624	0.0080	pay 0.0040% / 4h	2h 59m	$44.2M	$97.6M	75x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09651	L −0.0331% / S +0.0627%	pay 0.0078% / 1h	59m 20s	$107K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now +0.282%Rate

Funding earned: −$148.5
Price spread: +0.282% → +0.015%: $26.73
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$143.77
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Binance: live order book, 13 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 Binance live order book, 13 min ago	0.52 bp	11.6 bp −$12	25.6 bp −$256	176.2 bp −$17.6K	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
Lighter XPL	−0.1088%	1h	0.09626	+0.019%	$4.4M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0464%	1h	0.09631	+0.071%	$560	$873	5x	as long as short
Bybit XPLUSDT	−0.0401%	4h	0.09622	−0.022%	$45.6M	$54.0M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0373%	1h	0.09626	+0.019%	$46K	$16K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0331% / S +0.0627%	1h	0.09651	+0.282%	$107K	—	100x
Paradex XPL-USD-PERP	−0.0132%	8h	0.09633	+0.090%	$13K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0092%	4h	0.09621	−0.033%	$7.7M	$47.8M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0035%	4h	0.09622	−0.022%	$30K	$220K	10x	as long as short
Extended XPL-USD	−0.0008%	1h	0.09619	−0.055%	$610K	$1.2M	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09641	+0.176%	$9K	$600	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.336%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09656	+0.327%	$73K	—	150x	as long as short
MEXC XPL_USDT	+0.0080%	4h	0.09630	+0.061%	$13.5M	$6.4M	100x	as long as short
Binance XPLUSDTlong	+0.0080%	4h	0.09624	long leg	$44.2M	$97.6M	75x
Nado XPL-PERP	+0.0100%	1h	0.09635	+0.113%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09649	+0.257%	$61.2M	$45.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09636	+0.122%	$255K	$398K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09646	+0.227%	$220K	$47K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09636	+0.123%	$3.0M	$3.3M	75x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09631	+0.071%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09633	+0.092%	$9.0M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09626	+0.019%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09653	+0.300%	$184K	$173K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09635	+0.110%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09649	+0.263%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+0.269%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09645	+0.217%	$126K	$1.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.043%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	+0.061%	$186	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	+0.227%	$134K	$214K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	+0.165%	$140K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09622	−0.018%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09658	+0.352%	$195K	$468K	10x	as long as short
BloFin XPL-USDT	+0.0321%	4h	0.09634	+0.102%	$1.7M	$936K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0648%	1h	0.09798	+1.806%	$65K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1813%	1h	0.09728	+1.083%	$553K	$979K	10x	as long as short