Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against BingX−0.083%7-day average +0.047% · 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−$64as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on BingX 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)−0.139%−$14 · spread now −0.083%, 7d avg +0.047%

Together, before fees−0.139%−$14 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 0.131% cheaper against BingX than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09623	0.0100	pay 0.0050% / 4h	1h 35m	—	$8.0M	—
Short	Bulk XPL-USD	0.09615	0.0100	get 0.0013% / 1h	35m 23s	$140K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against BingX. 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 BingXbpFee BulkbpOrdersPrice spread, now −0.083%Rate

Funding earned: $0
Price spread: −0.083% → +0.047%: −$13.05
Slippage, 4 orders: −$33.7
Fee BingX: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$63.76
Costs to cover: 0.507%
Break-even: 131005295265429296.0 days

Slippage from BingX: live order book, 3 min ago; Bulk: live order book, 28 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 BingX live order book, 3 min ago	5.74 bp	14.1 bp −$14	23.8 bp −$238	87.2 bp −$8,722	doesn't fit
Sell Bulk live order book, 28 min ago	5.18 bp	11.1 bp −$11	18.8 bp −$188	46.6 bp −$4,660	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
Backpack XPL_USDC_PERP	−0.0563%	1h	0.09628	+0.052%	$181K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09611	−0.125%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0251% / S +0.0578%	1h	0.09630	+0.077%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09628	+0.052%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09624	+0.010%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09611	−0.124%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.326%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09630	+0.075%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0037%	4h	0.09627	+0.042%	$8.3M	$53.1M	50x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09615	−0.082%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0056%	1h	0.09602	−0.218%	$4.3M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0066%	4h	0.09619	−0.042%	$3.0M	$3.7M	75x	as long as short
Bybit XPLUSDT	+0.0068%	4h	0.09619	−0.042%	$45.6M	$56.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09620	−0.031%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09640	+0.175%	$60.6M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09620	−0.031%	$244K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09616	−0.070%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09626	+0.031%	$43.5M	$108.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09626	+0.031%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09612	−0.114%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09630	+0.073%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09623	long leg	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09612	−0.118%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	−0.277%	$255K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	−0.135%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09634	+0.110%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.135%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.031%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09601	−0.229%	$144K	$264K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09615	−0.083%	$140K	$7K	10x
Extended XPL-USD	+0.0104%	1h	0.09611	−0.121%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09625	+0.021%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09617	−0.062%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09595	−0.291%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.177%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3560%	1h	0.09656	+0.339%	$548K	$1.0M	10x	as long as short