Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Bybit against BingX−0.042%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$570.575% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.042%, 7d avg −0.013%

Together, before fees−0.063%−$6 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: Bybit is 0.029% cheaper against BingX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09635	0.0100	pay 0.0050% / 4h	2h 17m	—	$7.8M	—
Short	Bybit XPLUSDT	0.09631	0.0100	get 0.0050% / 4h	2h 17m	$45.6M	$53.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.042%Rate

Funding earned: $0
Price spread: −0.042% → −0.013%: −$2.88
Slippage, 4 orders: −$36.48
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$60.36
Costs to cover: 0.575%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Bybit: live order book, 2 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, 6 min ago	2.09 bp	19.8 bp −$20	34.3 bp −$343	96.6 bp −$9,661	doesn't fit
Sell Bybit live order book, 2 min ago	0.52 bp	13.6 bp −$14	40.3 bp −$403	doesn't fit	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
01 Exchange XPLUSD	−0.0272%	1h	0.09651	+0.166%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09651	+0.167%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09647	+0.125%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09659	+0.250%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.424%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09655	+0.204%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09643	+0.083%	$29K	$306K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09636	+0.010%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0065%	8h	0.09660	+0.254%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09652	+0.171%	$1.2M	$2.3M	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	0.09652	+0.181%	$61.0M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09650	+0.153%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09667	+0.327%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09632	−0.029%	$43.6M	$99.7M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09631	−0.042%	$45.6M	$53.8M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09634	−0.010%	$8.1M	$48.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09581	−0.557%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09651	+0.166%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09642	+0.073%	$12.4M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09643	+0.083%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09644	+0.093%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09635	long leg	—	$7.8M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09647	+0.125%	$175K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09604	−0.324%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09637	+0.021%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.259%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09663	+0.291%	$126K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.052%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.052%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09632	−0.031%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09630	−0.047%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	+0.104%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09657	+0.228%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09654	+0.197%	$1.7M	$946K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09704	+0.716%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2871%	1h	0.09684	+0.508%	$550K	$958K	10x	as long as short