Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0670%/8h= −73.3% APRpaid last 24h −0.175%

Price spread now: GMX against BingX+0.013%7-day average +0.036% · you sell dearer than you buy

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

Long on BingX 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)+0.222%+$22 · spread now +0.013%, 7d avg +0.036%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and GMX is 0.023% cheaper against BingX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09563	0.0100	pay 0.0050% / 4h	3h 47m	—	$7.8M	—
Short	GMX XPL/USD [WBTC.b-USDC]	0.09564	L −0.0234% / S +0.0570%	pay 0.0071% / 1h	47m 47s	$106K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$140.62
Price spread: +0.013% → +0.036%: −$2.31
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$164.92
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 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 BingX live order book, 5 min ago	5.76 bp	14.4 bp −$14	29.5 bp −$295	91.1 bp −$9,112	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	−0.1328%	1h	0.09550	−0.136%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09548	−0.157%	$555	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09561	−0.021%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0234% / S +0.0570%	1h	0.09564	+0.013%	$106K	—	100x
Bybit XPLUSDT	−0.0122%	4h	0.09563	0.000%	$45.5M	$54.0M	75x	as long as short
Paradex XPL-USD-PERP	−0.0079%	8h	0.09543	−0.209%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09557	−0.063%	$30K	$277K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0010%	4h	0.09563	0.000%	$7.7M	$47.7M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09550	−0.139%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.833%	—	—	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09565	+0.017%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0083%	1h	0.09566	+0.031%	$179K	$180K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09555	−0.084%	$1.3M	$2.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09574	+0.113%	$253K	$404K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09553	−0.102%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09563	+0.005%	$43.5M	$97.8M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09562	−0.010%	$2.9M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09565	+0.021%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09562	−0.010%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09576	+0.136%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09563	long leg	—	$7.8M	—
Variational Omni XPL	+0.0100%	4h	0.09553	−0.105%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	−0.065%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.073%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09564	+0.010%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.241%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.031%	$190	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09542	−0.220%	$132K	$210K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.236%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09563	+0.001%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09560	−0.031%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0106%	1h	0.09585	+0.230%	$60.6M	$46.0M	10x	as long as short
Phoenix XPL	+0.0251%	1h	0.09566	+0.031%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09549	−0.146%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.345%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2706%	1h	0.09584	+0.221%	$543K	$943K	10x	as long as short