Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Bitget+0.073%7-day average −0.010% · 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−$45as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on Bitget Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.606%−$61 · spread now +0.073%, 7d avg −0.010%

Together, before fees−0.609%−$61 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 0.082% dearer against Bitget than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09643	0.0100	pay 0.0050% / 4h	3h 10m	$9.1M	$9.7M	75x
Short	Bulk XPL-USD	0.09650	0.0100	get 0.0013% / 1h	10m 16s	$141K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bitget. 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 BitgetbpFee BulkbpOrdersPrice spread, now +0.073%Rate

Funding earned: $0
Price spread: +0.073% → −0.010%: $8.24
Slippage, 4 orders: −$34.22
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$44.99
Costs to cover: 0.532%
Break-even: never at this rate

Slippage from Bitget: live order book, 3 min ago; Bulk: live order book, 44 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 Bitget live order book, 3 min ago	1.03 bp	12.4 bp −$12	33.2 bp −$332	doesn't fit	doesn't fit
Sell Bulk live order book, 44 min ago	5.16 bp	16.4 bp −$16	21.7 bp −$217	49.0 bp −$4,901	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
Deribit XPL_USDC-PERPETUAL	−0.0373%	1h	0.09632	−0.114%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09626	−0.176%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09636	−0.076%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0059%	1h	0.09643	0.000%	$176K	$190K	10x	as long as short
Bybit XPLUSDT	−0.0003%	4h	0.09629	−0.145%	$45.6M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09648	+0.049%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.491%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09638	−0.056%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0009%	4h	0.09627	−0.166%	$29K	$339K	10x	as long as short
Lighter XPL	+0.0032%	1h	0.09624	−0.197%	$4.4M	$3.0M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0048%	8h	0.09633	−0.106%	$13K	$696	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09644	+0.006%	$61.2M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09638	−0.055%	$251K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09640	−0.031%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09631	−0.124%	$43.7M	$100.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09629	−0.145%	$8.2M	$48.5M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09650	+0.073%	$141K	$5K	10x
Gate XPL_USDT	+0.0100%	4h	0.09635	−0.083%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09628	−0.156%	$12.7M	$7.1M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09640	−0.031%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09643	long leg	$9.1M	$9.7M	75x
BingX XPL-USDT	+0.0100%	4h	0.09630	−0.135%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09633	−0.107%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09655	+0.127%	$260K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	+0.280%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09635	−0.088%	$1.2M	$2.4M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09640	−0.028%	$128K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.239%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	−0.135%	$200	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09634	−0.093%	$141K	$185K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09627	−0.170%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09630	−0.135%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09670	+0.280%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09639	−0.041%	$1.8M	$959K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09708	+0.674%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3116%	1h	0.09665	+0.230%	$550K	$990K	10x	as long as short