Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0710%/8h= −77.8% APRpaid last 24h −0.156%

Price spread now: GMX against Bitget−0.122%7-day average −0.013% · you buy dearer than you sell

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

Long on Bitget Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now −0.122%, 7d avg −0.013%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and GMX is 0.108% cheaper against Bitget than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.207% in total (about -22.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09707	0.0100	pay 0.0050% / 4h	3h 52m	$8.8M	$10.0M	75x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09695	L −0.0304% / S +0.0610%	pay 0.0076% / 1h	52m 57s	$107K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$149.11
Price spread: −0.122% → −0.013%: −$10.84
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$183.96
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, just now; 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 Bitget live order book, just now	2.06 bp	12.5 bp −$13	23.6 bp −$236	doesn't fit	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
01 Exchange XPLUSD	−0.0464%	1h	0.09676	−0.319%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0304% / S +0.0610%	1h	0.09695	−0.122%	$107K	—	100x
Backpack XPL_USDC_PERP	−0.0156%	1h	0.09706	−0.010%	$179K	$199K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09683	−0.245%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.006%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09701	−0.062%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09695	−0.119%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09694	−0.134%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09681	−0.270%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09695	−0.124%	$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
Nado XPL-PERP	+0.0100%	1h	0.09687	−0.206%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09714	+0.070%	$61.3M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09704	−0.031%	$253K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09687	−0.211%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09696	−0.109%	$44.0M	$102.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09693	−0.144%	$45.9M	$54.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09694	−0.134%	$8.3M	$49.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09670	−0.381%	$141K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09696	−0.113%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	−0.093%	$12.6M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09689	−0.185%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09707	long leg	$8.8M	$10.0M	75x
BingX XPL-USDT	+0.0100%	4h	0.09696	−0.113%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09661	−0.476%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	−0.433%	$260K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09690	−0.175%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09700	−0.068%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.381%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.072%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09677	−0.309%	$142K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09691	−0.161%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09705	−0.026%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09681	−0.268%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09691	−0.165%	$1.8M	$989K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09734	+0.278%	$75K	$85K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3094%	1h	0.09736	+0.299%	$552K	$974K	10x	as long as short