Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Bulk−0.562%7-day average −0.029% · 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−$89as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Bulk Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.685%+$69 · spread now −0.562%, 7d avg −0.029%

Together, before fees+0.685%+$69 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: Binance is 0.533% cheaper against Bulk than usual: you would sell low and buy high, −$53 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09750	0.0100	pay 0.0013% / 1h	31m 25s	$140K	$8K	10x
Short	Binance XPLUSDT	0.09695	0.0100	get 0.0050% / 4h	1h 31m	$43.6M	$106.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bulk. 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 BulkbpFee BinancebpOrdersPrice spread, now −0.562%Rate

Funding earned: $0
Price spread: −0.562% → −0.029%: −$53.32
Slippage, 4 orders: −$18.98
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$89.29
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Bulk: live order book, 52 min ago; Binance: live order book, 11 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 Bulk live order book, 52 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell Binance live order book, 11 min ago	0.51 bp	11.4 bp −$11	24.6 bp −$246	117.5 bp −$11.7K	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	−0.0372%	1h	0.09704	−0.470%	$176K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09707	−0.439%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09695	−0.562%	$564	$708	5x	as long as short
Lighter XPL	−0.0208%	1h	0.09683	−0.685%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0105% / S +0.0502%	1h	0.09699	−0.521%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	−0.502%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.354%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09700	−0.515%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0076%	4h	0.09703	−0.480%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0087%	8h	0.09691	−0.600%	$13K	$2K	5x	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	0.09690	−0.613%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	−0.399%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09699	−0.518%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09700	−0.507%	$221K	$46K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09695	−0.562%	$43.6M	$106.4M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09694	−0.572%	$47.1M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09692	−0.593%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09750	long leg	$140K	$8K	10x
Gate XPL_USDT	+0.0100%	4h	0.09691	−0.603%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09692	−0.593%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09693	−0.582%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09702	−0.490%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09693	−0.582%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09701	−0.496%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09687	−0.640%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.203%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09705	−0.458%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.613%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.511%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	−0.429%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09688	−0.636%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09717	−0.333%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09718	−0.326%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09723	−0.275%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.105%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4602%	1h	0.09756	+0.059%	$516K	$955K	10x	as long as short