Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Bulk+0.052%7-day average −0.081% · 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−$32as in the Price arb table

costs, in and out, $10k−$450.450% of the position

Long on Bulk Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.255%+$26 on $10k

Price spread, last 4 days (all we have)−0.282%−$28 · spread now +0.052%, 7d avg −0.081%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.133% dearer against Bulk than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09630	0.0100	pay 0.0013% / 1h	22m 25s	$140K	$5K	10x
Short	BloFin XPL-USDT	0.09635	0.0340	get 0.0170% / 4h	22m 25s	$1.7M	$985K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.052%Rate

Funding earned: $50.4
Price spread: +0.052% → −0.081%: $13.32
Slippage, 4 orders: −$26.02
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $18.69
Costs to cover: 0.450%
Break-even: 4.4 days

Slippage from Bulk: live order book, 36 min ago; BloFin: live order book, 10 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, 36 min ago	5.22 bp	8.7 bp −$9	15.9 bp −$159	36.4 bp −$3,641	131.8 bp −$65.9K
Sell BloFin live order book, 10 min ago	4.15 bp	13.8 bp −$14	28.5 bp −$285	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	−0.0368%	1h	0.09627	−0.031%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0312% / S +0.0615%	1h	0.09631	+0.010%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09634	+0.042%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0088%	4h	0.09626	−0.042%	$45.6M	$54.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09630	−0.003%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.385%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09632	+0.017%	$73K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09634	+0.042%	$178K	$223K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09632	+0.021%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0081%	8h	0.09629	−0.013%	$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
Lighter XPL	+0.0096%	1h	0.09617	−0.135%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09625	−0.052%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09643	+0.139%	$60.8M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09641	+0.114%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09634	+0.037%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09626	−0.044%	$43.7M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09632	+0.021%	$8.3M	$49.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09627	−0.031%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09632	+0.021%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09623	−0.073%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09634	+0.042%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09625	−0.052%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.159%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	−0.192%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.104%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09643	+0.132%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.208%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	0.000%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	+0.156%	$141K	$206K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09630	long leg	$140K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09632	+0.021%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09631	+0.016%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	−0.042%	$195K	$617K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09635	+0.052%	$1.7M	$985K	75x
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.478%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3298%	1h	0.09673	+0.452%	$548K	$975K	10x	as long as short