Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.010%

Price spread now: Bybit against Bulk+0.591%7-day average −0.071% · 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+$14as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on Bulk Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.037%−$4 on $10k

Price spread, last 4 days (all we have)−0.432%−$43 · spread now +0.591%, 7d avg −0.071%

Together, before fees−0.470%−$47 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: Bybit is 0.662% dearer against Bulk than usual: you sell high and buy low, +$66 on $10k if it goes back to its 7-day average of −0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09581	0.0100	pay 0.0013% / 1h	17m 11s	$140K	$0	10x
Short	Bybit XPLUSDT	0.09638	0.0100	get 0.0050% / 4h	2h 17m	$45.7M	$53.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.591%Rate

Funding earned: $0
Price spread: +0.591% → −0.071%: $66.22
Slippage, 4 orders: −$34.38
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $13.85
Costs to cover: 0.524%
Break-even: from the start

Slippage from Bulk: live order book, 32 min ago; Bybit: live order book, 2 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, 32 min ago	5.23 bp	14.9 bp −$15	21.4 bp −$214	45.8 bp −$4,581	148.4 bp −$74.2K
Sell Bybit live order book, 2 min ago	0.52 bp	13.6 bp −$14	40.3 bp −$403	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	−0.0272%	1h	0.09651	+0.727%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09651	+0.728%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09647	+0.685%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09659	+0.811%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.984%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09655	+0.765%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09643	+0.643%	$29K	$306K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09636	+0.570%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0065%	8h	0.09660	+0.816%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09652	+0.732%	$1.2M	$2.3M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09652	+0.741%	$61.0M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09655	+0.770%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09667	+0.888%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09641	+0.623%	$43.7M	$99.7M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09638	+0.591%	$45.7M	$53.8M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09637	+0.580%	$8.1M	$48.6M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09581	long leg	$140K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09651	+0.727%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09642	+0.633%	$12.4M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09643	+0.643%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09646	+0.674%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09635	+0.560%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09647	+0.685%	$175K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09604	+0.234%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09637	+0.581%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.821%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09663	+0.852%	$126K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	+0.507%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.612%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09632	+0.528%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09642	+0.630%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	+0.664%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09657	+0.789%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09654	+0.758%	$1.7M	$946K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09704	+1.280%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2871%	1h	0.09684	+1.070%	$550K	$958K	10x	as long as short