Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: Gate against Bulk+0.198%7-day average −0.022% · 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−$660.665% of the position

Long on Bulk Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now +0.198%, 7d avg −0.022%

Together, before fees+0.032%+$3 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: Gate is 0.220% dearer against Bulk than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09577	0.0100	pay 0.0013% / 1h	42m 26s	$140K	$0	10x
Short	Gate XPL_USDT	0.09596	0.0100	get 0.0050% / 4h	42m 26s	$3.0M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.198%Rate

Funding earned: $0
Price spread: +0.198% → −0.022%: $21.96
Slippage, 4 orders: −$44.49
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$44.53
Costs to cover: 0.665%
Break-even: never at this rate

Slippage from Bulk: live order book, 61 min ago; Gate: live order book, 6 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, 61 min ago	5.20 bp	8.7 bp −$9	17.7 bp −$177	42.5 bp −$4,247	doesn't fit
Sell Gate live order book, 6 min ago	1.56 bp	25.1 bp −$25	150.3 bp −$1,503	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
Lighter XPL	−0.1392%	1h	0.09583	+0.062%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0479%	1h	0.09592	+0.156%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0472%	1h	0.09588	+0.114%	$557	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09606	+0.307%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0015%	4h	0.09589	+0.125%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09600	+0.240%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.949%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09601	+0.245%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0011%	8h	0.09595	+0.190%	$12K	$696	5x	as long as short
Bybit XPLUSDT	+0.0062%	4h	0.09603	+0.271%	$45.8M	$53.7M	75x	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	0.09599	+0.234%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09599	+0.226%	$60.6M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09606	+0.306%	$254K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09606	+0.303%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09601	+0.250%	$43.5M	$97.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09606	+0.302%	$7.8M	$47.9M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09577	long leg	$140K	$0	10x
Gate XPL_USDTshort	+0.0100%	4h	0.09596	+0.198%	$3.0M	$3.3M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09591	+0.145%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09594	+0.177%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09618	+0.427%	$9.1M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09597	+0.208%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09595	+0.187%	$180K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09607	+0.309%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09606	+0.306%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	+0.344%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09617	+0.416%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	+0.135%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	+0.135%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09596	+0.198%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09594	+0.182%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	+0.135%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09622	+0.469%	$195K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09600	+0.239%	$1.7M	$929K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+1.472%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2723%	1h	0.09634	+0.589%	$547K	$930K	10x	as long as short