Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: KuCoin against Bulk0.000%7-day average −0.011% · 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−$92as in the Price arb table

costs, in and out, $10k−$930.927% of the position

Long on Bulk Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.415%+$42 · spread now 0.000%, 7d avg −0.011%

Together, before fees+0.417%+$42 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09620	0.0100	pay 0.0013% / 1h	50m 22s	$140K	$0	10x
Short	KuCoin XPLUSDTM	0.09620	0.0100	get 0.0050% / 4h	1h 50m	$2.3M	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → −0.011%: $1.08
Slippage, 4 orders: −$73.75
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$91.67
Costs to cover: 0.927%
Break-even: never at this rate

Slippage from Bulk: live order book, 58 min ago; KuCoin: 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, 58 min ago	5.23 bp	14.9 bp −$15	21.4 bp −$214	45.8 bp −$4,581	148.4 bp −$74.2K
Sell KuCoin live order book, 6 min ago	7.25 bp	31.1 bp −$31	159.7 bp −$1,597	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	−0.0568%	1h	0.09619	−0.010%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0456%	1h	0.09629	+0.094%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09636	+0.164%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09631	+0.114%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0071%	1h	0.09632	+0.125%	$178K	$190K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09628	+0.087%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.301%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09627	+0.073%	$30K	$280K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09636	+0.162%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0052%	8h	0.09628	+0.080%	$13K	$696	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	0.09622	+0.021%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09645	+0.256%	$60.9M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09639	+0.200%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	+0.104%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09632	+0.125%	$43.6M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09633	+0.135%	$45.6M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09630	+0.104%	$8.0M	$48.2M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09620	long leg	$140K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09630	+0.104%	$3.1M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09630	+0.104%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09620	0.000%	$2.3M	$1.3M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09638	+0.187%	$8.9M	$9.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09630	+0.104%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09621	+0.009%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09624	+0.045%	$255K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.104%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09640	+0.209%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.104%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	+0.104%	$202	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09612	−0.083%	$133K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09625	+0.057%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09625	+0.049%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09625	+0.052%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09605	−0.156%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.019%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2833%	1h	0.09663	+0.452%	$549K	$954K	10x	as long as short