Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.001%

Price spread now: Paradex against Bulk−0.134%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bulk Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paradex is 0.134% cheaper against Bulk than usual: you would sell low and buy high (−$13 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09700	0.0100	pay 0.0013% / 1h	23m 30s	$141K	$9K	10x
Short	Paradex XPL-USD-PERP	0.09687	0.0018	get 0.0018% / 8h	23m 30s	$13K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$17.28
Price spread: −0.134% → 0.000%: −$13.39
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$41.67
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 55 min ago; Paradex: no order-book sample. Net counts fees only.

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, 55 min ago	5.15 bp	8.6 bp −$9	14.8 bp −$148	45.9 bp −$4,590	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0536%	1h	0.09676	−0.246%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09680	−0.204%	$563	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09683	−0.173%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0138% / S +0.0524%	1h	0.09702	+0.019%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09691	−0.096%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.953%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09700	+0.003%	$76K	—	150x	as long as short
Paradex XPL-USD-PERPshort	+0.0018%	8h	0.09687	−0.134%	$13K	$2K	5x
Orderly PERP_XPL_USDC	+0.0050%	4h	0.09698	−0.019%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0066%	4h	0.09689	−0.112%	$3.0M	$4.0M	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	0.09691	−0.088%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09702	+0.027%	$62.6M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09692	−0.079%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09690	−0.101%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09695	−0.050%	$44.1M	$108.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09700	+0.002%	$47.1M	$55.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09686	−0.142%	$8.7M	$54.2M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09691	−0.091%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09689	−0.112%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09700	+0.002%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09697	−0.029%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09688	−0.122%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	+0.160%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.208%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.105%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09702	+0.027%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.307%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.204%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	+0.012%	$138K	$233K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09700	long leg	$141K	$9K	10x
Extended XPL-USD	+0.0104%	1h	0.09685	−0.157%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09688	−0.118%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09734	+0.352%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	+0.053%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.291%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5120%	1h	0.09750	+0.515%	$562K	$1.0M	10x	as long as short