Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SunX against Bulk−0.104%7-day average −0.219% · 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−$339as in the Price arb table

costs, in and out, $10k−$3503.504% of the position

Long on Bulk Short on SunX

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 3 days (all we have)−0.038%−$4 · spread now −0.104%, 7d avg −0.219%

Together, before fees−0.037%−$4 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: SunX is 0.116% dearer against Bulk than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.219%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09660	0.0100	pay 0.0013% / 1h	59m 15s	$141K	$7K	10x
Short	SunX XPL-USDT	0.09650	0.0100	get 0.0050% / 4h	1h 59m	$2K	$1.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.104%Rate

Funding earned: $0
Price spread: −0.104% → −0.219%: $11.59
Slippage, 4 orders: −$335.36
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$338.77
Costs to cover: 3.504%
Break-even: never at this rate

Slippage from Bulk: live order book, 5 min ago; SunX: live order book, 7 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, 5 min ago	5.18 bp	8.7 bp −$9	16.9 bp −$169	52.5 bp −$5,253	doesn't fit
Sell SunX live order book, 7 min ago	51.76 bp	167.2 bp −$167	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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	−0.0328%	1h	0.09659	−0.010%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0219%	1h	0.09663	+0.031%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0210% / S +0.0570%	1h	0.09667	+0.077%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09665	+0.052%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0088%	1h	0.09656	−0.041%	$4.4M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09663	+0.031%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09676	+0.164%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.630%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09669	+0.090%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0037%	4h	0.09665	+0.052%	$8.4M	$53.5M	50x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0045%	8h	0.09666	+0.059%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09662	+0.021%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09675	+0.152%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09666	+0.064%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09672	+0.124%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09663	+0.034%	$43.8M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09660	0.000%	$46.5M	$56.2M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	+0.114%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09665	+0.052%	$12.6M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09666	+0.062%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09672	+0.124%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09661	+0.010%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	+0.102%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.146%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.207%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	+0.128%	$132K	$2.6M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09650	−0.104%	$2K	$1.9M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09660	0.000%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	+0.052%	$143K	$250K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09660	long leg	$141K	$7K	10x
Extended XPL-USD	+0.0104%	1h	0.09661	+0.015%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09662	+0.021%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	+0.072%	$196K	$620K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09766	+1.097%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3540%	1h	0.09710	+0.518%	$551K	$1.0M	10x	as long as short