Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Bybit+0.112%7-day average +0.056% · 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−$48as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on Bybit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.215%−$22 · spread now +0.112%, 7d avg +0.056%

Together, before fees−0.189%−$19 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: Bulk is 0.056% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09898	0.0100	pay 0.0050% / 4h	3h 07m	$48.2M	$56.1M	75x
Short	Bulk XPL-USD	0.09909	0.0100	get 0.0013% / 1h	7m 07s	$144K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Bybit. 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 BybitbpFee BulkbpOrdersPrice spread, now +0.112%Rate

Funding earned: $0
Price spread: +0.112% → +0.056%: $5.56
Slippage, 4 orders: −$35.19
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$47.62
Costs to cover: 0.532%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Bulk: 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 Bybit live order book, 2 min ago	0.50 bp	17.7 bp −$18	51.1 bp −$511	doesn't fit	doesn't fit
Sell Bulk live order book, 2 min ago	5.04 bp	18.2 bp −$18	19.5 bp −$195	42.6 bp −$4,259	131.9 bp −$65.9K

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	−0.0192%	1h	0.09896	−0.020%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0175% / S +0.0548%	1h	0.09904	+0.060%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0053%	1h	0.09901	+0.030%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09908	+0.103%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.514%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09903	+0.049%	$59K	—	150x	as long as short
Lighter XPL	+0.0016%	1h	0.09891	−0.071%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09899	+0.010%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0049%	8h	0.09907	+0.089%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0080%	4h	0.09891	−0.071%	$8.8M	$55.9M	50x	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	0.09902	+0.040%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09909	+0.108%	$261K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09907	+0.096%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09903	+0.055%	$45.3M	$108.8M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09898	long leg	$48.2M	$56.1M	75x
Bulk XPL-USDshort	+0.0100%	1h	0.09909	+0.112%	$144K	$2K	10x
Gate XPL_USDT	+0.0100%	4h	0.09900	+0.020%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09899	+0.010%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09905	+0.071%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09910	+0.121%	$8.9M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09903	+0.051%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09906	+0.081%	$185K	$245K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09896	−0.022%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09910	+0.121%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09930	+0.323%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09912	+0.139%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09880	−0.182%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	+0.020%	$498	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09901	+0.030%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09897	−0.010%	$674K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09898	−0.003%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09934	+0.364%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0184%	1h	0.09920	+0.221%	$64.4M	$47.0M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09904	+0.061%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.828%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4998%	1h	0.09954	+0.561%	$576K	$1.0M	10x	as long as short