Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0095%/8h= +10.4% APRpaid last 24h +0.028%

Price spread now: Bybit against gTrade (Gains Network)−0.181%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bybit

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—needs both histories

Funding pays, the price is against you. Bybit is 0.181% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.181% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$18 on $10k: about 6.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) XPL/USD	0.09733	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	15m 47s	$72K	—	150x
Short	Bybit XPLUSDT	0.09715	0.0100	get 0.0050% / 4h	1h 15m	$47.9M	$54.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.181%Rate

Funding earned: $19.85
Price spread: −0.181% → 0.000%: −$18.13
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$19.28
Costs to cover: 0.210%
Break-even: 13.8 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 3 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	0.51 bp	12.1 bp −$12	32.3 bp −$323	doesn't fit	doesn't fit

gTrade (Gains Network): 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
Backpack XPL_USDC_PERP	−0.0306%	1h	0.09726	−0.068%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09722	−0.109%	$565	$708	5x	as long as short
Lighter XPL	−0.0224%	1h	0.09703	−0.305%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0113% / S +0.0507%	1h	0.09733	+0.007%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09728	−0.048%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09730	−0.029%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.215%	—	—	—	as long as short
gTrade (Gains Network) XPL/USDlong	L +0.0005% / S −0.0004%	1h	0.09733	long leg	$72K	—	150x
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09728	−0.048%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0083%	8h	0.09716	−0.168%	$13K	$2K	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	0.09729	−0.038%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09731	−0.020%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09725	−0.075%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09730	−0.027%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09710	−0.233%	$43.8M	$106.9M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09715	−0.181%	$47.9M	$54.9M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09713	−0.202%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09725	−0.083%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09722	−0.109%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09717	−0.161%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09722	−0.109%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09721	−0.120%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09716	−0.171%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09717	−0.158%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09712	−0.208%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.027%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09739	+0.070%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.233%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.130%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09705	−0.284%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09716	−0.176%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09730	−0.027%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09711	−0.222%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09726	−0.068%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.281%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4592%	1h	0.09775	+0.440%	$561K	$995K	10x	as long as short