Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.003%

Price spread now: Bulk against Gate−0.447%7-day average +0.022% · 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−$111as in the Price arb table

costs, in and out, $10k−$640.644% of the position

Long on Gate Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.015%+$2 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.447%, 7d avg +0.022%

Together, before fees+0.196%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.470% cheaper against Gate than usual: you would sell low and buy high (spread −0.447% now, against its 7-day average of +0.022%). If the spread goes back, that is −$47 on $10k: about 22 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.015% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09613	0.0028	pay 0.0014% / 4h	3h 15m	$2.9M	$3.3M	75x
Short	Bulk XPL-USD	0.09570	0.0100	get 0.0013% / 1h	15m 51s	$139K	$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Gate. 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 GatebpFee BulkbpOrdersPrice spread, now −0.447%Rate

Funding earned: $15.12
Price spread: −0.447% → +0.022%: −$46.96
Slippage, 4 orders: −$42.38
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$96.22
Costs to cover: 0.644%
Break-even: 51.5 days

Slippage from Gate: live order book, 2 min ago; Bulk: live order book, 18 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 Gate live order book, 2 min ago	3.13 bp	21.9 bp −$22	137.9 bp −$1,379	doesn't fit	doesn't fit
Sell Bulk live order book, 18 min ago	5.28 bp	8.8 bp −$9	17.9 bp −$179	52.5 bp −$5,254	221.9 bp −$110.9K

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
Lighter XPL	−0.1120%	1h	0.09606	−0.073%	$4.4M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0432%	4h	0.09612	−0.010%	$45.6M	$54.1M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09602	−0.114%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09595	−0.185%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09621	+0.083%	$46K	$17K	25x	as long as short
Paradex XPL-USD-PERP	−0.0119%	8h	0.09607	−0.065%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0060%	4h	0.09609	−0.042%	$7.6M	$47.8M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0034%	4h	0.09616	+0.031%	$30K	$235K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09613	−0.004%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.244%	—	—	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09595	−0.189%	$72K	—	150x	as long as short
Gate XPL_USDTlong	+0.0028%	4h	0.09613	long leg	$2.9M	$3.3M	75x
Extended XPL-USD	+0.0032%	1h	0.09604	−0.098%	$618K	$1.2M	25x	as long as short
Binance XPLUSDT	+0.0092%	4h	0.09617	+0.037%	$43.9M	$98.2M	75x	as long as short
MEXC XPL_USDT	+0.0092%	4h	0.09611	−0.021%	$13.2M	$6.6M	100x	as long as short
Backpack XPL_USDC_PERP	+0.0099%	1h	0.09623	+0.104%	$183K	$182K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09610	−0.026%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09631	+0.189%	$60.9M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09626	+0.132%	$255K	$399K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09614	+0.009%	$220K	$47K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09612	−0.010%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09630	+0.177%	$9.1M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09610	−0.031%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09613	−0.004%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	−0.448%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	−0.135%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09619	+0.062%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.031%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.073%	$192	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09615	+0.021%	$134K	$214K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09570	−0.447%	$139K	$0	10x
Aevo XPL-PERP	+0.0104%	1h	0.09624	+0.113%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09601	−0.125%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0333%	4h	0.09580	−0.343%	$1.7M	$952K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09640	+0.281%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2688%	1h	0.09648	+0.365%	$546K	$963K	10x	as long as short