Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0431%/8h= +47.2% APRpaid last 24h +0.063%

Price spread now: BingX against GMX−0.003%60s7-day average −0.036% · you buy dearer than you sell

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

Long on GMX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now −0.003%, 7d avg −0.036%

Together, before fees−0.265%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and BingX is 0.033% dearer against GMX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.036%. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09651	L −0.0331% / S +0.0627%	get 0.0041% / 1h	0m 23s	$107K	—	100x
Short	BingX XPL-USDT	0.09651	0.0100	get 0.0050% / 4h	3h 00m	—	$7.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against GMX. 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 GMXbpFee BingXbpOrdersPrice spread, now −0.003%Rate

Funding earned: $90.52
Price spread: −0.003% → −0.036%: $3.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: $71.77
Costs to cover: 0.220%
Break-even: 1.4 days

Slippage unknown: GMX: no order-book sample; BingX: 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 GMX no order-book sample	—	—	—	—	—
Sell BingX live order book, 3 min ago	5.19 bp	14.2 bp −$14	26.4 bp −$264	94.9 bp −$9,493	doesn't fit

GMX: 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	−0.1088%	1h	0.09636	−0.159%	$4.4M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09642	−0.096%	$561	$873	5x	as long as short
Bybit XPLUSDT	−0.0406%	4h	0.09646	−0.055%	$45.7M	$54.0M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0331% / S +0.0627%	1h	0.09651	long leg	$107K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0268%	1h	0.09647	−0.045%	$46K	$16K	25x	as long as short
Paradex XPL-USD-PERP	−0.0132%	8h	0.09644	−0.074%	$13K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0089%	4h	0.09644	−0.076%	$7.7M	$47.9M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0035%	4h	0.09647	−0.045%	$30K	$220K	10x	as long as short
Extended XPL-USD	−0.0008%	1h	0.09641	−0.106%	$610K	$1.2M	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09650	−0.018%	$9K	$600	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.557%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09656	+0.045%	$73K	—	150x	as long as short
MEXC XPL_USDT	+0.0080%	4h	0.09646	−0.055%	$13.5M	$6.7M	100x	as long as short
Binance XPLUSDT	+0.0080%	4h	0.09648	−0.034%	$44.2M	$97.5M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09644	−0.078%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09667	+0.162%	$61.3M	$45.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09659	+0.078%	$255K	$398K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09655	+0.036%	$221K	$47K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09650	−0.013%	$3.0M	$3.4M	75x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	−0.055%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09657	+0.059%	$9.0M	$10.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09651	−0.003%	—	$7.7M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09648	−0.034%	$183K	$173K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09635	−0.172%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09641	−0.109%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.090%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09657	+0.059%	$127K	$1.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.221%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.117%	$185	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09625	−0.273%	$134K	$214K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	−0.117%	$140K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09653	+0.020%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09658	+0.069%	$195K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0321%	4h	0.09634	−0.179%	$1.7M	$936K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09713	+0.639%	$65K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2677%	1h	0.09688	+0.379%	$553K	$975K	10x	as long as short