Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.045%

Price spread now: Bybit against GMX−0.099%7-day average −0.046% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.080%−$8 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now −0.099%, 7d avg −0.046%

Together, before fees−0.225%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.053% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09552	L −0.0234% / S +0.0570%	get 0.0029% / 1h	44m 46s	$105K	—	100x
Short	Bybit XPLUSDT	0.09542	−0.0301	pay 0.0150% / 4h	3h 44m	$45.4M	$54.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$13.89
Price spread: −0.099% → −0.046%: −$5.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.23
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.52 bp	13.8 bp −$14	40.2 bp −$402	doesn't fit	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	−0.1360%	1h	0.09532	−0.204%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0483%	1h	0.09548	−0.037%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09539	−0.131%	$555	$873	5x	as long as short
Bybit XPLUSDTshort	−0.0301%	4h	0.09542	−0.099%	$45.4M	$54.0M	75x
GMX XPL/USD [WBTC.b-USDC]long	L −0.0234% / S +0.0570%	1h	0.09552	long leg	$105K	—	100x
Paradex XPL-USD-PERP	−0.0089%	8h	0.09540	−0.115%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0024%	4h	0.09542	−0.099%	$30K	$269K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0014%	4h	0.09542	−0.099%	$7.6M	$47.4M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09552	+0.006%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.738%	—	—	—	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	0.09552	+0.003%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0086%	4h	0.09544	−0.079%	$2.9M	$3.3M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0095%	1h	0.09555	+0.037%	$179K	$180K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09542	−0.094%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09564	+0.127%	$60.5M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09551	−0.002%	$252K	$404K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09552	+0.009%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09542	−0.099%	$43.4M	$97.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09548	−0.037%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09548	−0.037%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09555	+0.037%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09544	−0.079%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09547	−0.048%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09540	−0.118%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.298%	$25K	$74K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09555	+0.037%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.225%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.016%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09558	+0.068%	$132K	$210K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.116%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09545	−0.068%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.068%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09563	+0.120%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09544	−0.079%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.466%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2708%	1h	0.09578	+0.280%	$543K	$945K	10x	as long as short