Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0413%/8h= +45.2% APRpaid last 24h +0.056%

Price spread now: OKX against GMX−0.123%52s7-day average −0.007% · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.123%, 7d avg −0.007%

Together, before fees+0.005%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.115% cheaper against GMX than usual: you would sell low and buy high (spread −0.123% now, against its 7-day average of −0.007%). If the spread goes back, that is −$12 on $10k: about 22 hours of funding at the current rate (+$12 a day). The two prices were read 52 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 3 days it paid -0.049% in total (about -5.2% 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]	0.09627	L −0.0313% / S +0.0615%	get 0.0039% / 1h	48m 32s	$106K	—	100x
Short	OKX XPL-USDT-SWAP	0.09615	0.0100	get 0.0050% / 4h	1h 48m	$8.0M	$47.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.123%Rate

Funding earned: $86.65
Price spread: −0.123% → −0.007%: −$11.53
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $53.12
Costs to cover: 0.220%
Break-even: 2.7 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	0.52 bp	13.4 bp −$13	36.0 bp −$360	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	−0.0824%	1h	0.09609	−0.185%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09609	−0.185%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0313% / S +0.0615%	1h	0.09627	long leg	$106K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09621	−0.060%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09627	+0.003%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.357%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09618	−0.091%	$30K	$280K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09628	+0.010%	$73K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0028%	1h	0.09627	+0.002%	$178K	$189K	10x	as long as short
Paradex XPL-USD-PERP	+0.0050%	8h	0.09620	−0.068%	$13K	$696	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	0.09622	−0.050%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09629	+0.021%	$60.8M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09626	−0.007%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09633	+0.062%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09614	−0.131%	$43.5M	$97.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09616	−0.112%	$45.6M	$52.9M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09615	−0.123%	$8.0M	$47.9M	50x
Bulk XPL-USD	+0.0100%	1h	0.09620	−0.071%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09625	−0.019%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09612	−0.154%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09614	−0.133%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09621	−0.060%	$8.9M	$9.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09619	−0.081%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09621	−0.061%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09627	0.000%	$263K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.033%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09623	−0.037%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.278%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.071%	$198	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09612	−0.154%	$133K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09621	−0.056%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09615	−0.126%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09625	−0.019%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09615	−0.123%	$1.7M	$938K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.947%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2835%	1h	0.09656	+0.306%	$548K	$954K	10x	as long as short