Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0131%/8h= +14.4% APRpaid last 24h +0.039%

Price spread now: Paradex against GMX−0.029%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.029% cheaper against GMX than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 17 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09530	L −0.0234% / S +0.0570%	get 0.0029% / 1h	41m 14s	$105K	—	100x
Short	Paradex XPL-USD-PERP	0.09527	−0.0103	pay 0.0103% / 8h	7h 41m	$12K	$696	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.029%Rate

Funding earned: $27.6
Price spread: −0.029% → 0.000%: −$2.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: $8.74
Costs to cover: 0.160%
Break-even: 4.8 days

Slippage unknown: GMX: no order-book sample; Paradex: no order-book sample. 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 Paradex no order-book sample	—	—	—	—	—

GMX and Paradex: 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	−0.1336%	1h	0.09503	−0.279%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0448%	1h	0.09506	−0.248%	$553	$873	5x	as long as short
Bybit XPLUSDT	−0.0377%	4h	0.09515	−0.153%	$45.2M	$54.1M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0275%	1h	0.09518	−0.122%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0234% / S +0.0570%	1h	0.09530	long leg	$105K	—	100x
Paradex XPL-USD-PERPshort	−0.0103%	8h	0.09527	−0.029%	$12K	$696	5x
Gate XPL_USDT	−0.0070%	4h	0.09517	−0.132%	$2.9M	$3.3M	75x	as long as short
OKX XPL-USDT-SWAP	−0.0028%	4h	0.09513	−0.174%	$7.6M	$47.4M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0024%	4h	0.09515	−0.153%	$30K	$261K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09530	+0.001%	$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	−20.556%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09514	−0.167%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0031%	1h	0.09534	+0.046%	$178K	$180K	10x	as long as short
Extended XPL-USD	+0.0096%	1h	0.09515	−0.155%	$595K	$1.1M	25x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09516	−0.137%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09532	+0.022%	$60.3M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09520	−0.096%	$251K	$404K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09535	+0.055%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09506	−0.248%	$43.2M	$98.1M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09525	−0.048%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09511	−0.195%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09526	−0.038%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09519	−0.111%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09547	+0.182%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09520	−0.101%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09560	+0.319%	$25K	$74K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09524	−0.064%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.311%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.206%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09527	−0.027%	$131K	$211K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	+0.113%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09515	−0.153%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09548	+0.193%	$193K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09529	−0.006%	$1.7M	$923K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.697%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2716%	1h	0.09549	+0.203%	$541K	$953K	10x	as long as short