Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against KuCoin−0.090%7-day average −0.008% · 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−$97as in the Price arb table

costs, in and out, $10k−$890.886% of the position

Long on KuCoin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.400%−$40 · spread now −0.090%, 7d avg −0.008%

Together, before fees−0.400%−$40 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.082% cheaper against KuCoin than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09723	0.0100	pay 0.0050% / 4h	1h 07m	$2.4M	$1.5M	50x
Short	Bulk XPL-USD	0.09714	0.0100	get 0.0013% / 1h	7m 06s	$142K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against KuCoin. 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 KuCoinbpFee BulkbpOrdersPrice spread, now −0.090%Rate

Funding earned: $0
Price spread: −0.090% → −0.008%: −$8.19
Slippage, 4 orders: −$69.63
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$96.82
Costs to cover: 0.886%
Break-even: never at this rate

Slippage from KuCoin: live order book, 5 min ago; Bulk: live order book, 12 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 KuCoin live order book, 5 min ago	9.27 bp	31.3 bp −$31	113.1 bp −$1,131	doesn't fit	doesn't fit
Sell Bulk live order book, 12 min ago	5.15 bp	17.9 bp −$18	19.4 bp −$194	52.1 bp −$5,212	doesn't fit

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
Backpack XPL_USDC_PERP	−0.0277%	1h	0.09723	0.000%	$177K	$280K	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09713	−0.103%	$565	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09708	−0.154%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0117% / S +0.0510%	1h	0.09722	−0.011%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09711	−0.120%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.138%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09721	−0.021%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	−0.046%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09717	−0.062%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09705	−0.190%	$13K	$2K	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	0.09712	−0.111%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09736	+0.139%	$63.0M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09724	+0.012%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09711	−0.122%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09719	−0.041%	$43.9M	$107.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09722	−0.010%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09715	−0.082%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09714	−0.090%	$142K	$9K	10x
Gate XPL_USDT	+0.0100%	4h	0.09715	−0.082%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09718	−0.051%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09723	long leg	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09725	+0.021%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09721	−0.021%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09707	−0.163%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09725	+0.017%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	+0.175%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09730	+0.076%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.339%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.031%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09719	−0.041%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09715	−0.087%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09721	−0.017%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09719	−0.041%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09727	+0.041%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.381%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4591%	1h	0.09779	+0.573%	$562K	$998K	10x	as long as short