Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0617%/8h= −67.6% APRpaid last 24h −0.120%

Price spread now: GMX against KuCoin+0.004%7-day average −0.001% · you sell dearer than you buy

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.174%−$17 on $10k

Price spread, last 3 days (all we have)+0.110%+$11 · spread now +0.004%, 7d avg −0.001%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$19 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.174% in total (about -20.2% 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	KuCoin XPLUSDTM	0.09796	0.0100	pay 0.0050% / 4h	44m 09s	$2.4M	$1.5M	50x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09796	L −0.0128% / S +0.0517%	pay 0.0065% / 1h	44m 09s	$113K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$129.62
Price spread: +0.004% → −0.001%: $0.55
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$153.06
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 3 min ago; GMX: 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 KuCoin live order book, 3 min ago	7.14 bp	34.3 bp −$34	141.2 bp −$1,412	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0568%	1h	0.09776	−0.204%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0296%	1h	0.09780	−0.163%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0260%	1h	0.09794	−0.020%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0128% / S +0.0517%	1h	0.09796	+0.004%	$113K	—	100x
dYdX XPL-USD	0.0000%	1h	0.09793	−0.032%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.720%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09796	+0.001%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0061%	4h	0.09789	−0.071%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0061%	8h	0.09780	−0.166%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09786	−0.102%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09803	+0.075%	$63.4M	$48.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09795	−0.011%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09790	−0.061%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09785	−0.111%	$44.4M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09786	−0.102%	$47.9M	$55.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09782	−0.143%	$8.9M	$54.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09789	−0.071%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09790	−0.061%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09796	long leg	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09796	0.000%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09785	−0.112%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09796	0.000%	$181K	$280K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09803	+0.074%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09809	+0.135%	$262K	$796K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+0.041%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09801	+0.053%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.265%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.061%	$198	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09770	−0.265%	$139K	$243K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09800	+0.040%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09789	−0.069%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09794	−0.021%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09815	+0.194%	$199K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09781	−0.153%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.296%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5070%	1h	0.09846	+0.511%	$567K	$1.0M	10x	as long as short