Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0011%/8h= +1.2% APRpaid last 24h +0.001%

Price spread now: Bulk against Paradex+0.257%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Bulk is 0.257% dearer against Paradex than usual: you sell high and buy low: +$26 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09670	0.0089	pay 0.0089% / 8h	2h 06m	$13K	$2K	5x
Short	Bulk XPL-USD	0.09695	0.0100	get 0.0013% / 1h	6m 12s	$140K	$11K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Paradex. 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 ParadexbpFee BulkbpOrdersPrice spread, now +0.257%Rate

Funding earned: $2.3
Price spread: +0.257% → 0.000%: $25.7
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $17
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Bulk: live order book, 18 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 Paradex no order-book sample	—	—	—	—	—
Sell Bulk live order book, 18 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	37.8 bp −$3,781	134.9 bp −$67.4K

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
Deribit XPL_USDC-PERPETUAL	−0.0472%	1h	0.09682	+0.123%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0088% / S +0.0491%	1h	0.09673	+0.025%	$111K	—	100x	as long as short
Lighter XPL	−0.0088%	1h	0.09677	+0.071%	$4.4M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0078%	1h	0.09693	+0.236%	$177K	$283K	10x	as long as short
01 Exchange XPLUSD	−0.0072%	1h	0.09664	−0.064%	$562	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09689	+0.194%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.712%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09673	+0.028%	$71K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09673	+0.029%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERPlong	+0.0089%	8h	0.09670	long leg	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09662	−0.079%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09679	+0.092%	$62.1M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09675	+0.052%	$250K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09681	+0.110%	$219K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09687	+0.174%	$43.6M	$105.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09683	+0.133%	$47.2M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09687	+0.174%	$8.9M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09672	+0.019%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09687	+0.174%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09673	+0.029%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09682	+0.123%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09672	+0.019%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	+0.270%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09704	+0.348%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.515%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09678	+0.080%	$128K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.208%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.102%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	+0.340%	$138K	$246K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09695	+0.257%	$140K	$11K	10x
Extended XPL-USD	+0.0104%	1h	0.09679	+0.095%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09685	+0.151%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09693	+0.236%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	+0.743%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09699	+0.298%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3515%	1h	0.09727	+0.593%	$512K	$948K	10x	as long as short