Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0832%/8h= −91.1% APRpaid last 24h −0.184%

Price spread now: GMX against SunX+0.280%7-day average +0.186% · you sell dearer than you buy

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.279%−$28 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now +0.280%, 7d avg +0.186%

Together, before fees−0.163%−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.094% dearer against SunX than usual: you sell high and buy low (spread +0.280% now, against its 7-day average of +0.186%): +$9 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 4 days (−0.279% in total) that is about 29 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.279% in total (about -28.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XPL-USDT	0.09270	0.0100	pay 0.0050% / 4h	48m 33s	$3K	$1.4M	20x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09296	L −0.0513% / S +0.0732%	pay 0.0092% / 1h	48m 33s	$103K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 SunXbpFee GMXbpOrdersPrice spread, now +0.280%Rate

Funding earned: −$174.75
Price spread: +0.280% → +0.186%: $9.41
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: −$185.34
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 10 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 SunX live order book, 10 min ago	32.09 bp	168.2 bp −$168	doesn't fit	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 exchanges

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
01 Exchange XPLUSD	−0.0560%	1h	0.09315	+0.485%	$542	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0513% / S +0.0732%	1h	0.09296	+0.280%	$103K	—	100x
Lighter XPL	−0.0432%	1h	0.09329	+0.636%	$4.2M	$2.5M	10x	as long as short
Bybit XPLUSDT	−0.0353%	4h	0.09314	+0.475%	$43.6M	$52.4M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0288%	1h	0.09295	+0.270%	$47K	$19K	25x	as long as short
Polymarket Perps XPL-USD	−0.0245%	1h	0.09319	+0.528%	$37K	$1.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0144%	4h	0.09286	+0.173%	$29K	$89K	10x	as long as short
Paradex XPL-USD-PERP	−0.0099%	8h	0.09330	+0.652%	$12K	$696	5x	as long as short
Binance XPLUSDT	−0.0069%	4h	0.09323	+0.571%	$42.9M	$94.7M	75x	as long as short
MEXC XPL_USDT	−0.0066%	4h	0.09334	+0.690%	$12.3M	$6.5M	100x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	−0.0012%	4h	0.09315	+0.485%	$7.1M	$45.2M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09341	+0.768%	$9K	$1K	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−18.332%	—	—	—	as long as short
Nado XPL-PERP	+0.0004%	1h	0.09318	+0.523%	$1.1M	$2.3M	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09295	+0.271%	$70K	—	150x	as long as short
Gate XPL_USDT	+0.0024%	4h	0.09332	+0.669%	$2.8M	$2.7M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0063%	1h	0.09311	+0.442%	$180K	$172K	10x	as long as short
Extended XPL-USD	+0.0064%	1h	0.09324	+0.583%	$589K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0064%	1h	0.09295	+0.265%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09348	+0.844%	$58.8M	$40.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09332	+0.668%	$242K	$366K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09340	+0.757%	$208K	$50K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09357	+0.943%	$136K	$5K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09340	+0.755%	$2.2M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09327	+0.615%	$8.7M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09327	+0.615%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09314	+0.475%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09320	+0.539%	$249K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09320	+0.539%	$24K	$67K	50x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09270	long leg	$3K	$1.4M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09310	+0.431%	$177	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09318	+0.518%	$130K	$166K	20x	as long as short
Phoenix XPL	+0.0170%	1h	0.09368	+1.057%	$189K	$435K	10x	as long as short
BloFin XPL-USDT	+0.0172%	4h	0.09300	+0.324%	$1.7M	$821K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0608%	1h	0.09455	+1.996%	$63K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1205%	1h	0.09323	+0.567%	$550K	$988K	10x	as long as short