Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0385%/8h= +42.1% APRpaid last 24h +0.064%

Price spread now: Phoenix against Aster+0.799%45s7-day average +0.121% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$710.706% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.405%+$41 on $10k

Price spread, last 3 days (all we have)−0.346%−$35 · spread now +0.799%, 7d avg +0.121%

Together, before fees+0.060%+ Points / potential airdropAster: Stage 5 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Phoenix is 0.677% dearer against Aster than usual: you sell high and buy low: +$68 more if the spread goes back to its 7-day average of +0.121%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster XPLUSDT	0.09758	0.0100	pay 0.0050% / 4h	2h 16m	$252K	$527K	20x
Short	Phoenix XPL	0.09836	0.0485	get 0.0061% / 1h	16m 42s	$199K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now +0.799%Rate

Funding earned: $80.8
Price spread: +0.799% → +0.121%: $67.74
Slippage, 4 orders: −$55.61
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $77.93
Costs to cover: 0.706%
Break-even: 0.2 days

Slippage from Aster: live order book, 6 min ago; Phoenix: live order book, 6 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 Aster live order book, 6 min ago	7.13 bp	22.8 bp −$23	163.5 bp −$1,635	doesn't fit	doesn't fit
Sell Phoenix live order book, 6 min ago	1.02 bp	14.7 bp −$15	48.2 bp −$482	doesn't fit	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
Lighter XPL	−0.0088%	1h	0.09743	−0.154%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0083% / S +0.0488%	1h	0.09765	+0.070%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09748	−0.103%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0004%	1h	0.09766	+0.081%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09759	+0.009%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.418%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09767	+0.092%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09764	+0.059%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09761	+0.030%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09751	−0.074%	$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	0.09748	−0.103%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09763	+0.054%	$62.7M	$47.1M	10x	as long as short
Aster XPLUSDTlong	+0.0100%	4h	0.09758	long leg	$252K	$527K	20x
Pacifica XPL	+0.0100%	1h	0.09759	+0.007%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09752	−0.062%	$44.0M	$105.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09751	−0.072%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09752	−0.062%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.583%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09750	−0.083%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09752	−0.062%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09747	−0.113%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09759	+0.010%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09753	−0.052%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	+0.516%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09796	+0.385%	$265K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.532%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09765	+0.069%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.288%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	+0.020%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09774	+0.163%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09752	−0.067%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09768	+0.107%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09754	−0.042%	$1.7M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0485%	1h	0.09836	+0.799%	$199K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09805	+0.481%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3487%	1h	0.09807	+0.506%	$517K	$942K	10x	as long as short