Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0312%/8h= +34.2% APRpaid last 24h +0.067%

Price spread now: Phoenix against Binance−0.320%7-day average +0.164% · you buy dearer than you sell

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$500.503% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.438%+$44 on $10k

Price spread, last 3 days (all we have)+0.765%+$76 · spread now −0.320%, 7d avg +0.164%

Together, before fees+1.203%+$120 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.484% cheaper against Binance than usual: you would sell low and buy high (spread −0.320% now, against its 7-day average of +0.164%). If the spread goes back, that is −$48 on $10k: about 5.2 days of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09734	0.0100	pay 0.0050% / 4h	1h 23m	$43.9M	$106.8M	75x
Short	Phoenix XPL	0.09703	0.0412	get 0.0051% / 1h	23m 12s	$196K	$652K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now −0.320%Rate

Funding earned: $65.51
Price spread: −0.320% → +0.164%: −$48.42
Slippage, 4 orders: −$33.27
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$33.17
Costs to cover: 0.503%
Break-even: 10.5 days

Slippage from Binance: live order book, 5 min ago; Phoenix: live order book, 60 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 Binance live order book, 5 min ago	0.52 bp	10.4 bp −$10	22.1 bp −$221	124.9 bp −$12.5K	doesn't fit
Sell Phoenix live order book, 60 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
Backpack XPL_USDC_PERP	−0.0304%	1h	0.09740	+0.060%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0248%	1h	0.09727	−0.073%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09739	+0.050%	$566	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09740	+0.060%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0109% / S +0.0505%	1h	0.09742	+0.085%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09747	+0.130%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.228%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09743	+0.094%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09735	+0.009%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09742	+0.082%	$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	0.09742	+0.076%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09753	+0.197%	$63.1M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09745	+0.112%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	+0.155%	$222K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09734	long leg	$43.9M	$106.8M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09736	+0.019%	$48.0M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09729	−0.053%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.472%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	+0.060%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09735	+0.009%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09741	+0.071%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09744	+0.101%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09734	−0.001%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	−0.461%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.327%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.471%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.179%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.042%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	+0.060%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09763	+0.297%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09734	−0.002%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	+0.060%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09753	+0.194%	$1.7M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0412%	1h	0.09703	−0.320%	$196K	$652K	10x
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.266%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4579%	1h	0.09803	+0.712%	$563K	$994K	10x	as long as short