Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0013%/8h= −1.4% APRpaid last 24h −0.003%

Price spread now: Phoenix against BloFin+0.164%106s7-day average +0.167% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as 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−$540.536% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 3 days (all we have)+0.034%+$3 · spread now +0.164%, 7d avg +0.167%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.167%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 106 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	BloFin XPL-USDT	0.09766	0.0340	pay 0.0170% / 4h	3m 29s	$1.7M	$1.2M	75x
Short	Phoenix XPL	0.09782	0.0327	get 0.0041% / 1h	3m 29s	$198K	$651K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.164%Rate

Funding earned: −$2.77
Price spread: +0.164% → +0.167%: −$0.3
Slippage, 4 orders: −$34.64
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$56.7
Costs to cover: 0.536%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Phoenix: live order book, 9 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 BloFin live order book, 4 min ago	4.62 bp	12.3 bp −$12	24.6 bp −$246	71.2 bp −$7,121	doesn't fit
Sell Phoenix live order book, 9 min ago	1.03 bp	14.9 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	−0.0536%	1h	0.09773	+0.072%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09786	+0.205%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0148% / S +0.0530%	1h	0.09784	+0.187%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09786	+0.205%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09788	+0.227%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.483%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09783	+0.176%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0014%	8h	0.09782	+0.169%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0036%	4h	0.09780	+0.143%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0040%	4h	0.09786	+0.205%	$3.1M	$4.1M	75x	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	0.09792	+0.261%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09807	+0.418%	$63.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09793	+0.273%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09792	+0.265%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09788	+0.225%	$44.6M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09787	+0.215%	$47.4M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09790	+0.246%	$8.7M	$55.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.061%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09790	+0.246%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09793	+0.276%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09798	+0.328%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09788	+0.225%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09793	+0.276%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09760	−0.060%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	+0.024%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.143%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09802	+0.367%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.061%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.143%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09768	+0.020%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09788	+0.222%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09787	+0.215%	$38K	$5K	3x	as long as short
Phoenix XPLshort	+0.0327%	1h	0.09782	+0.164%	$198K	$651K	10x
BloFin XPL-USDTlong	+0.0340%	4h	0.09766	long leg	$1.7M	$1.2M	75x
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09791	+0.256%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5077%	1h	0.09832	+0.680%	$568K	$1.0M	10x	as long as short