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 Bybit+0.134%7-day average +0.197% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on Bybit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.512%+$51 on $10k

Price spread, last 3 days (all we have)+0.608%+$61 · spread now +0.134%, 7d avg +0.197%

Together, before fees+1.119%+$112 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.063% cheaper against Bybit than usual: you would sell low and buy high (spread +0.134% now, against its 7-day average of +0.197%). If the spread goes back, that is −$6 on $10k: about 13 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09729	0.0100	pay 0.0050% / 4h	2h 51m	$47.0M	$52.5M	75x
Short	Phoenix XPL	0.09742	0.0485	get 0.0061% / 1h	51m 02s	$199K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bybit. 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 BybitbpFee PhoenixbpOrdersPrice spread, now +0.134%Rate

Funding earned: $80.8
Price spread: +0.134% → +0.197%: −$6.29
Slippage, 4 orders: −$42.21
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $14.3
Costs to cover: 0.602%
Break-even: 5.8 days

Slippage from Bybit: live order book, 3 min ago; Phoenix: live order book, 37 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 Bybit live order book, 3 min ago	0.51 bp	14.8 bp −$15	51.9 bp −$519	doesn't fit	doesn't fit
Sell Phoenix live order book, 37 min ago	1.01 bp	14.6 bp −$15	48.3 bp −$483	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	−0.0248%	1h	0.09724	−0.051%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0215%	1h	0.09740	+0.113%	$180K	$283K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09745	+0.164%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0477%	1h	0.09745	+0.170%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09729	−0.001%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.183%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09744	+0.156%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09743	+0.144%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09732	+0.033%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09734	+0.054%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09738	+0.098%	$63.0M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09739	+0.103%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	+0.025%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09734	+0.049%	$44.4M	$103.8M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09729	long leg	$47.0M	$52.5M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09734	+0.051%	$9.0M	$52.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09731	+0.021%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09733	+0.041%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09729	0.000%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09740	+0.113%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09733	+0.041%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+1.115%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.317%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.093%	$25K	$84K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09743	+0.140%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	+0.010%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.010%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.278%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	+0.010%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09738	+0.094%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	+0.178%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09737	+0.082%	$1.8M	$1.2M	75x	as long as short
01 Exchange XPLUSD	+0.0344%	1h	0.09730	+0.010%	$566	$582	5x	as long as short
Phoenix XPLshort	+0.0485%	1h	0.09742	+0.134%	$199K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.426%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3476%	1h	0.09838	+1.124%	$488K	$898K	10x	as long as short