XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0339%/8h= −37.1% APRnext payment −$0.42 per $10,000 · paid last 24h −0.132%

Price spread now: Phoenix against Coinbase International−2.238%7-day average −0.572% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$297as in the Price arb table

costs, in and out, $10k−$1311.308% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.467%+$47 on $10k

Price spread, last 3 days (all we have)+1.964%+$196 · spread now −2.238%, 7d avg −0.572%

Together, before fees+2.430%+$243 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phoenix is 1.666% cheaper against Coinbase International than usual: you would sell low and buy high (−$167 if the spread goes back to its 7-day average of −0.572%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.467%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International XPL-PERP-INTX	0.09965	0.0824	pay 0.0103% / 1h	52m 41s	$75K	$106K	50x
Short	Phoenix XPL	0.09742	0.0485	get 0.0061% / 1h	52m 41s	$199K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Coinbase International. 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 Coinbase InternationalbpFee PhoenixbpOrdersPrice spread, now −2.238%Rate

Funding earned: −$71.24
Price spread: −2.238% → −0.572%: −$166.6
Slippage, 4 orders: −$113.85
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$368.69
Costs to cover: 1.308%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 35 min ago; Phoenix: live order book, 35 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 Coinbase International live order book, 35 min ago	32.79 bp	38.1 bp −$38	231.6 bp −$2,316	doesn't fit	doesn't fit
Sell Phoenix live order book, 35 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
Deribit XPL_USDC-PERPETUAL	−0.0676%	1h	0.09711	−2.549%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0336%	1h	0.09703	−2.629%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0318%	1h	0.09700	−2.659%	$179K	$282K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0476%	1h	0.09718	−2.482%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09723	−2.430%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−24.025%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	−2.466%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09708	−2.579%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0096%	8h	0.09724	−2.419%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09726	−2.396%	$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	0.09723	−2.434%	$63.1M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09702	−2.638%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	−2.352%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09708	−2.576%	$44.2M	$103.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09715	−2.509%	$47.0M	$52.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09722	−2.439%	$9.0M	$52.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	−0.642%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09708	−2.579%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−2.589%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09702	−2.639%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09724	−2.418%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09718	−2.479%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	−1.280%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	−2.059%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	−1.254%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09722	−2.443%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−2.659%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−2.659%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−2.639%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	−2.584%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	−2.510%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0288%	1h	0.09787	−1.786%	$569	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09717	−2.489%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0485%	1h	0.09742	−2.238%	$199K	$646K	10x
Coinbase International XPL-PERP-INTXlong	+0.0824%	1h	0.09965	long leg	$75K	$106K	50x
Kraken Futures PF_XPLUSD	+0.3483%	1h	0.09817	−1.484%	$397K	$806K	10x	as long as short