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 Gate−0.542%62s7-day average +0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as 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−$780.782% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.617%+$62 on $10k

Price spread, last 3 days (all we have)+0.981%+$98 · spread now −0.542%, 7d avg +0.158%

Together, before fees+1.598%+$160 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.700% cheaper against Gate than usual: you would sell low and buy high (spread −0.542% now, against its 7-day average of +0.158%). If the spread goes back, that is −$70 on $10k: about 7.5 days of funding at the current rate (+$9 a day). The two prices were read 62 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	Gate XPL_USDT	0.09787	0.0100	pay 0.0050% / 4h	1h 00m	$3.0M	$4.0M	75x
Short	Phoenix XPL	0.09734	0.0412	get 0.0051% / 1h	0m 20s	$197K	$652K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now −0.542%Rate

Funding earned: $65.51
Price spread: −0.542% → +0.158%: −$69.95
Slippage, 4 orders: −$56.18
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$82.63
Costs to cover: 0.782%
Break-even: 15.8 days

Slippage from Gate: live order book, 3 min ago; Phoenix: live order book, 18 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 Gate live order book, 3 min ago	3.08 bp	22.1 bp −$22	146.8 bp −$1,468	doesn't fit	doesn't fit
Sell Phoenix live order book, 18 min ago	1.03 bp	14.8 bp −$15	48.1 bp −$481	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	−0.0261%	1h	0.09782	−0.051%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0207%	1h	0.09786	−0.010%	$178K	$279K	10x	as long as short
01 Exchange XPLUSD	−0.0200%	1h	0.09792	+0.051%	$569	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09768	−0.194%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0120% / S +0.0512%	1h	0.09790	+0.028%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09792	+0.051%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.648%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09789	+0.018%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0067%	4h	0.09782	−0.051%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09792	+0.050%	$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	0.09797	+0.105%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09811	+0.246%	$63.5M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09803	+0.161%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09799	+0.125%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09783	−0.040%	$44.3M	$107.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09783	−0.041%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09779	−0.082%	$8.9M	$54.4M	50x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09787	long leg	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09795	+0.082%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09786	−0.010%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09786	−0.010%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09781	−0.061%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09755	−0.325%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.582%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09760	−0.276%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09806	+0.197%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	−0.072%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	−0.072%	$450	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	−0.347%	$138K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	+0.031%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09778	−0.091%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09789	+0.016%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09772	−0.153%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0412%	1h	0.09734	−0.542%	$197K	$652K	10x
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09778	−0.092%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4569%	1h	0.09826	+0.396%	$566K	$999K	10x	as long as short