XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0638%/8h= +69.8% APRnext payment +$0.80 per $10,000 · paid last 24h +0.109%

Price spread now: Phoenix against GMX+0.049%7-day average +0.130% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.190%+$19 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now +0.049%, 7d avg +0.130%

Together, before fees+0.207%+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.081% cheaper against GMX than usual: you would sell low and buy high (spread +0.049% now, against its 7-day average of +0.130%). If the spread goes back, that is −$8 on $10k: about 10 hours of funding at the current rate (+$19 a day). At the pace of the last 3 days (+0.190% in total) that is about 34 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.190% in total (about 20.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.80 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09665	L −0.0304% / S +0.0610%	get 0.0038% / 1h	2m 51s	$107K	—	100x
Short	Phoenix XPL	0.09670	0.0334	get 0.0042% / 1h	2m 51s	$196K	$617K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GMX. 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 GMXbpFee PhoenixbpOrdersPrice spread, now +0.049%Rate

Funding earned: $133.9
Price spread: +0.049% → +0.130%: −$8.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $106.79
Costs to cover: 0.190%
Break-even: 1.4 days

Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 55 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 55 min ago	1.05 bp	15.0 bp −$15	48.1 bp −$481	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange XPLUSD	−0.0384%	1h	0.09647	−0.189%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0304% / S +0.0610%	1h	0.09665	long leg	$107K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09662	−0.034%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0147%	1h	0.09664	−0.013%	$178K	$224K	10x	as long as short
Bybit XPLUSDT	−0.0098%	4h	0.09648	−0.179%	$45.7M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09662	−0.038%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.669%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	−0.009%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09658	−0.076%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0061%	8h	0.09654	−0.121%	$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
Gate XPL_USDT	+0.0082%	4h	0.09659	−0.065%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09654	−0.117%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09653	−0.122%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09674	+0.091%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.047%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09661	−0.043%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09655	−0.110%	$43.8M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09650	−0.158%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.351%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09662	−0.034%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09653	−0.127%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09661	−0.044%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09654	−0.117%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	−0.233%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09651	−0.148%	$260K	$993K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.262%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09668	+0.028%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.262%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.055%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.272%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09657	−0.083%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	−0.055%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0334%	1h	0.09670	+0.049%	$196K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09655	−0.107%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.338%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3290%	1h	0.09697	+0.328%	$550K	$977K	10x	as long as short