Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.088%

Price spread now: Phoenix against GRVT+0.452%7-day average +0.200% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1411.412% of the position

Long on GRVT Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.432%+$43 on $10k

Price spread, last 3 days (all we have)−0.315%−$32 · spread now +0.452%, 7d avg +0.200%

Together, before fees+0.117%+ Points / potential airdropGRVT: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.252% dearer against GRVT than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of +0.200%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XPL_USDT_Perp	0.09750	0.0100	pay 0.0050% / 4h	2h 53m	$266K	$857K	10x
Short	Phoenix XPL	0.09794	0.0163	get 0.0020% / 1h	53m 55s	$198K	$657K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against GRVT. 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 GRVTbpFee PhoenixbpOrdersPrice spread, now +0.452%Rate

Funding earned: $13.25
Price spread: +0.452% → +0.200%: $25.17
Slippage, 4 orders: −$125.15
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$102.73
Costs to cover: 1.412%
Break-even: 61.3 days

Slippage from GRVT: live order book, 14 min ago; Phoenix: live order book, 14 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 GRVT live order book, 14 min ago	5.05 bp	58.4 bp −$58	120.6 bp −$1,206	doesn't fit	doesn't fit
Sell Phoenix live order book, 14 min ago	1.01 bp	14.6 bp −$15	48.4 bp −$484	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
01 Exchange XPLUSD	−0.0304%	1h	0.09595	−1.589%	$558	$708	5x	as long as short
Lighter XPL	−0.0272%	1h	0.09630	−1.230%	$4.4M	$4.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0268%	1h	0.09649	−1.036%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0183% / S +0.0552%	1h	0.09634	−1.188%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0159%	1h	0.09658	−0.943%	$178K	$239K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09624	−1.292%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.353%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09636	−1.169%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0010%	4h	0.09645	−1.077%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0049%	4h	0.09653	−0.995%	$8.4M	$55.5M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0049%	8h	0.09605	−1.484%	$12K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09618	−1.352%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09667	−0.851%	$62.3M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09651	−1.015%	$254K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09623	−1.298%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09648	−1.046%	$44.1M	$110.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09649	−1.036%	$46.3M	$57.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09650	−1.025%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09650	−1.025%	$12.8M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09634	−1.189%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09661	−0.913%	$8.5M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09657	−0.954%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09695	−0.564%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09750	long leg	$266K	$857K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.308%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09626	−1.274%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−1.025%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−1.128%	$485	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09659	−0.933%	$142K	$254K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.052%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09649	−1.033%	$648K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09640	−1.128%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0163%	1h	0.09794	+0.452%	$198K	$657K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09592	−1.620%	$1.7M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	+0.267%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4420%	1h	0.09678	−0.736%	$548K	$1.0M	10x	as long as short