Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.068%

Price spread now: Phoenix against HTX−0.010%48s7-day average +0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as 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−$1581.580% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 4 days (all we have)+1.086%+$109 · spread now −0.010%, 7d avg +0.174%

Together, before fees+1.350%+$135 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.184% cheaper against HTX than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.174%). If the spread goes back, that is −$18 on $10k: about 4.2 days of funding at the current rate (+$4 a day). The two prices were read 48 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	HTX XPL-USDT	0.09574	0.0100	pay 0.0050% / 4h	1h 43m	$144K	$264K	20x
Short	Phoenix XPL	0.09573	0.0248	get 0.0031% / 1h	43m 24s	$194K	$629K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.010%Rate

Funding earned: $31.08
Price spread: −0.010% → +0.174%: −$18.43
Slippage, 4 orders: −$138.96
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$145.32
Costs to cover: 1.580%
Break-even: 39.7 days

Slippage from HTX: live order book, 18 min ago; Phoenix: live order book, 19 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 HTX live order book, 18 min ago	14.47 bp	58.2 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 19 min ago	1.03 bp	14.9 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
Backpack XPL_USDC_PERP	−0.0679%	1h	0.09593	+0.198%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09576	+0.021%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0246% / S +0.0575%	1h	0.09604	+0.310%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09603	+0.303%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0004%	4h	0.09597	+0.240%	$29K	$335K	10x	as long as short
Lighter XPL	0.0000%	1h	0.09584	+0.104%	$4.3M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09590	+0.169%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.924%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09604	+0.309%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0033%	4h	0.09604	+0.313%	$8.3M	$53.2M	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	+0.0051%	8h	0.09591	+0.179%	$12K	$2K	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09599	+0.260%	$60.4M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09592	+0.188%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09600	+0.272%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09598	+0.251%	$43.5M	$108.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09594	+0.209%	$45.5M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.355%	$139K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09599	+0.261%	$2.9M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09598	+0.251%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09590	+0.167%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09605	+0.324%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09597	+0.240%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09526	−0.503%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09550	−0.251%	$258K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.063%	$25K	$83K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09594	+0.204%	$1.2M	$2.8M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09594	+0.209%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	+0.063%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09600	+0.272%	$2K	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09574	long leg	$144K	$264K	20x
Extended XPL-USD	+0.0104%	1h	0.09601	+0.282%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09600	+0.272%	$28K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09573	−0.010%	$194K	$629K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09561	−0.136%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09586	+0.125%	$74K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3567%	1h	0.09637	+0.656%	$546K	$1.0M	10x	as long as short