Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0385%/8h= +42.1% APRpaid last 24h +0.064%

Price spread now: Phoenix against KuCoin−0.071%7-day average +0.141% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$920.922% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.405%+$41 on $10k

Price spread, last 3 days (all we have)+0.665%+$67 · spread now −0.071%, 7d avg +0.141%

Together, before fees+1.071%+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.213% cheaper against KuCoin than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of +0.141%). If the spread goes back, that is −$21 on $10k: about 44 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09798	0.0100	pay 0.0050% / 4h	2h 26m	$2.4M	$1.4M	50x
Short	Phoenix XPL	0.09791	0.0485	get 0.0061% / 1h	26m 47s	$198K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.071%Rate

Funding earned: $80.8
Price spread: −0.071% → +0.141%: −$21.29
Slippage, 4 orders: −$73.2
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$32.69
Costs to cover: 0.922%
Break-even: 9.8 days

Slippage from KuCoin: live order book, 5 min ago; Phoenix: live order book, 61 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 KuCoin live order book, 5 min ago	16.43 bp	32.2 bp −$32	113.9 bp −$1,139	doesn't fit	doesn't fit
Sell Phoenix live order book, 61 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
GMX XPL/USD [WBTC.b-USDC]	L −0.0078% / S +0.0484%	1h	0.09794	−0.045%	$113K	—	100x	as long as short
Lighter XPL	−0.0072%	1h	0.09792	−0.061%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09785	−0.133%	$569	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0002%	1h	0.09804	+0.061%	$179K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09794	−0.040%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.733%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09804	+0.061%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09793	−0.051%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09799	+0.010%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09787	−0.115%	$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	0.09785	−0.138%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09827	+0.295%	$63.2M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09811	+0.133%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09792	−0.065%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09814	+0.163%	$44.3M	$104.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09815	+0.174%	$47.9M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09808	+0.102%	$9.1M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.592%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09808	+0.102%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09809	+0.112%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09798	long leg	$2.4M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09816	+0.184%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09811	+0.133%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09744	−0.551%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.490%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09760	−0.388%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09801	+0.027%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.286%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	+0.020%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09756	−0.429%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09810	+0.124%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09804	+0.058%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09791	−0.071%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0485%	1h	0.09791	−0.071%	$198K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09818	+0.204%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3472%	1h	0.09848	+0.515%	$518K	$940K	10x	as long as short