Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0149%/8h= +16.3% APRpaid last 24h +0.063%

Price spread now: Phoenix against MEXC+0.344%7-day average +0.169% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.439%+$44 on $10k

Price spread, last 4 days (all we have)+0.906%+$91 · spread now +0.344%, 7d avg +0.169%

Together, before fees+1.344%+$134 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.175% dearer against MEXC than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.169%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC XPL_USDT	0.09589	0.0100	pay 0.0050% / 4h	43m 03s	$12.5M	$6.5M	100x
Short	Phoenix XPL	0.09622	0.0249	get 0.0031% / 1h	43m 03s	$195K	$495K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now +0.344%Rate

Funding earned: $31.34
Price spread: +0.344% → +0.169%: $17.48
Slippage, 4 orders: −$29.29
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.53
Costs to cover: 0.363%
Break-even: 4.2 days

Slippage from MEXC: live order book, just now; Phoenix: live order book, 59 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 MEXC live order book, just now	1.04 bp	3.8 bp −$4	8.8 bp −$88	87.3 bp −$8,730	228.8 bp −$114.4K
Sell Phoenix live order book, 59 min ago	1.04 bp	15.0 bp −$15	48.5 bp −$485	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
Lighter XPL	−0.1392%	1h	0.09574	−0.156%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0479%	1h	0.09592	+0.031%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0472%	1h	0.09600	+0.115%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09606	+0.183%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0015%	4h	0.09589	0.000%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09610	+0.219%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.048%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09601	+0.120%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0014%	8h	0.09625	+0.379%	$13K	$696	5x	as long as short
Bybit XPLUSDT	+0.0062%	4h	0.09580	−0.094%	$45.7M	$53.7M	75x	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	0.09610	+0.219%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09603	+0.148%	$60.7M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09595	+0.060%	$253K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09615	+0.271%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09581	−0.083%	$43.4M	$97.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09584	−0.052%	$7.7M	$47.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09577	−0.124%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09589	0.000%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09589	long leg	$12.5M	$6.5M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09592	+0.031%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09597	+0.083%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09588	−0.010%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09595	+0.063%	$180K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09607	+0.184%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09606	+0.181%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	+0.219%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09612	+0.239%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	+0.010%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	+0.010%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09596	+0.073%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09590	+0.009%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	+0.010%	$28K	$18K	3x	as long as short
Phoenix XPLshort	+0.0249%	1h	0.09622	+0.344%	$195K	$495K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09600	+0.115%	$1.7M	$929K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+1.345%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2723%	1h	0.09634	+0.464%	$547K	$930K	10x	as long as short