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 OKX−0.031%7-day average +0.155% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$600.597% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.474%+$47 on $10k

Price spread, last 3 days (all we have)+0.564%+$56 · spread now −0.031%, 7d avg +0.155%

Together, before fees+1.038%+$104 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.186% cheaper against OKX than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of +0.155%). If the spread goes back, that is −$19 on $10k: about 39 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	OKX XPL-USDT-SWAP	0.09769	0.0100	pay 0.0050% / 4h	2h 34m	$9.0M	$53.1M	50x
Short	Phoenix XPL	0.09766	0.0485	get 0.0061% / 1h	34m 55s	$197K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.031%Rate

Funding earned: $80.8
Price spread: −0.031% → +0.155%: −$18.61
Slippage, 4 orders: −$42.72
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.47
Costs to cover: 0.597%
Break-even: 6.8 days

Slippage from OKX: live order book, 4 min ago; Phoenix: live order book, 53 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 OKX live order book, 4 min ago	0.51 bp	12.3 bp −$12	27.1 bp −$271	doesn't fit	doesn't fit
Sell Phoenix live order book, 53 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
Lighter XPL	−0.0120%	1h	0.09757	−0.123%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0074% / S +0.0482%	1h	0.09765	−0.037%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	−0.193%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09768	−0.010%	$568	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.504%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09770	+0.010%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09766	−0.028%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0013%	1h	0.09768	−0.010%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09767	−0.020%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09744	−0.252%	$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	0.09763	−0.059%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09774	+0.056%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09769	0.000%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	−0.194%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09769	+0.002%	$44.1M	$104.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09769	0.000%	$47.6M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09769	long leg	$9.0M	$53.1M	50x
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.547%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09759	−0.102%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09764	−0.051%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09765	−0.041%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09771	+0.020%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09765	−0.041%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09764	−0.050%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09763	−0.062%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.113%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09779	+0.103%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.194%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.092%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09764	−0.051%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09768	−0.012%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09768	−0.005%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09769	0.000%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0485%	1h	0.09766	−0.031%	$197K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.768%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3486%	1h	0.09808	+0.400%	$516K	$939K	10x	as long as short