Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0118%/8h= +13.0% APRpaid last 24h +0.077%

Price spread now: Phoenix against Paradex−0.014%46s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 46 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	Paradex XPL-USD-PERP	0.09919	0.0045	pay 0.0045% / 8h	7h 14m	$13K	$2K	5x
Short	Phoenix XPL	0.09918	0.0163	get 0.0020% / 1h	14m 16s	$201K	$655K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.014%Rate

Funding earned: $24.88
Price spread: −0.014% → 0.000%: −$1.35
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $12.53
Costs to cover: 0.110%
Break-even: 3.5 days

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 59 min ago. Net counts fees only.

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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 59 min ago	1.03 bp	14.9 bp −$15	48.2 bp −$482	doesn't fit	doesn't fit

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0192%	1h	0.09914	−0.054%	$576	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0172% / S +0.0546%	1h	0.09940	+0.212%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0052%	1h	0.09937	+0.178%	$48K	$18K	25x	as long as short
Lighter XPL	0.0000%	1h	0.09930	+0.107%	$4.5M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09923	+0.036%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.679%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09938	+0.189%	$78K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0020%	4h	0.09932	+0.128%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERPlong	+0.0045%	8h	0.09919	long leg	$13K	$2K	5x
OKX XPL-USDT-SWAP	+0.0092%	4h	0.09940	+0.208%	$8.8M	$56.4M	50x	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	0.09920	+0.009%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09936	+0.170%	$257K	$536K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09920	+0.007%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09938	+0.187%	$45.5M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09935	+0.158%	$48.3M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.497%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09933	+0.138%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09939	+0.198%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09930	+0.107%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09941	+0.218%	$9.0M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09932	+0.128%	—	$8.0M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09918	−0.014%	$186K	$253K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09912	−0.074%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09914	−0.053%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09910	−0.094%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09936	+0.164%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09910	−0.094%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09930	+0.107%	$499	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09929	+0.097%	$144K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09931	+0.120%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09940	+0.212%	$30K	$18K	3x	as long as short
Phoenix XPLshort	+0.0163%	1h	0.09918	−0.014%	$201K	$655K	10x
Hyperliquid XPL	+0.0196%	1h	0.09942	+0.229%	$64.5M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09929	+0.097%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.612%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4983%	1h	0.09984	+0.657%	$577K	$1.0M	10x	as long as short