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: Aster against Phoenix−0.744%7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$710.706% of the position

Long on Phoenix Short on Aster

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)+0.291%+$29 · spread now −0.744%, 7d avg −0.121%

Together, before fees−0.115%+ Points / potential airdropAster: Stage 5 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Aster is 0.622% cheaper against Phoenix than usual: you would sell low and buy high (−$62 if the spread goes back to its 7-day average of −0.121%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09836	0.0485	pay 0.0061% / 1h	17m 20s	$199K	$646K	10x
Short	Aster XPLUSDT	0.09763	0.0100	get 0.0050% / 4h	2h 17m	$253K	$527K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.744%Rate

Funding earned: −$80.8
Price spread: −0.744% → −0.121%: −$62.23
Slippage, 4 orders: −$55.61
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$213.64
Costs to cover: 0.706%
Break-even: never at this rate

Slippage from Phoenix: live order book, 6 min ago; Aster: live order book, 5 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 Phoenix live order book, 6 min ago	1.02 bp	14.7 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	7.13 bp	18.3 bp −$18	126.2 bp −$1,262	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 −0.0083% / S +0.0488%	1h	0.09765	−0.723%	$112K	—	100x	as long as short
Lighter XPL	−0.0080%	1h	0.09755	−0.824%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09748	−0.895%	$567	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09751	−0.867%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.033%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09767	−0.702%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09764	−0.734%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09745	−0.925%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09761	−0.763%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09746	−0.915%	$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	0.09748	−0.895%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09764	−0.730%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDTshort	+0.0100%	4h	0.09763	−0.744%	$253K	$527K	20x
Pacifica XPL	+0.0100%	1h	0.09750	−0.874%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09765	−0.720%	$44.1M	$105.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09763	−0.742%	$47.6M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09764	−0.732%	$9.0M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	−0.214%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09754	−0.834%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09755	−0.824%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09749	−0.885%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09767	−0.702%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09760	−0.773%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	−0.280%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09796	−0.410%	$265K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.264%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09765	−0.724%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−1.078%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.773%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09774	−0.630%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09761	−0.761%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09768	−0.686%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09754	−0.834%	$1.7M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0485%	1h	0.09836	long leg	$199K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09805	−0.315%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3487%	1h	0.09807	−0.290%	$517K	$942K	10x	as long as short