XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0474%/8h= −51.9% APRnext payment −$0.59 per $10,000 · paid last 24h −0.084%

Price spread now: Backpack against Phoenix−0.925%80s7-day average −0.160% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$520.522% of the position

Long on Phoenix Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.348%−$35 on $10k

Price spread, last 3 days (all we have)+0.389%+$39 · spread now −0.925%, 7d avg −0.160%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Backpack is 0.765% cheaper against Phoenix than usual: you would sell low and buy high (−$76 if the spread goes back to its 7-day average of −0.160%). Swap the legs. The two prices were read 80 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	Phoenix XPL	0.09836	0.0485	pay 0.0061% / 1h	17m 32s	$199K	$646K	10x
Short	Backpack XPL_USDC_PERP	0.09745	0.0011	get 0.0001% / 1h	17m 32s	$178K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.925%Rate

Funding earned: −$99.55
Price spread: −0.925% → −0.160%: −$76.49
Slippage, 4 orders: −$35.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$228.24
Costs to cover: 0.522%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Backpack: live order book, 6 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, 5 min ago	1.02 bp	14.7 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell Backpack live order book, 6 min ago	1.02 bp	7.9 bp −$8	doesn't fit	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
Deribit XPL_USDC-PERPETUAL	−0.0364%	1h	0.09759	−0.783%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0082% / S +0.0487%	1h	0.09761	−0.758%	$113K	—	100x	as long as short
Lighter XPL	−0.0080%	1h	0.09736	−1.017%	$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	−23.032%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09760	−0.770%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERPshort	+0.0011%	1h	0.09745	−0.925%	$178K	$283K	10x
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09756	−0.813%	$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	0.09786	−0.508%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09754	−0.838%	$62.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09749	−0.880%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	−0.874%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09751	−0.864%	$44.0M	$105.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09750	−0.874%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09749	−0.885%	$9.0M	$53.3M	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	0.09745	−0.925%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09741	−0.966%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09738	−0.996%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09753	−0.844%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09750	−0.874%	—	$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	0.09792	−0.451%	$130K	$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	0.09750	−0.874%	$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	0.09749	−0.886%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09759	−0.780%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09806	−0.305%	$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	0.09767	−0.702%	$74K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3486%	1h	0.09810	−0.266%	$517K	$942K	10x	as long as short