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: BingX against Phoenix−0.377%79s7-day average −0.185% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as 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−$610.607% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.419%−$42 on $10k

Price spread, last 4 days (all we have)−0.873%−$87 · spread now −0.377%, 7d avg −0.185%

Together, before fees−1.292%−$129 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and BingX is 0.192% cheaper against Phoenix than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.185%). Swap the legs. The two prices were read 79 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	0.09550	0.0249	pay 0.0031% / 1h	24m 04s	$193K	$495K	10x
Short	BingX XPL-USDT	0.09514	0.0100	get 0.0050% / 4h	24m 04s	—	$7.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.377%Rate

Funding earned: −$31.34
Price spread: −0.377% → −0.185%: −$19.22
Slippage, 4 orders: −$43.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$111.27
Costs to cover: 0.607%
Break-even: never at this rate

Slippage from Phoenix: live order book, 13 min ago; BingX: live order book, 4 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, 13 min ago	1.05 bp	15.0 bp −$15	56.2 bp −$562	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	5.76 bp	14.5 bp −$15	25.6 bp −$256	88.8 bp −$8,885	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	−0.1464%	1h	0.09500	−0.524%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0512%	1h	0.09506	−0.461%	$553	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0275%	1h	0.09518	−0.335%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09520	−0.310%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0036%	8h	0.09513	−0.390%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09513	−0.387%	$30K	$289K	10x	as long as short
Bybit XPLUSDT	−0.0015%	4h	0.09511	−0.408%	$45.3M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09528	−0.228%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.727%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09523	−0.283%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XPL-USD	+0.0064%	1h	0.09509	−0.427%	$598K	$1.2M	25x	as long as short
OKX XPL-USDT-SWAP	+0.0069%	4h	0.09511	−0.408%	$7.7M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09517	−0.340%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09526	−0.257%	$60.1M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09522	−0.291%	$251K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09523	−0.281%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09512	−0.401%	$43.0M	$97.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09548	−0.019%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09514	−0.377%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09513	−0.387%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09521	−0.304%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09526	−0.251%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09514	−0.377%	—	$7.8M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09521	−0.304%	$178K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.359%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09533	−0.182%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	0.000%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09523	−0.281%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−0.628%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.419%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09524	−0.272%	$132K	$212K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09514	−0.378%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0249%	1h	0.09550	long leg	$193K	$495K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09519	−0.325%	$1.7M	$921K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09567	+0.178%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2726%	1h	0.09625	+0.783%	$544K	$932K	10x	as long as short