Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.065%

Price spread now: Bitget against Phoenix−0.362%69s7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as 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−$600.599% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.494%−$49 on $10k

Price spread, last 4 days (all we have)+0.102%+$10 · spread now −0.362%, 7d avg −0.129%

Together, before fees−0.391%−$39 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 Bitget is 0.233% cheaper against Phoenix than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.129%). Swap the legs. The two prices were read 69 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	0.09671	0.0248	pay 0.0031% / 1h	8m 20s	$196K	$506K	10x
Short	Bitget XPLUSDT	0.09636	0.0100	get 0.0050% / 4h	1h 08m	$9.1M	$9.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.362%Rate

Funding earned: −$31.04
Price spread: −0.362% → −0.129%: −$23.3
Slippage, 4 orders: −$40.9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$114.24
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from Phoenix: live order book, 34 min ago; Bitget: 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, 34 min ago	1.04 bp	15.0 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	2.59 bp	16.0 bp −$16	34.5 bp −$345	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	−0.1104%	1h	0.09628	−0.445%	$4.4M	$3.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09634	−0.378%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09626	−0.465%	$560	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09632	−0.403%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0006%	4h	0.09627	−0.455%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09638	−0.345%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.716%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09635	−0.373%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0066%	8h	0.09628	−0.443%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09631	−0.414%	$1.3M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09645	−0.266%	$60.9M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09640	−0.325%	$254K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09639	−0.326%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09628	−0.445%	$43.8M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09630	−0.424%	$46.0M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09627	−0.455%	$7.8M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	−0.165%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09631	−0.414%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09628	−0.445%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09636	−0.362%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09636	−0.362%	$9.1M	$9.8M	75x
BingX XPL-USDT	+0.0100%	4h	0.09630	−0.424%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09652	−0.196%	$181K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09660	−0.117%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09650	−0.217%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	−0.114%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09639	−0.335%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.631%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	−0.424%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	−0.269%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09626	−0.465%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09630	−0.424%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0248%	1h	0.09671	long leg	$196K	$506K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09638	−0.341%	$1.7M	$936K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.486%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2835%	1h	0.09659	−0.122%	$548K	$932K	10x	as long as short