Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h +0.005%

Price spread now: BloFin against Phoenix+0.153%7-day average −0.168% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)−0.446%−$45 · spread now +0.153%, 7d avg −0.168%

Together, before fees−0.422%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.321% dearer against Phoenix than usual: you sell high and buy low (spread +0.153% now, against its 7-day average of −0.168%): +$32 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09785	0.0412	pay 0.0051% / 1h	56m 39s	$198K	$649K	10x
Short	BloFin XPL-USDT	0.09800	0.0340	get 0.0170% / 4h	56m 39s	$1.8M	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.153%Rate

Funding earned: −$15.11
Price spread: +0.153% → −0.168%: $32.12
Slippage, 4 orders: −$30.03
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$32.01
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from Phoenix: live order book, 21 min ago; BloFin: live order book, 1 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, 21 min ago	1.03 bp	14.8 bp −$15	56.0 bp −$560	doesn't fit	doesn't fit
Sell BloFin live order book, 1 min ago	0.51 bp	10.7 bp −$11	18.1 bp −$181	66.1 bp −$6,607	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	−0.0336%	1h	0.09779	−0.061%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0296%	1h	0.09795	+0.102%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0259%	1h	0.09811	+0.266%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0122% / S +0.0513%	1h	0.09810	+0.259%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09790	+0.047%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.632%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09810	+0.255%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0066%	4h	0.09807	+0.225%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09799	+0.139%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09799	+0.148%	$1.4M	$2.6M	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	0.09806	+0.217%	$63.5M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09792	+0.076%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	+0.111%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09787	+0.020%	$44.3M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09789	+0.041%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09786	+0.010%	$8.9M	$54.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09780	−0.051%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09783	−0.020%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09778	−0.072%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09796	+0.112%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09786	+0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09796	+0.112%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09755	−0.305%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	+0.051%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.051%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09815	+0.307%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	+0.051%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	+0.153%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09786	+0.010%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	+0.051%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09779	−0.060%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09819	+0.343%	$38K	$5K	3x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09800	+0.153%	$1.8M	$1.2M	75x
Phoenix XPLlong	+0.0412%	1h	0.09785	long leg	$198K	$649K	10x
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.409%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5067%	1h	0.09853	+0.697%	$567K	$1.0M	10x	as long as short