XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0148%/8h= −16.2% APRnext payment −$0.18 per $10,000 · paid last 24h −0.065%

Price spread now: Bulk against Phoenix−0.238%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Phoenix Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.270%−$27 on $10k

Price spread, last 4 days (all we have)−0.225%−$22 · spread now −0.238%, 7d avg −0.116%

Together, before fees−0.495%−$50 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 Bulk is 0.123% cheaper against Phoenix than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.116%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09637	0.0248	pay 0.0031% / 1h	59m 08s	$195K	$489K	10x
Short	Bulk XPL-USD	0.09614	0.0100	get 0.0013% / 1h	59m 08s	$140K	$0	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.238%Rate

Funding earned: −$31.04
Price spread: −0.238% → −0.116%: −$12.26
Slippage, 4 orders: −$33.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$90.65
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Phoenix: live order book, 43 min ago; Bulk: live order book, 45 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, 43 min ago	1.04 bp	15.0 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell Bulk live order book, 45 min ago	5.20 bp	8.7 bp −$9	17.4 bp −$174	47.1 bp −$4,709	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	−0.1160%	1h	0.09570	−0.695%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0584%	1h	0.09584	−0.550%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0464%	1h	0.09600	−0.384%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09588	−0.513%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0186%	1h	0.09576	−0.633%	$179K	$187K	10x	as long as short
Orderly PERP_XPL_USDC	−0.0010%	4h	0.09581	−0.581%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09621	−0.168%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.440%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09588	−0.514%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0040%	8h	0.09603	−0.354%	$12K	$696	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	0.09588	−0.514%	$1.2M	$2.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09587	−0.519%	$253K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09615	−0.231%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09580	−0.591%	$43.5M	$97.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09576	−0.633%	$45.7M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09578	−0.612%	$7.8M	$47.8M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09614	−0.238%	$140K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09578	−0.612%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09585	−0.540%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09580	−0.591%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09589	−0.498%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09578	−0.612%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.230%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09618	−0.196%	$262K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.073%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09613	−0.245%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.799%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.591%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09616	−0.218%	$133K	$213K	20x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09597	−0.412%	$60.7M	$46.1M	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09581	−0.582%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09585	−0.540%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0248%	1h	0.09637	long leg	$195K	$489K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09583	−0.560%	$1.7M	$931K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+0.841%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2726%	1h	0.09623	−0.147%	$546K	$932K	10x	as long as short