Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0385%/8h= −42.1% APRpaid last 24h −0.064%

Price spread now: Bybit against Phoenix−0.612%65s7-day average −0.199% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as 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−$610.610% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now −0.612%, 7d avg −0.199%

Together, before fees−0.454%−$45 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bybit is 0.413% cheaper against Phoenix than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.199%). Swap the legs. The two prices were read 65 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	0.09810	0.0485	pay 0.0061% / 1h	40m 18s	$200K	$646K	10x
Short	Bybit XPLUSDT	0.09750	0.0100	get 0.0050% / 4h	2h 40m	$47.6M	$53.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.612%Rate

Funding earned: −$80.8
Price spread: −0.612% → −0.199%: −$41.26
Slippage, 4 orders: −$42.99
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$183.05
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from Phoenix: live order book, 47 min ago; Bybit: 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, 47 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.51 bp	12.2 bp −$12	51.3 bp −$513	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	−0.0467%	1h	0.09752	−0.591%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0160%	1h	0.09780	−0.306%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0072% / S +0.0480%	1h	0.09767	−0.439%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09796	−0.138%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.829%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09768	−0.427%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0019%	1h	0.09792	−0.183%	$178K	$282K	10x	as long as short
01 Exchange XPLUSD	+0.0024%	1h	0.09776	−0.347%	$568	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09754	−0.571%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09787	−0.230%	$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	0.09777	−0.336%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09785	−0.258%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09796	−0.139%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09797	−0.137%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09757	−0.536%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09750	−0.612%	$47.6M	$53.1M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09746	−0.652%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.127%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09768	−0.428%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09770	−0.408%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09776	−0.347%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09754	−0.571%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09758	−0.530%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	−0.112%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09770	−0.406%	$256K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.204%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09781	−0.294%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.510%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.612%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09791	−0.194%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09750	−0.613%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	−0.582%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09780	−0.306%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0485%	1h	0.09810	long leg	$200K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.347%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	−0.073%	$516K	$939K	10x	as long as short