Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.071%

Price spread now: Gate against Phoenix−0.332%47s7-day average −0.159% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as 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−$800.798% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.588%−$59 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now −0.332%, 7d avg −0.159%

Together, before fees−0.535%−$54 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.173% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.159%). Swap the legs. The two prices were read 47 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	0.09941	0.0163	pay 0.0020% / 1h	20m 31s	$201K	$655K	10x
Short	Gate XPL_USDT	0.09908	0.0100	get 0.0050% / 4h	3h 20m	$3.1M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.332%Rate

Funding earned: −$13.25
Price spread: −0.332% → −0.159%: −$17.32
Slippage, 4 orders: −$57.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$110.4
Costs to cover: 0.798%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; Gate: live order book, 3 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, 52 min ago	1.03 bp	14.9 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.53 bp	24.1 bp −$24	142.4 bp −$1,424	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	−0.0254%	1h	0.09918	−0.231%	$48K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0169% / S +0.0544%	1h	0.09922	−0.186%	$114K	—	100x	as long as short
01 Exchange XPLUSD	−0.0160%	1h	0.09910	−0.312%	$576	$708	5x	as long as short
Lighter XPL	0.0000%	1h	0.09902	−0.392%	$4.5M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09909	−0.320%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.845%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09922	−0.187%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0024%	4h	0.09917	−0.241%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09910	−0.313%	$13K	$2K	5x	as long as short
Backpack XPL_USDC_PERP	+0.0087%	1h	0.09913	−0.282%	$186K	$271K	10x	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	0.09908	−0.327%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09920	−0.211%	$257K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09914	−0.270%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09915	−0.262%	$45.4M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09915	−0.262%	$48.3M	$56.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09903	−0.382%	$8.8M	$56.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09880	−0.614%	$144K	$2K	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09908	−0.332%	$3.1M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09909	−0.322%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09919	−0.221%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09916	−0.251%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09909	−0.322%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09915	−0.263%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09940	−0.010%	$263K	$828K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09930	−0.111%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09925	−0.161%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09900	−0.412%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09910	−0.312%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09880	−0.614%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09907	−0.345%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09954	+0.131%	$30K	$18K	3x	as long as short
Phoenix XPLlong	+0.0163%	1h	0.09941	long leg	$201K	$655K	10x
Hyperliquid XPL	+0.0224%	1h	0.09927	−0.142%	$64.4M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09912	−0.292%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.392%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4993%	1h	0.09965	+0.238%	$576K	$1.0M	10x	as long as short