Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0218%/8h= −23.8% APRpaid last 24h −0.087%

Price spread now: GRVT against Phoenix−0.464%7-day average −0.207% · you buy dearer than you sell

Net, funding: paid 7d − costs−$300as in the Funding arb table

Net, price: spread back to 7d avg − costs−$283as in the Price arb table

costs, in and out, $10k−$2572.570% of the position

Long on Phoenix Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.429%−$43 on $10k

Price spread, last 3 days (all we have)+0.364%+$36 · spread now −0.464%, 7d avg −0.207%

Together, before fees−0.065%+ Points / potential airdropGRVT: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and GRVT is 0.257% cheaper against Phoenix than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.207%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09887	0.0318	pay 0.0040% / 1h	54m 17s	$202K	$646K	10x
Short	GRVT XPL_USDT_Perp	0.09841	0.0100	get 0.0050% / 4h	2h 54m	$267K	$782K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.464%Rate

Funding earned: −$45.73
Price spread: −0.464% → −0.207%: −$25.67
Slippage, 4 orders: −$240.98
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$328.38
Costs to cover: 2.570%
Break-even: never at this rate

Slippage from Phoenix: live order book, 33 min ago; GRVT: live order book, 33 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, 33 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell GRVT live order book, 33 min ago	5.05 bp	145.0 bp −$145	308.5 bp −$3,085	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	−0.0408%	1h	0.09718	−1.709%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0186%	1h	0.09793	−0.951%	$183K	$282K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0476%	1h	0.09743	−1.461%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09738	−1.502%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.425%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09744	−1.446%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09741	−1.475%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0016%	1h	0.09787	−1.011%	$569	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09739	−1.497%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0096%	8h	0.09726	−1.624%	$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	0.09717	−1.722%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	−1.605%	$63.4M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09722	−1.674%	$252K	$515K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09732	−1.569%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09739	−1.497%	$44.4M	$103.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09735	−1.537%	$47.0M	$52.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09738	−1.507%	$9.0M	$52.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.142%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09732	−1.568%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09740	−1.487%	$13.0M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09719	−1.699%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09747	−1.416%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09737	−1.517%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	−0.501%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09841	−0.464%	$267K	$782K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	−0.475%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09728	−1.609%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−1.689%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−1.487%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09742	−1.467%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09738	−1.512%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	−1.427%	$38K	$5K	3x	as long as short
Phoenix XPLlong	+0.0318%	1h	0.09887	long leg	$202K	$646K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09798	−0.900%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+0.789%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3472%	1h	0.09848	−0.396%	$397K	$805K	10x	as long as short