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: HTX against Phoenix−0.174%7-day average −0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1241.237% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.231%−$23 on $10k

Price spread, last 3 days (all we have)−0.348%−$35 · spread now −0.174%, 7d avg −0.174%

Together, before fees−0.579%−$58 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.174%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.231% in total (about -12.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09773	0.0485	pay 0.0061% / 1h	28m 53s	$198K	$646K	10x
Short	HTX XPL-USDT	0.09756	0.0100	get 0.0050% / 4h	2h 28m	$138K	$245K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$80.8
Price spread: −0.174% → −0.174%: $0.02
Slippage, 4 orders: −$104.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$204.49
Costs to cover: 1.237%
Break-even: never at this rate

Slippage from Phoenix: live order book, 59 min ago; HTX: live order book, 57 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, 59 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell HTX live order book, 57 min ago	10.11 bp	78.4 bp −$78	doesn't fit	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	−0.0120%	1h	0.09760	−0.133%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0077% / S +0.0484%	1h	0.09772	−0.008%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09773	0.000%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0014%	1h	0.09774	+0.010%	$178K	$283K	10x	as long as short
01 Exchange XPLUSD	−0.0008%	1h	0.09772	−0.010%	$568	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09765	−0.079%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.535%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09773	−0.005%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09770	−0.031%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09765	−0.085%	$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	0.09770	−0.028%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09784	+0.114%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09776	+0.028%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09770	−0.031%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09771	−0.025%	$44.1M	$104.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09769	−0.041%	$47.6M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09766	−0.072%	$9.0M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.338%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09769	−0.041%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09771	−0.020%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09775	+0.020%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09773	0.000%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09769	−0.041%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09744	−0.296%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.236%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09760	−0.133%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09780	+0.070%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.235%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	−0.031%	$203	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09756	−0.174%	$138K	$245K	20x
Extended XPL-USD	+0.0104%	1h	0.09769	−0.037%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09775	+0.025%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09768	−0.051%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0485%	1h	0.09773	long leg	$198K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.726%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3486%	1h	0.09809	+0.365%	$516K	$940K	10x	as long as short