Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0306%/8h= −33.5% APRpaid last 24h −0.066%

Price spread now: OKX against Phoenix+0.315%7-day average −0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.467%−$47 on $10k

Price spread, last 4 days (all we have)−1.040%−$104 · spread now +0.315%, 7d avg −0.158%

Together, before fees−1.508%−$151 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.473% dearer against Phoenix than usual: you sell high and buy low (spread +0.315% now, against its 7-day average of −0.158%): +$47 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09515	0.0251	pay 0.0031% / 1h	22m 56s	$192K	$494K	10x
Short	OKX XPL-USDT-SWAP	0.09545	−0.0055	pay 0.0028% / 4h	3h 22m	$7.6M	$47.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.315%Rate

Funding earned: −$64.25
Price spread: +0.315% → −0.158%: $47.31
Slippage, 4 orders: −$34.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$68.64
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Phoenix: live order book, 10 min ago; OKX: live order book, 1 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, 10 min ago	1.05 bp	15.1 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.52 bp	8.7 bp −$9	38.6 bp −$386	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	−0.1192%	1h	0.09528	+0.137%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0477%	4h	0.09542	+0.284%	$45.3M	$54.2M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09525	+0.105%	$554	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09543	+0.297%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0274%	1h	0.09544	+0.305%	$46K	$17K	25x	as long as short
Paradex XPL-USD-PERP	−0.0121%	8h	0.09530	+0.163%	$12K	$696	5x	as long as short
Gate XPL_USDT	−0.0062%	4h	0.09541	+0.273%	$2.9M	$3.3M	75x	as long as short
OKX XPL-USDT-SWAPshort	−0.0055%	4h	0.09545	+0.315%	$7.6M	$47.5M	50x
Orderly PERP_XPL_USDC	−0.0033%	4h	0.09537	+0.231%	$30K	$239K	10x	as long as short
Backpack XPL_USDC_PERP	−0.0030%	1h	0.09546	+0.326%	$179K	$180K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09516	+0.013%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.433%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09546	+0.330%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0048%	1h	0.09536	+0.221%	$616K	$1.2M	25x	as long as short
MEXC XPL_USDT	+0.0090%	4h	0.09540	+0.263%	$12.7M	$6.5M	100x	as long as short
Binance XPLUSDT	+0.0091%	4h	0.09543	+0.294%	$43.5M	$98.1M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09530	+0.158%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09561	+0.486%	$60.5M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09550	+0.371%	$253K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09544	+0.305%	$218K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−0.376%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09539	+0.252%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09555	+0.420%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09541	+0.273%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09484	−0.329%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09501	−0.142%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	−0.053%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09548	+0.342%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	+0.053%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	+0.263%	$189	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09517	+0.021%	$132K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09540	+0.263%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0251%	1h	0.09515	long leg	$192K	$494K	10x
BloFin XPL-USDT	+0.0331%	4h	0.09532	+0.179%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.851%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2711%	1h	0.09566	+0.531%	$544K	$958K	10x	as long as short