Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0406%/8h= −44.4% APRpaid last 24h −0.080%

Price spread now: Orderly against Phoenix−0.175%54s7-day average −0.193% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.629%−$63 on $10k

Price spread, last 3 days (all we have)−0.490%−$49 · spread now −0.175%, 7d avg −0.193%

Together, before fees−1.119%−$112 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.193%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate. The two prices were read 54 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	0.09742	0.0485	pay 0.0061% / 1h	49m 31s	$199K	$646K	10x
Short	Orderly PERP_XPL_USDC	0.09725	0.0079	get 0.0039% / 4h	2h 49m	$27K	$333K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.175%Rate

Funding earned: −$85.23
Price spread: −0.175% → −0.193%: $1.82
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$96.41
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 38 min ago; Orderly: no order-book sample. Net counts fees only.

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, 38 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0280%	1h	0.09703	−0.400%	$4.4M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0264%	1h	0.09728	−0.144%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0219%	1h	0.09731	−0.113%	$180K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0067% / S +0.0477%	1h	0.09727	−0.150%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09722	−0.205%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.287%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09731	−0.111%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0079%	4h	0.09725	−0.175%	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0095%	8h	0.09711	−0.319%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09717	−0.257%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09715	−0.281%	$62.6M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09724	−0.183%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09715	−0.273%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09709	−0.339%	$44.2M	$103.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09705	−0.380%	$46.9M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09710	−0.328%	$9.0M	$52.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09708	−0.349%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−0.359%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09713	−0.298%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09714	−0.287%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09707	−0.359%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.076%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09737	−0.050%	$264K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.021%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	−0.255%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.328%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.226%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09726	−0.164%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.123%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	−0.351%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09729	−0.132%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0216%	1h	0.09706	−0.370%	$564	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09737	−0.051%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0485%	1h	0.09742	long leg	$199K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.289%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3478%	1h	0.09833	+0.936%	$500K	$912K	10x	as long as short