Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0390%/8h= −42.7% APRpaid last 24h −0.065%

Price spread now: Paradex against Phoenix−0.319%46s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Paradex is 0.319% cheaper against Phoenix than usual: you would sell low and buy high (−$32 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	0.09773	0.0485	pay 0.0061% / 1h	31m 59s	$198K	$646K	10x
Short	Paradex XPL-USD-PERP	0.09742	0.0095	get 0.0095% / 8h	2h 31m	$13K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.319%Rate

Funding earned: −$81.91
Price spread: −0.319% → 0.000%: −$31.93
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$124.84
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 56 min ago; Paradex: 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, 56 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.0128%	1h	0.09726	−0.481%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0076% / S +0.0483%	1h	0.09745	−0.287%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0005%	1h	0.09739	−0.348%	$177K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09745	−0.286%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09744	−0.297%	$567	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.536%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09740	−0.338%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09745	−0.287%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09737	−0.368%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERPshort	+0.0095%	8h	0.09742	−0.319%	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09741	−0.322%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09750	−0.237%	$62.6M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09740	−0.338%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09747	−0.265%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09738	−0.358%	$44.0M	$104.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09737	−0.368%	$47.5M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09736	−0.379%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.506%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09735	−0.389%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09735	−0.389%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09733	−0.409%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09743	−0.307%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09737	−0.368%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09764	−0.090%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09764	−0.094%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.072%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09753	−0.201%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.542%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.338%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	−0.307%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09734	−0.400%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	−0.340%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09728	−0.460%	$1.7M	$1.1M	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	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3495%	1h	0.09783	+0.099%	$514K	$940K	10x	as long as short