XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0385%/8h= −42.1% APRnext payment −$0.48 per $10,000 · paid last 24h −0.064%

Price spread now: Polymarket Perps against Phoenix+0.006%7-day average −0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.453%−$45 on $10k

Price spread, last 3 days (all we have)−0.139%−$14 · spread now +0.006%, 7d avg −0.071%

Together, before fees−0.592%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.078% dearer against Phoenix than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.071%): +$8 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 16 hours.

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	50m 33s	$199K	$646K	10x
Short	Polymarket Perps XPL-USD	0.09743	0.0100	get 0.0013% / 1h	50m 33s	$131K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$80.8
Price spread: +0.006% → −0.071%: $7.76
Slippage, 4 orders: −$30.72
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$118.75
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Phoenix: live order book, 37 min ago; Polymarket Perps: live order book, 3 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, 37 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	1.80 bp	10.7 bp −$11	10.9 bp −$109	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	−0.0248%	1h	0.09724	−0.185%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0215%	1h	0.09740	−0.021%	$180K	$283K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09745	+0.031%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0477%	1h	0.09745	+0.036%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09730	−0.123%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.286%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09744	+0.023%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09743	+0.010%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09739	−0.035%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09731	−0.113%	$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	0.09732	−0.105%	$62.9M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09734	−0.086%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09739	−0.033%	$221K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09729	−0.133%	$44.3M	$103.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09724	−0.185%	$47.0M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09729	−0.133%	$9.0M	$52.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09728	−0.144%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09732	−0.103%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09732	−0.103%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09738	−0.041%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09731	−0.113%	—	$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	0.09760	+0.183%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.226%	$25K	$84K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09743	+0.006%	$131K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.123%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.123%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.411%	$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	0.09731	−0.109%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	+0.044%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0272%	1h	0.09727	−0.154%	$566	$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	+0.3476%	1h	0.09838	+0.989%	$488K	$898K	10x	as long as short