Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0334%/8h= −36.6% APRnext payment −$0.42 per $10,000 · paid last 24h —

Price spread now: Reya against Phoenix−20.642%59s7-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 Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

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

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Reya is 20.642% cheaper against Phoenix than usual: you would sell low and buy high (−$2,064 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 59 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	0.09540	0.0334	pay 0.0042% / 1h	47m 50s	$193K	$617K	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	47m 50s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −20.642%Rate

Funding earned: −$70.12
Price spread: −20.642% → 0.000%: −$2,064.24
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,147.36
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 10 min ago; Reya: 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, 10 min ago	1.05 bp	15.0 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
01 Exchange XPLUSD	−0.0320%	1h	0.09510	−0.314%	$553	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0290% / S +0.0602%	1h	0.09517	−0.237%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0121%	4h	0.09532	−0.084%	$45.1M	$55.7M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0111%	1h	0.09520	−0.210%	$176K	$226K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09532	−0.086%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.642%	—	—	—
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09515	−0.262%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0003%	4h	0.09515	−0.262%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09518	−0.235%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0072%	8h	0.09514	−0.269%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09522	−0.189%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09519	−0.220%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09541	+0.010%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09525	−0.156%	$242K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09540	−0.001%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09536	−0.039%	$43.3M	$104.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09537	−0.031%	$8.2M	$49.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09519	−0.220%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09521	−0.199%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09525	−0.157%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09532	−0.084%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09519	−0.220%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.232%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	+0.006%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	−0.105%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09526	−0.150%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.419%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.314%	$190	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09460	−0.839%	$142K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.262%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09517	−0.237%	$643K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09512	−0.291%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0334%	1h	0.09540	long leg	$193K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09501	−0.409%	$1.7M	$984K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.692%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3344%	1h	0.09540	+0.001%	$541K	$977K	10x	as long as short