Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0234%/8h= −25.6% APRpaid last 24h −0.067%

Price spread now: SunX against Phoenix−0.103%7-day average −0.320% · you buy dearer than you sell

Net, funding: paid 7d − costs−$386as in the Funding arb table

Net, price: spread back to 7d avg − costs−$323as in the Price arb table

costs, in and out, $10k−$3443.444% of the position

Long on Phoenix Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.413%−$41 on $10k

Price spread, last 4 days (all we have)−0.446%−$45 · spread now −0.103%, 7d avg −0.320%

Together, before fees−0.859%−$86 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.216% dearer against Phoenix than usual: you sell high and buy low (spread −0.103% now, against its 7-day average of −0.320%): +$22 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 3.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09670	0.0334	pay 0.0042% / 1h	0m 37s	$196K	$617K	10x
Short	SunX XPL-USDT	0.09660	0.0100	get 0.0050% / 4h	0m 37s	$2K	$1.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$49.12
Price spread: −0.103% → −0.320%: $21.64
Slippage, 4 orders: −$329.37
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$371.85
Costs to cover: 3.444%
Break-even: never at this rate

Slippage from Phoenix: live order book, 57 min ago; SunX: live order book, 5 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, 57 min ago	1.05 bp	15.0 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	36.40 bp	152.4 bp −$152	doesn't fit	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
01 Exchange XPLUSD	−0.0384%	1h	0.09666	−0.041%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09676	+0.061%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09674	+0.041%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0149%	1h	0.09682	+0.124%	$179K	$223K	10x	as long as short
Bybit XPLUSDT	−0.0090%	4h	0.09669	−0.010%	$45.8M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09681	+0.115%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.707%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09676	+0.064%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09669	−0.010%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09670	+0.003%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XPL_USDT	+0.0084%	4h	0.09672	+0.021%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09673	+0.031%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	+0.036%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09689	+0.195%	$61.1M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09683	+0.131%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09676	+0.064%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09671	+0.010%	$43.9M	$102.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09674	+0.041%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.400%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09674	+0.041%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09667	−0.031%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09679	+0.093%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09668	−0.021%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	−0.012%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09656	−0.143%	$258K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	0.000%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09685	+0.150%	$126K	$2.0M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09660	−0.103%	$2K	$1.8M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09670	0.000%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09652	−0.186%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09667	−0.027%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	+0.002%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0334%	1h	0.09670	long leg	$196K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09670	0.000%	$1.8M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.290%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3283%	1h	0.09716	+0.471%	$551K	$977K	10x	as long as short