XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0227%/8h= +24.8% APRnext payment +$0.28 per $10,000 · paid last 24h +0.069%

Price spread now: Phoenix against Polymarket Perps+0.056%59s7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$450.447% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.458%+$46 on $10k

Price spread, last 3 days (all we have)−0.019%−$2 · spread now +0.056%, 7d avg +0.068%

Together, before fees+0.439%+$44 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.068%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. 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	Polymarket Perps XPL-USD	0.09716	0.0100	pay 0.0013% / 1h	29m 59s	$130K	$2.7M	10x
Short	Phoenix XPL	0.09721	0.0327	get 0.0041% / 1h	29m 59s	$197K	$651K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.056%Rate

Funding earned: $47.63
Price spread: +0.056% → +0.068%: −$1.27
Slippage, 4 orders: −$29.69
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $1.67
Costs to cover: 0.447%
Break-even: 6.8 days

Slippage from Polymarket Perps: live order book, 4 min ago; Phoenix: live order book, 48 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 Polymarket Perps live order book, 4 min ago	2.93 bp	6.9 bp −$7	7.7 bp −$77	doesn't fit	doesn't fit
Sell Phoenix live order book, 48 min ago	1.03 bp	14.8 bp −$15	48.1 bp −$481	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	−0.0616%	1h	0.09705	−0.109%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09694	−0.222%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0135% / S +0.0522%	1h	0.09716	+0.004%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09714	−0.016%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	−0.052%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.079%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09714	−0.013%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0019%	8h	0.09695	−0.211%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09708	−0.078%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0072%	4h	0.09706	−0.099%	$3.0M	$4.0M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09702	−0.140%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09723	+0.079%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09716	+0.003%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09704	−0.122%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09711	−0.049%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	−0.016%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09711	−0.047%	$8.7M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09709	−0.068%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09710	−0.058%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09717	+0.014%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09710	−0.058%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09713	−0.027%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	−0.198%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09710	−0.058%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.058%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09716	long leg	$130K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.263%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.058%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09699	−0.171%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.162%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	−0.076%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	−0.006%	$38K	$5K	3x	as long as short
Phoenix XPLshort	+0.0327%	1h	0.09721	+0.056%	$197K	$651K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09700	−0.161%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.126%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5110%	1h	0.09769	+0.547%	$563K	$1.0M	10x	as long as short