Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0227%/8h= +24.8% APRpaid last 24h +0.069%

Price spread now: Phoenix against SunX+0.733%69s7-day average +0.318% · you sell dearer than you buy

Net, funding: paid 7d − costs−$301as 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−$3423.421% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.411%+$41 on $10k

Price spread, last 3 days (all we have)−0.297%−$30 · spread now +0.733%, 7d avg +0.318%

Together, before fees+0.114%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Phoenix is 0.415% dearer against SunX than usual: you sell high and buy low: +$41 more if the spread goes back to its 7-day average of +0.318%. The two prices were read 69 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	SunX XPL-USDT	0.09680	0.0100	pay 0.0050% / 4h	31m 41s	$3K	$2.0M	20x
Short	Phoenix XPL	0.09751	0.0327	get 0.0041% / 1h	31m 41s	$197K	$651K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.733%Rate

Funding earned: $47.63
Price spread: +0.733% → +0.318%: $41.5
Slippage, 4 orders: −$327.12
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$252.99
Costs to cover: 3.421%
Break-even: 44.2 days

Slippage from SunX: live order book, 4 min ago; Phoenix: live order book, 46 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 SunX live order book, 4 min ago	36.10 bp	160.5 bp −$161	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 46 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	−0.0640%	1h	0.09686	+0.062%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09700	+0.207%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09704	+0.248%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0134% / S +0.0521%	1h	0.09711	+0.322%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	+0.315%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.794%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09712	+0.327%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0021%	8h	0.09697	+0.173%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09703	+0.238%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0076%	4h	0.09699	+0.196%	$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	0.09706	+0.274%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09713	+0.344%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09705	+0.263%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09707	+0.280%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09698	+0.190%	$44.1M	$108.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09699	+0.196%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09697	+0.176%	$8.7M	$54.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	+0.621%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	+0.186%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	+0.279%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09707	+0.279%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09699	+0.196%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09698	+0.186%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09708	+0.293%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09715	+0.364%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.413%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	+0.381%	$130K	$2.7M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09680	long leg	$3K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.207%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	+0.320%	$138K	$233K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09696	+0.164%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09700	+0.207%	$38K	$5K	3x	as long as short
Phoenix XPLshort	+0.0327%	1h	0.09751	+0.733%	$197K	$651K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09705	+0.258%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.498%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5117%	1h	0.09756	+0.784%	$563K	$1.0M	10x	as long as short