XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0769%/8h= +84.2% APRnext payment +$0.96 per $10,000 · paid last 24h +0.105%

Price spread now: Phoenix against Backpack−0.104%7-day average +0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$510.514% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 4 days (all we have)+0.824%+$82 · spread now −0.104%, 7d avg +0.151%

Together, before fees+1.199%+$120 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.255% cheaper against Backpack than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of +0.151%). If the spread goes back, that is −$25 on $10k: about 27 hours of funding at the current rate (+$23 a day). At the pace of the last 7 days (+0.376% in total) that is about 4.7 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.376% in total (about 19.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.96 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09627	−0.0521	get 0.0065% / 1h	34m 47s	$181K	$243K	10x
Short	Phoenix XPL	0.09617	0.0248	get 0.0031% / 1h	34m 47s	$195K	$629K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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 BackpackbpFee PhoenixbpOrdersPrice spread, now −0.104%Rate

Funding earned: $161.51
Price spread: −0.104% → +0.151%: −$25.49
Slippage, 4 orders: −$34.38
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $84.64
Costs to cover: 0.514%
Break-even: 3.3 days

Slippage from Backpack: live order book, 28 min ago; Phoenix: live order book, 28 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 Backpack live order book, 28 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	1.03 bp	14.9 bp −$15	48.3 bp −$483	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
Backpack XPL_USDC_PERPlong	−0.0521%	1h	0.09627	long leg	$181K	$243K	10x
01 Exchange XPLUSD	−0.0440%	1h	0.09611	−0.166%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0251% / S +0.0578%	1h	0.09630	+0.035%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09628	+0.010%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09624	−0.031%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09611	−0.165%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.359%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09630	+0.033%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0037%	4h	0.09598	−0.301%	$8.3M	$52.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09615	−0.123%	$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
Gate XPL_USDT	+0.0066%	4h	0.09608	−0.197%	$3.0M	$3.8M	75x	as long as short
Bybit XPLUSDT	+0.0068%	4h	0.09590	−0.384%	$45.4M	$56.8M	75x	as long as short
Lighter XPL	+0.0080%	1h	0.09621	−0.062%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09620	−0.073%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09614	−0.139%	$60.4M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09631	+0.044%	$245K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09616	−0.111%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09606	−0.215%	$43.4M	$108.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09610	−0.177%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09623	−0.042%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09603	−0.249%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09595	−0.332%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09612	−0.160%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	−0.318%	$255K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	−0.177%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09634	+0.069%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.177%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09630	+0.031%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09601	−0.270%	$144K	$264K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09615	−0.125%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09621	−0.064%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09625	−0.021%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09617	−0.104%	$195K	$629K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09625	−0.021%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.135%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3559%	1h	0.09659	+0.336%	$548K	$1.0M	10x	as long as short