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: Phoenix against BingX+0.010%64s7-day average +0.184% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as 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−$620.625% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.419%+$42 on $10k

Price spread, last 4 days (all we have)+0.537%+$54 · spread now +0.010%, 7d avg +0.184%

Together, before fees+0.956%+$96 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.174% cheaper against BingX than usual: you would sell low and buy high (spread +0.010% now, against its 7-day average of +0.184%). If the spread goes back, that is −$17 on $10k: about 2.5 days of funding at the current rate (+$7 a day). The two prices were read 64 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	BingX XPL-USDT	0.09550	0.0100	pay 0.0050% / 4h	42m 19s	—	$7.9M	—
Short	Phoenix XPL	0.09551	0.0334	get 0.0042% / 1h	42m 19s	$193K	$617K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.010%Rate

Funding earned: $49.12
Price spread: +0.010% → +0.184%: −$17.38
Slippage, 4 orders: −$45.48
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$30.74
Costs to cover: 0.625%
Break-even: 11.4 days

Slippage from BingX: live order book, 11 min ago; Phoenix: live order book, 15 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 BingX live order book, 11 min ago	5.76 bp	14.5 bp −$15	24.6 bp −$246	89.8 bp −$8,978	doesn't fit
Sell Phoenix live order book, 15 min ago	1.05 bp	15.0 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
01 Exchange XPLUSD	−0.0336%	1h	0.09539	−0.115%	$555	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0295% / S +0.0605%	1h	0.09556	+0.065%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0093%	4h	0.09546	−0.042%	$45.2M	$55.2M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0043%	1h	0.09551	+0.010%	$178K	$225K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09558	+0.080%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.726%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09554	+0.042%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09558	+0.079%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09551	+0.010%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0074%	8h	0.09550	+0.004%	$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	0.09546	−0.042%	$4.3M	$3.3M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09567	+0.176%	$59.9M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09557	+0.072%	$240K	$485K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09558	+0.084%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09554	+0.042%	$43.3M	$103.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09556	+0.063%	$8.2M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09530	−0.209%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09551	+0.010%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09553	+0.031%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09555	+0.052%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09558	+0.084%	$8.5M	$10.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09550	long leg	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09536	−0.149%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09530	−0.209%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−0.314%	$25K	$79K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09551	+0.010%	$1.2M	$2.7M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09563	+0.141%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.209%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	0.000%	$189	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09520	−0.314%	$139K	$224K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09548	−0.021%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09551	+0.013%	$28K	$18K	3x	as long as short
Phoenix XPLshort	+0.0334%	1h	0.09551	+0.010%	$193K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09553	+0.031%	$1.7M	$981K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09583	+0.346%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3327%	1h	0.09589	+0.406%	$544K	$977K	10x	as long as short