XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0148%/8h= +16.2% APRnext payment +$0.18 per $10,000 · paid last 24h +0.068%

Price spread now: Phoenix against Bulk−0.118%7-day average +0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$500.496% of the position

Long on Bulk Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.262%+$26 on $10k

Price spread, last 4 days (all we have)+0.763%+$76 · spread now −0.118%, 7d avg +0.114%

Together, before fees+1.025%+$103 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.232% cheaper against Bulk than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.114%). If the spread goes back, that is −$23 on $10k: about 5.2 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09643	0.0100	pay 0.0013% / 1h	10m 54s	$140K	$5K	10x
Short	Phoenix XPL	0.09632	0.0248	get 0.0031% / 1h	10m 54s	$195K	$629K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bulk. 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 BulkbpFee PhoenixbpOrdersPrice spread, now −0.118%Rate

Funding earned: $31.08
Price spread: −0.118% → +0.114%: −$23.2
Slippage, 4 orders: −$35.61
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$41.74
Costs to cover: 0.496%
Break-even: 16.4 days

Slippage from Bulk: live order book, 53 min ago; Phoenix: live order book, 52 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 Bulk live order book, 53 min ago	5.18 bp	8.7 bp −$9	16.9 bp −$169	52.5 bp −$5,253	doesn't fit
Sell Phoenix live order book, 52 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
01 Exchange XPLUSD	−0.0392%	1h	0.09619	−0.253%	$559	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0268%	1h	0.09646	+0.027%	$179K	$231K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0268% / S +0.0588%	1h	0.09638	−0.051%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0121%	4h	0.09636	−0.077%	$45.6M	$56.7M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09639	−0.046%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09625	−0.195%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.495%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09645	+0.016%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09640	−0.032%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0060%	4h	0.09641	−0.025%	$8.3M	$52.6M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0061%	8h	0.09622	−0.219%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09634	−0.098%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09620	−0.238%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09656	+0.133%	$60.6M	$48.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09645	+0.021%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	−0.139%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09642	−0.014%	$43.7M	$108.3M	75x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09643	long leg	$140K	$5K	10x
Gate XPL_USDT	+0.0100%	4h	0.09641	−0.025%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09641	−0.025%	$12.5M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09632	−0.118%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09647	+0.037%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09640	−0.035%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09618	−0.267%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09611	−0.335%	$253K	$930K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	−0.243%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09636	−0.074%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.346%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.035%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09642	−0.015%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09641	−0.025%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09641	−0.029%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09632	−0.118%	$195K	$629K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09626	−0.181%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.276%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3553%	1h	0.09675	+0.330%	$549K	$1.0M	10x	as long as short