Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0182%/8h= +19.9% APRpaid last 24h +0.070%

Price spread now: Phoenix against Gate+0.021%7-day average +0.156% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$760.758% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.588%+$59 on $10k

Price spread, last 4 days (all we have)+0.720%+$72 · spread now +0.021%, 7d avg +0.156%

Together, before fees+1.309%+$131 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.135% cheaper against Gate than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.156%). If the spread goes back, that is −$14 on $10k: about 2.5 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09615	0.0066	pay 0.0033% / 4h	1h 32m	$3.0M	$3.8M	75x
Short	Phoenix XPL	0.09617	0.0248	get 0.0031% / 1h	32m 45s	$195K	$629K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Gate. 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 GatebpFee PhoenixbpOrdersPrice spread, now +0.021%Rate

Funding earned: $38.22
Price spread: +0.021% → +0.156%: −$13.54
Slippage, 4 orders: −$53.8
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.13
Costs to cover: 0.758%
Break-even: 16.4 days

Slippage from Gate: live order book, 5 min ago; Phoenix: live order book, 30 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 Gate live order book, 5 min ago	3.65 bp	21.2 bp −$21	150.2 bp −$1,502	doesn't fit	doesn't fit
Sell Phoenix live order book, 30 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_PERP	−0.0500%	1h	0.09621	+0.062%	$181K	$243K	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09598	−0.177%	$558	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0253% / S +0.0579%	1h	0.09612	−0.034%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09612	−0.031%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09589	−0.270%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.260%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09615	0.000%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09610	−0.048%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0041%	4h	0.09619	+0.042%	$8.3M	$53.1M	50x	as long as short
Bybit XPLUSDT	+0.0050%	4h	0.09611	−0.042%	$45.5M	$56.8M	75x	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	+0.0057%	8h	0.09605	−0.101%	$12K	$2K	5x	as long as short
Gate XPL_USDTlong	+0.0066%	4h	0.09615	long leg	$3.0M	$3.8M	75x
Lighter XPL	+0.0088%	1h	0.09610	−0.052%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09609	−0.057%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09630	+0.152%	$60.5M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09621	+0.066%	$244K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09606	−0.088%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09618	+0.031%	$43.5M	$108.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09617	+0.021%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09606	−0.094%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09621	+0.062%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09616	+0.010%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09612	−0.035%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09619	+0.039%	$256K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.156%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09618	+0.031%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.260%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.052%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09624	+0.094%	$145K	$264K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09615	0.000%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09612	−0.029%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09615	0.000%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09617	+0.021%	$195K	$629K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09612	−0.031%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.260%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3563%	1h	0.09647	+0.332%	$547K	$1.0M	10x	as long as short