XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0228%/8h= +25.0% APRnext payment +$0.29 per $10,000 · paid last 24h +0.018%

Price spread now: Phoenix against Hyperliquid+0.161%61s7-day average +0.028% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.336%+$34 on $10k

Price spread, last 4 days (all we have)+0.894%+$89 · spread now +0.161%, 7d avg +0.028%

Together, before fees+1.231%+ Points / potential airdropHyperliquid: Season 2 · farm board+$123 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 0.133% dearer against Hyperliquid than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.028%. The two prices were read 61 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	Hyperliquid XPL	0.09685	0.0100	pay 0.0013% / 1h	26m 20s	$61.9M	$47.9M	10x
Short	Phoenix XPL	0.09701	0.0328	get 0.0041% / 1h	26m 20s	$196K	$657K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hyperliquid. 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 HyperliquidbpFee PhoenixbpOrdersPrice spread, now +0.161%Rate

Funding earned: $47.89
Price spread: +0.161% → +0.028%: $13.27
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $45.16
Costs to cover: 0.160%
Break-even: 0.4 days

Slippage unknown: Hyperliquid: live order book, 7 min ago; Phoenix: live order book, 42 min ago. Net counts fees only.

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 Hyperliquid live order book, 7 min ago	1.34 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 42 min ago	1.01 bp	14.6 bp −$15	48.4 bp −$484	doesn't fit	doesn't fit

XPL on 35 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	−0.0232%	1h	0.09671	−0.149%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0197% / S +0.0561%	1h	0.09679	−0.062%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09715	+0.306%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0089%	1h	0.09716	+0.316%	$179K	$244K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09680	−0.055%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.833%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09675	−0.107%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09680	−0.056%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0053%	4h	0.09676	−0.097%	$8.3M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0059%	8h	0.09678	−0.074%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09669	−0.169%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09674	−0.120%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09685	long leg	$61.9M	$47.9M	10x
Aster XPLUSDT	+0.0100%	4h	0.09681	−0.051%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09679	−0.066%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09675	−0.107%	$44.0M	$110.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09674	−0.118%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	−0.104%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09678	−0.076%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09676	−0.097%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09665	−0.211%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09680	−0.056%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09675	−0.107%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09672	−0.139%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09679	−0.065%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.151%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09685	−0.007%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	+0.151%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.254%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	+0.182%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09671	−0.146%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	−0.107%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0328%	1h	0.09701	+0.161%	$196K	$657K	10x
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.832%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4388%	1h	0.09749	+0.652%	$553K	$1.0M	10x	as long as short