Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.068%

Price spread now: Phoenix against KuCoin+0.340%93s7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as 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−$890.893% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.412%+$41 on $10k

Price spread, last 3 days (all we have)+0.050%+$5 · spread now +0.340%, 7d avg +0.142%

Together, before fees+0.463%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.198% dearer against KuCoin than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.142%. The two prices were read 93 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	KuCoin XPLUSDTM	0.09709	0.0100	pay 0.0050% / 4h	3h 49m	$2.4M	$1.5M	50x
Short	Phoenix XPL	0.09742	0.0163	get 0.0020% / 1h	49m 59s	$197K	$655K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.340%Rate

Funding earned: $13.25
Price spread: +0.340% → +0.142%: $19.82
Slippage, 4 orders: −$70.29
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$56.22
Costs to cover: 0.893%
Break-even: 36.7 days

Slippage from KuCoin: live order book, 7 min ago; Phoenix: live order book, 23 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 KuCoin live order book, 7 min ago	5.62 bp	26.4 bp −$26	122.7 bp −$1,227	doesn't fit	doesn't fit
Sell Phoenix live order book, 23 min ago	1.03 bp	14.9 bp −$15	48.2 bp −$482	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
Deribit XPL_USDC-PERPETUAL	−0.0367%	1h	0.09712	+0.031%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0304%	1h	0.09720	+0.113%	$565	$708	5x	as long as short
Lighter XPL	−0.0296%	1h	0.09701	−0.082%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0206%	1h	0.09709	0.000%	$180K	$282K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0154% / S +0.0534%	1h	0.09726	+0.177%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09719	+0.103%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.027%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09727	+0.188%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0021%	8h	0.09723	+0.147%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09711	+0.021%	$29K	$335K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09728	+0.196%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09720	+0.108%	$62.7M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09718	+0.095%	$252K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09720	+0.113%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09702	−0.072%	$44.3M	$109.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09702	−0.072%	$47.0M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09700	−0.093%	$8.6M	$54.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	+0.891%	$143K	$4K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09712	+0.031%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09701	−0.082%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09709	long leg	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09708	−0.010%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09703	−0.062%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	+0.062%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09746	+0.384%	$266K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.422%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09735	+0.269%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.093%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.010%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09784	+0.772%	$142K	$241K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09700	−0.098%	$654K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09716	+0.067%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0163%	1h	0.09742	+0.340%	$197K	$655K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09717	+0.082%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+1.092%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5096%	1h	0.09763	+0.558%	$564K	$1.0M	10x	as long as short