Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0193%/8h= +21.1% APRpaid last 24h +0.068%

Price spread now: Phoenix against OKX+0.742%96s7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as 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−$550.546% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.470%+$47 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.742%, 7d avg +0.154%

Together, before fees+0.453%+$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phoenix is 0.588% dearer against OKX than usual: you sell high and buy low: +$59 more if the spread goes back to its 7-day average of +0.154%. The two prices were read 96 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	OKX XPL-USDT-SWAP	0.09567	0.0055	pay 0.0027% / 4h	1h 05m	$8.2M	$51.5M	50x
Short	Phoenix XPL	0.09638	0.0248	get 0.0031% / 1h	5m 56s	$195K	$629K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.742%Rate

Funding earned: $40.56
Price spread: +0.742% → +0.154%: $58.81
Slippage, 4 orders: −$37.56
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $44.8
Costs to cover: 0.546%
Break-even: from the start

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 57 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 OKX live order book, 3 min ago	0.52 bp	11.9 bp −$12	39.1 bp −$391	doesn't fit	doesn't fit
Sell Phoenix live order book, 57 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	−0.0400%	1h	0.09554	−0.136%	$555	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0296%	1h	0.09571	+0.042%	$178K	$224K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09568	+0.010%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0272% / S +0.0590%	1h	0.09570	+0.036%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0136%	4h	0.09560	−0.073%	$45.3M	$56.3M	75x	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09566	−0.010%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09578	+0.116%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.867%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09574	+0.073%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAPlong	+0.0055%	4h	0.09567	long leg	$8.2M	$51.5M	50x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0060%	8h	0.09569	+0.025%	$12K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09561	−0.063%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09567	+0.005%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09583	+0.164%	$60.1M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09578	+0.118%	$243K	$490K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09579	+0.125%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09567	0.000%	$43.3M	$107.3M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09643	+0.799%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09565	−0.021%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09569	+0.021%	$12.4M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09569	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09572	+0.052%	$8.5M	$10.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09569	+0.021%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09560	−0.077%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	+0.304%	$263K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	+0.345%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09577	+0.102%	$127K	$2.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.178%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.073%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	+0.261%	$144K	$254K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09568	+0.005%	$634K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09565	−0.021%	$28K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09638	+0.742%	$195K	$629K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09577	+0.105%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+1.077%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3577%	1h	0.09609	+0.439%	$545K	$1.0M	10x	as long as short