Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0403%/8h= +44.1% APRpaid last 24h +0.080%

Price spread now: Phoenix against Orderly−0.051%7-day average +0.193% · you buy dearer than you sell

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

Long on Orderly Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.629%+$63 on $10k

Price spread, last 3 days (all we have)+0.474%+$47 · spread now −0.051%, 7d avg +0.193%

Together, before fees+1.103%+$110 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.245% cheaper against Orderly than usual: you would sell low and buy high (spread −0.051% now, against its 7-day average of +0.193%). If the spread goes back, that is −$24 on $10k: about 2.0 days of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09710	0.0082	pay 0.0041% / 4h	2h 03m	$27K	$333K	10x
Short	Phoenix XPL	0.09705	0.0485	get 0.0061% / 1h	3m 04s	$196K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Orderly. 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 OrderlybpFee PhoenixbpOrdersPrice spread, now −0.051%Rate

Funding earned: $84.54
Price spread: −0.051% → +0.193%: −$24.48
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $47.06
Costs to cover: 0.130%
Break-even: 3.1 days

Slippage unknown: Orderly: no order-book sample; Phoenix: live order book, 20 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 Orderly no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 20 min ago	1.02 bp	14.7 bp −$15	48.2 bp −$482	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0104%	1h	0.09717	+0.072%	$177K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0090% / S +0.0492%	1h	0.09720	+0.101%	$112K	—	100x	as long as short
Lighter XPL	−0.0072%	1h	0.09701	−0.093%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0072%	1h	0.09722	+0.124%	$565	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09705	−0.050%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.034%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09717	+0.072%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	+0.092%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0082%	4h	0.09710	long leg	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0090%	8h	0.09709	−0.013%	$13K	$2K	5x	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	0.09718	+0.080%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09726	+0.165%	$62.4M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09715	+0.054%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09709	−0.012%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09715	+0.051%	$43.7M	$105.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09715	+0.051%	$47.3M	$53.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09715	+0.051%	$9.0M	$53.3M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09712	+0.021%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09714	+0.041%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09710	0.000%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09720	+0.103%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09711	+0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09662	−0.494%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09698	−0.122%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	0.000%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09729	+0.200%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.206%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	0.000%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09710	0.000%	$137K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.154%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09714	+0.039%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.051%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09711	+0.010%	$1.7M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0485%	1h	0.09705	−0.051%	$196K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09731	+0.216%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3505%	1h	0.09757	+0.488%	$514K	$948K	10x	as long as short