Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0385%/8h= −42.1% APRpaid last 24h −0.064%

Price spread now: Aster against Phoenix−0.275%45s7-day average −0.121% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as 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−$750.745% of the position

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.405%−$41 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now −0.275%, 7d avg −0.121%

Together, before fees−0.584%+ Points / potential airdropAster: Stage 5 · farm board−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Aster is 0.153% cheaper against Phoenix than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.121%). Swap the legs. The two prices were read 45 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	Phoenix XPL	0.09825	0.0485	pay 0.0061% / 1h	22m 47s	$199K	$646K	10x
Short	Aster XPLUSDT	0.09798	0.0100	get 0.0050% / 4h	2h 22m	$253K	$527K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.275%Rate

Funding earned: −$80.8
Price spread: −0.275% → −0.121%: −$15.34
Slippage, 4 orders: −$59.53
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$170.66
Costs to cover: 0.745%
Break-even: never at this rate

Slippage from Phoenix: live order book, 65 min ago; Aster: live order book, 64 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 Phoenix live order book, 65 min ago	1.01 bp	14.6 bp −$15	55.7 bp −$557	doesn't fit	doesn't fit
Sell Aster live order book, 64 min ago	4.04 bp	19.9 bp −$20	163.0 bp −$1,630	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0080% / S +0.0486%	1h	0.09792	−0.332%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09785	−0.407%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0016%	1h	0.09791	−0.346%	$569	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09793	−0.331%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.945%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09794	−0.316%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09792	−0.338%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0016%	1h	0.09792	−0.336%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09789	−0.366%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09794	−0.311%	$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	0.09792	−0.336%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09809	−0.163%	$63.1M	$47.0M	10x	as long as short
Aster XPLUSDTshort	+0.0100%	4h	0.09798	−0.275%	$253K	$527K	20x
Pacifica XPL	+0.0100%	1h	0.09799	−0.266%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09796	−0.293%	$44.2M	$104.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09795	−0.305%	$47.8M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09793	−0.326%	$9.1M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.865%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09795	−0.305%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09798	−0.275%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09795	−0.305%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09798	−0.275%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09792	−0.336%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09812	−0.131%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09807	−0.184%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.153%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09800	−0.249%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.560%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.356%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09794	−0.316%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09792	−0.338%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09793	−0.321%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09788	−0.377%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0485%	1h	0.09825	long leg	$199K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.071%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3471%	1h	0.09850	+0.259%	$519K	$941K	10x	as long as short