Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h −0.067%

Price spread now: Binance against Phoenix−0.068%105s7-day average −0.163% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as 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−$500.503% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.438%−$44 on $10k

Price spread, last 4 days (all we have)−0.282%−$28 · spread now −0.068%, 7d avg −0.163%

Together, before fees−0.720%−$72 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.096% dearer against Phoenix than usual: you sell high and buy low (spread −0.068% now, against its 7-day average of −0.163%): +$10 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2.1 days. The two prices were read 105 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	0.09691	0.0251	pay 0.0031% / 1h	57m 44s	$196K	$506K	10x
Short	Binance XPLUSDT	0.09684	0.0100	get 0.0050% / 4h	1h 57m	$43.9M	$98.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.068%Rate

Funding earned: −$31.65
Price spread: −0.068% → −0.163%: $9.56
Slippage, 4 orders: −$33.26
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$72.35
Costs to cover: 0.503%
Break-even: never at this rate

Slippage from Phoenix: live order book, 50 min ago; Binance: live order book, 15 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, 50 min ago	1.04 bp	15.0 bp −$15	56.0 bp −$560	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	1.55 bp	9.9 bp −$10	20.9 bp −$209	113.5 bp −$11.3K	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	−0.0416%	1h	0.09688	−0.031%	$563	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09685	−0.062%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09693	+0.018%	$107K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09689	−0.019%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.877%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0005%	4h	0.09683	−0.083%	$29K	$278K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09692	+0.010%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09686	−0.052%	$13K	$696	5x	as long as short
Lighter XPL	+0.0072%	1h	0.09680	−0.114%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09692	+0.005%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09708	+0.172%	$61.4M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09698	+0.067%	$255K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09693	+0.019%	$222K	$46K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09684	−0.068%	$43.9M	$98.3M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09692	+0.010%	$46.0M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09691	0.000%	$8.0M	$48.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09689	−0.021%	$3.1M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09689	−0.021%	$12.7M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09677	−0.144%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09700	+0.093%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09689	−0.021%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09687	−0.041%	$176K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09671	−0.209%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09670	−0.217%	$260K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	−0.114%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09705	+0.141%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.217%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.114%	$198	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09669	−0.227%	$138K	$186K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09676	−0.155%	$141K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09687	−0.039%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09684	−0.077%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0251%	1h	0.09691	long leg	$196K	$506K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09674	−0.175%	$1.7M	$942K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.279%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2817%	1h	0.09720	+0.304%	$552K	$953K	10x	as long as short