Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.065%

Price spread now: HTX against Phoenix−0.166%7-day average −0.167% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$124as in the Price arb table

costs, in and out, $10k−$1241.244% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.286%−$29 on $10k

Price spread, last 4 days (all we have)−0.138%−$14 · spread now −0.166%, 7d avg −0.167%

Together, before fees−0.424%−$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.167%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09635	0.0248	pay 0.0031% / 1h	22m 26s	$195K	$506K	10x
Short	HTX XPL-USDT	0.09619	0.0100	get 0.0050% / 4h	1h 22m	$133K	$213K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$31.04
Price spread: −0.166% → −0.167%: $0.13
Slippage, 4 orders: −$105.45
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$155.36
Costs to cover: 1.244%
Break-even: never at this rate

Slippage from Phoenix: live order book, 20 min ago; HTX: live order book, 19 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, 20 min ago	1.04 bp	15.0 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell HTX live order book, 19 min ago	13.03 bp	74.0 bp −$74	doesn't fit	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
Lighter XPL	−0.1144%	1h	0.09618	−0.176%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0344%	1h	0.09624	−0.114%	$560	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09625	−0.099%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0007%	4h	0.09618	−0.176%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09629	−0.059%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.426%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09625	−0.104%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09626	−0.096%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09632	−0.028%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09630	−0.052%	$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	0.09641	+0.065%	$60.9M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09635	+0.003%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09638	+0.031%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09629	−0.067%	$43.6M	$97.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09624	−0.114%	$45.9M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09624	−0.114%	$7.9M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	−0.727%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09630	−0.052%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09625	−0.104%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09633	−0.021%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09633	−0.021%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09627	−0.083%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09623	−0.125%	$177K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09617	−0.189%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09593	−0.441%	$254K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	−0.363%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09638	+0.036%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.363%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.156%	$197	$9K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09619	−0.166%	$133K	$213K	20x
Extended XPL-USD	+0.0104%	1h	0.09627	−0.081%	$605K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09621	−0.149%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0248%	1h	0.09635	long leg	$195K	$506K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09619	−0.166%	$1.7M	$936K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.861%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2836%	1h	0.09655	+0.212%	$547K	$931K	10x	as long as short