Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0277%/8h= −30.3% APRpaid last 24h −0.081%

Price spread now: Orderly against Phoenix−0.073%66s7-day average −0.195% · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.630%−$63 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now −0.073%, 7d avg −0.195%

Together, before fees−0.749%−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.122% dearer against Phoenix than usual: you sell high and buy low (spread −0.073% now, against its 7-day average of −0.195%): +$12 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 35 hours. The two prices were read 66 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	0.09543	0.0249	pay 0.0031% / 1h	19m 46s	$193K	$495K	10x
Short	Orderly PERP_XPL_USDC	0.09536	−0.0028	pay 0.0014% / 4h	19m 46s	$30K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now −0.073%Rate

Funding earned: −$58.13
Price spread: −0.073% → −0.195%: $12.19
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$58.93
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 18 min ago; Orderly: no order-book sample. 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 Phoenix live order book, 18 min ago	1.05 bp	15.0 bp −$15	56.2 bp −$562	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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
Lighter XPL	−0.1448%	1h	0.09528	−0.157%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0520%	1h	0.09527	−0.168%	$554	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09547	+0.040%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09543	0.000%	$46K	$18K	25x	as long as short
Paradex XPL-USD-PERP	−0.0043%	8h	0.09529	−0.148%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDCshort	−0.0028%	4h	0.09536	−0.073%	$30K	$283K	10x
Bybit XPLUSDT	−0.0024%	4h	0.09546	+0.031%	$45.5M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09530	−0.140%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.667%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09547	+0.042%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended XPL-USD	+0.0056%	1h	0.09540	−0.027%	$598K	$1.2M	25x	as long as short
OKX XPL-USDT-SWAP	+0.0060%	4h	0.09547	+0.042%	$7.7M	$47.8M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09529	−0.147%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09561	+0.192%	$60.3M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09555	+0.131%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09534	−0.089%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09549	+0.063%	$43.2M	$97.9M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09548	+0.054%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09546	+0.031%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09548	+0.052%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09542	−0.010%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09556	+0.136%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09548	+0.052%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09548	+0.052%	$179K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.285%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09517	−0.268%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	−0.136%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09547	+0.042%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.346%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.031%	$194	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09524	−0.199%	$131K	$212K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09540	−0.031%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0249%	1h	0.09543	long leg	$193K	$495K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09519	−0.251%	$1.7M	$921K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09620	+0.807%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2725%	1h	0.09626	+0.870%	$544K	$937K	10x	as long as short