XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.9% APRnext payment −$0.08 per $10,000 · paid last 24h −0.068%

Price spread now: Pacifica against Phoenix−0.452%47s7-day average −0.125% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as 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−$770.770% of the position

Long on Phoenix Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.412%−$41 on $10k

Price spread, last 3 days (all we have)+0.181%+$18 · spread now −0.452%, 7d avg −0.125%

Together, before fees−0.232%+ Points / potential airdropPacifica: Active · farm board−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Pacifica is 0.327% cheaper against Phoenix than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of −0.125%). Swap the legs. The two prices were read 47 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	0.09934	0.0163	pay 0.0020% / 1h	5m 56s	$201K	$655K	10x
Short	Pacifica XPL	0.09889	0.0100	get 0.0013% / 1h	5m 56s	$225K	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.452%Rate

Funding earned: −$13.25
Price spread: −0.452% → −0.125%: −$32.7
Slippage, 4 orders: −$61.99
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$122.94
Costs to cover: 0.770%
Break-even: never at this rate

Slippage from Phoenix: live order book, 67 min ago; Pacifica: live order book, 2 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, 67 min ago	1.03 bp	14.9 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Pacifica live order book, 2 min ago	5.04 bp	23.9 bp −$24	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
01 Exchange XPLUSD	−0.0192%	1h	0.09870	−0.644%	$574	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0176% / S +0.0548%	1h	0.09885	−0.496%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0155%	1h	0.09882	−0.523%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09889	−0.457%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.792%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09886	−0.479%	$59K	—	150x	as long as short
Lighter XPL	+0.0016%	1h	0.09878	−0.564%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09879	−0.554%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0050%	8h	0.09882	−0.526%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0076%	4h	0.09883	−0.513%	$8.8M	$55.9M	50x	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	0.09883	−0.513%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09900	−0.347%	$261K	$539K	20x	as long as short
Pacifica XPLshort	+0.0100%	1h	0.09889	−0.452%	$225K	$46K	10x
Binance XPLUSDT	+0.0100%	4h	0.09884	−0.503%	$45.2M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09885	−0.493%	$48.2M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09909	−0.251%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09886	−0.483%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09883	−0.513%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09895	−0.393%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09889	−0.453%	$8.9M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09884	−0.503%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09890	−0.443%	$185K	$243K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09881	−0.537%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09910	−0.242%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09930	−0.040%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09892	−0.418%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09860	−0.745%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09890	−0.443%	$497	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09901	−0.332%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09884	−0.503%	$674K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09880	−0.540%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0163%	1h	0.09934	long leg	$201K	$655K	10x
Hyperliquid XPL	+0.0179%	1h	0.09903	−0.308%	$64.3M	$47.0M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09904	−0.302%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.463%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5006%	1h	0.09938	+0.037%	$575K	$1.0M	10x	as long as short