Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0281%/8h= −30.8% APRpaid last 24h −0.072%

Price spread now: Paradex against Phoenix−0.257%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Paradex is 0.257% cheaper against Phoenix than usual: you would sell low and buy high (−$26 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09583	0.0249	pay 0.0031% / 1h	11m 27s	$194K	$495K	10x
Short	Paradex XPL-USD-PERP	0.09558	−0.0032	pay 0.0032% / 8h	11m 27s	$12K	$696	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.257%Rate

Funding earned: −$58.98
Price spread: −0.257% → 0.000%: −$25.68
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$95.66
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 26 min ago; Paradex: 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, 26 min ago	1.05 bp	15.0 bp −$15	56.2 bp −$562	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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	−0.1416%	1h	0.09547	−0.376%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0472%	1h	0.09563	−0.209%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09567	−0.163%	$106K	—	100x	as long as short
Paradex XPL-USD-PERPshort	−0.0032%	8h	0.09558	−0.257%	$12K	$696	5x
Bybit XPLUSDT	−0.0030%	4h	0.09562	−0.219%	$45.5M	$53.8M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0027%	4h	0.09566	−0.177%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09569	−0.149%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.997%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09566	−0.177%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09570	−0.136%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0050%	4h	0.09563	−0.209%	$7.7M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09562	−0.224%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09586	+0.028%	$60.5M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09572	−0.113%	$253K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09567	−0.168%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09565	−0.188%	$43.3M	$97.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09566	−0.177%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09565	−0.188%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09565	−0.188%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09573	−0.104%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09564	−0.198%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09568	−0.157%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.396%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	−0.136%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	−0.136%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09575	−0.081%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.449%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.240%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	−0.188%	$132K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	−0.292%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09564	−0.196%	$595K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09565	−0.188%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0249%	1h	0.09583	long leg	$194K	$495K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09565	−0.188%	$1.7M	$925K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09570	−0.136%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2734%	1h	0.09594	+0.110%	$541K	$939K	10x	as long as short