XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0148%/8h= +16.2% APRnext payment +$0.18 per $10,000 · paid last 24h +0.065%

Price spread now: Phoenix against Polymarket Perps+0.241%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.460%+$46 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now +0.241%, 7d avg +0.071%

Together, before fees+0.243%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Phoenix is 0.170% dearer against Polymarket Perps than usual: you sell high and buy low: +$17 more if the spread goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09637	0.0100	pay 0.0013% / 1h	3m 15s	$126K	$1.8M	10x
Short	Phoenix XPL	0.09660	0.0248	get 0.0031% / 1h	3m 15s	$196K	$506K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.241%Rate

Funding earned: $31.04
Price spread: +0.241% → +0.071%: $17.02
Slippage, 4 orders: −$29.56
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $3.5
Costs to cover: 0.446%
Break-even: 6.2 days

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 39 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 Polymarket Perps live order book, 5 min ago	3.06 bp	7.4 bp −$7	8.7 bp −$87	doesn't fit	doesn't fit
Sell Phoenix live order book, 39 min ago	1.04 bp	15.0 bp −$15	48.5 bp −$485	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	−0.1128%	1h	0.09610	−0.278%	$4.3M	$3.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0373%	1h	0.09622	−0.154%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09625	−0.127%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09622	−0.154%	$559	$873	5x	as long as short
Orderly PERP_XPL_USDC	−0.0008%	4h	0.09619	−0.185%	$30K	$247K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09638	+0.010%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.437%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09641	+0.039%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0062%	8h	0.09626	−0.109%	$13K	$696	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09637	0.000%	$60.9M	$46.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09632	−0.052%	$254K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09636	−0.010%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09618	−0.191%	$43.8M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09621	−0.164%	$45.9M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09616	−0.216%	$7.8M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	+0.189%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09624	−0.133%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09619	−0.185%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09630	−0.071%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09630	−0.071%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09622	−0.154%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09626	−0.112%	$180K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09647	+0.104%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09635	−0.014%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+0.137%	$25K	$75K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09627	−0.097%	$1.3M	$2.2M	10x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09637	long leg	$126K	$1.8M	10x
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.382%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.174%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09607	−0.309%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09617	−0.208%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09620	−0.174%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09660	+0.241%	$196K	$506K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09620	−0.174%	$1.7M	$934K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.843%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2835%	1h	0.09657	+0.205%	$548K	$932K	10x	as long as short