Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.067%

Price spread now: Phoenix against SunX+0.166%69s7-day average +0.320% · you sell dearer than you buy

Net, funding: paid 7d − costs−$285as 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−$3263.261% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.413%+$41 on $10k

Price spread, last 4 days (all we have)+0.383%+$38 · spread now +0.166%, 7d avg +0.320%

Together, before fees+0.796%+$80 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.153% cheaper against SunX than usual: you would sell low and buy high (spread +0.166% now, against its 7-day average of +0.320%). If the spread goes back, that is −$15 on $10k: about 2.2 days of funding at the current rate (+$7 a day). The two prices were read 69 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	SunX XPL-USDT	0.09610	0.0100	pay 0.0050% / 4h	21m 45s	$3K	$1.8M	20x
Short	Phoenix XPL	0.09626	0.0334	get 0.0042% / 1h	21m 45s	$195K	$617K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. 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 SunXbpFee PhoenixbpOrdersPrice spread, now +0.166%Rate

Funding earned: $49.12
Price spread: +0.166% → +0.320%: −$15.33
Slippage, 4 orders: −$311.08
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$292.28
Costs to cover: 3.261%
Break-even: 48.6 days

Slippage from SunX: live order book, 4 min ago; Phoenix: live order book, 36 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 SunX live order book, 4 min ago	31.12 bp	148.5 bp −$148	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 36 min ago	1.05 bp	15.0 bp −$15	48.1 bp −$481	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	−0.0368%	1h	0.09627	+0.177%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0312% / S +0.0615%	1h	0.09631	+0.219%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09629	+0.198%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0088%	4h	0.09610	0.000%	$45.5M	$54.7M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0005%	1h	0.09616	+0.062%	$178K	$223K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09620	+0.105%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.221%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09632	+0.226%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09627	+0.177%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09610	−0.003%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09614	+0.042%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09625	+0.156%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09637	+0.279%	$60.8M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09627	+0.178%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09627	+0.174%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09615	+0.056%	$43.7M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09608	−0.021%	$8.3M	$49.3M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09615	+0.052%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09617	+0.073%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09610	0.000%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09630	+0.208%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09625	+0.156%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	+0.049%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	+0.016%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.312%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09643	+0.340%	$124K	$2.0M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09610	long leg	$3K	$1.8M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.104%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	+0.364%	$141K	$206K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	+0.208%	$140K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09616	+0.068%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09627	+0.175%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0334%	1h	0.09626	+0.166%	$195K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09635	+0.260%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.687%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3300%	1h	0.09668	+0.600%	$548K	$975K	10x	as long as short