XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0151%/8h= +16.5% APRnext payment +$0.19 per $10,000 · paid last 24h +0.114%

Price spread now: Phoenix against Backpack−0.354%7-day average +0.154% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$510.513% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.388%+$39 on $10k

Price spread, last 4 days (all we have)+0.686%+$69 · spread now −0.354%, 7d avg +0.154%

Together, before fees+1.074%+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.508% cheaper against Backpack than usual: you would sell low and buy high (spread −0.354% now, against its 7-day average of +0.154%). If the spread goes back, that is −$51 on $10k: about 11 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09616	0.0100	pay 0.0013% / 1h	20m 11s	$175K	$190K	10x
Short	Phoenix XPL	0.09582	0.0251	get 0.0031% / 1h	20m 11s	$194K	$536K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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 BackpackbpFee PhoenixbpOrdersPrice spread, now −0.354%Rate

Funding earned: $31.65
Price spread: −0.354% → +0.154%: −$50.78
Slippage, 4 orders: −$34.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$70.44
Costs to cover: 0.513%
Break-even: 22.6 days

Slippage from Backpack: live order book, 28 min ago; Phoenix: live order book, 28 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 Backpack live order book, 28 min ago	2.61 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	1.04 bp	15.0 bp −$15	48.2 bp −$482	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	−0.0272%	1h	0.09629	+0.135%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09643	+0.281%	$106K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09640	+0.251%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.268%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09642	+0.270%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09643	+0.281%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0008%	4h	0.09636	+0.208%	$29K	$306K	10x	as long as short
Lighter XPL	+0.0024%	1h	0.09631	+0.156%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0063%	8h	0.09643	+0.277%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09641	+0.255%	$1.2M	$2.3M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09652	+0.371%	$61.0M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09648	+0.331%	$254K	$428K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09642	+0.271%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09643	+0.281%	$43.7M	$99.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09640	+0.250%	$45.7M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09642	+0.270%	$8.2M	$48.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09581	−0.360%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09641	+0.260%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09642	+0.270%	$12.4M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09642	+0.270%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09651	+0.364%	$9.2M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09640	+0.250%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERPlong	+0.0100%	1h	0.09616	long leg	$175K	$190K	10x
Variational Omni XPL	+0.0100%	4h	0.09604	−0.127%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	−0.374%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	−0.478%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	+0.322%	$126K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	+0.042%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.250%	$206	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09617	+0.010%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09636	+0.211%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09635	+0.196%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0251%	1h	0.09582	−0.354%	$194K	$536K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09620	+0.042%	$1.7M	$949K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09666	+0.520%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2873%	1h	0.09675	+0.615%	$550K	$975K	10x	as long as short