Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h −0.008%

Price spread now: Phoenix against BloFin+0.134%7-day average +0.172% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$510.512% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 3 days (all we have)+0.246%+$25 · spread now +0.134%, 7d avg +0.172%

Together, before fees+0.219%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.037% cheaper against BloFin than usual: you would sell low and buy high (spread +0.134% now, against its 7-day average of +0.172%). If the spread goes back, that is −$4 on $10k: about 21 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09692	0.0340	pay 0.0170% / 4h	2h 04m	$1.7M	$1.2M	75x
Short	Phoenix XPL	0.09705	0.0485	get 0.0061% / 1h	4m 26s	$196K	$646K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.134%Rate

Funding earned: $30.4
Price spread: +0.134% → +0.172%: −$3.75
Slippage, 4 orders: −$32.22
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$24.57
Costs to cover: 0.512%
Break-even: 12.7 days

Slippage from BloFin: live order book, 3 min ago; Phoenix: live order book, 18 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 BloFin live order book, 3 min ago	1.03 bp	11.5 bp −$11	25.6 bp −$256	71.6 bp −$7,164	doesn't fit
Sell Phoenix live order book, 18 min ago	1.02 bp	14.7 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
Backpack XPL_USDC_PERP	−0.0103%	1h	0.09697	+0.052%	$177K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0089% / S +0.0492%	1h	0.09696	+0.042%	$112K	—	100x	as long as short
Lighter XPL	−0.0080%	1h	0.09684	−0.083%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0072%	1h	0.09690	−0.021%	$563	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09697	+0.047%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.889%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09699	+0.072%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09696	+0.041%	$71K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09692	0.000%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09697	+0.055%	$13K	$2K	5x	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	0.09698	+0.062%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09705	+0.134%	$62.3M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09694	+0.016%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	+0.062%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09691	−0.007%	$43.7M	$105.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09692	0.000%	$47.2M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09691	−0.010%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	−0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09690	−0.021%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09695	+0.031%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09697	+0.052%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09694	+0.021%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09662	−0.309%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09704	+0.122%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.083%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09701	+0.093%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.124%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.083%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09686	−0.062%	$137K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	+0.031%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09691	−0.014%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09695	+0.032%	$38K	$5K	3x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09692	long leg	$1.7M	$1.2M	75x
Phoenix XPLshort	+0.0485%	1h	0.09705	+0.134%	$196K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09719	+0.279%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3514%	1h	0.09732	+0.417%	$513K	$948K	10x	as long as short