Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.068%

Price spread now: Phoenix against HTX−0.021%72s7-day average +0.174% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as 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−$1581.580% of the position

Long on HTX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 4 days (all we have)+1.097%+$110 · spread now −0.021%, 7d avg +0.174%

Together, before fees+1.360%+$136 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.195% cheaper against HTX than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.174%). If the spread goes back, that is −$19 on $10k: about 4.4 days of funding at the current rate (+$4 a day). The two prices were read 72 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	HTX XPL-USDT	0.09619	0.0100	pay 0.0050% / 4h	1h 31m	$145K	$264K	20x
Short	Phoenix XPL	0.09617	0.0248	get 0.0031% / 1h	31m 33s	$195K	$629K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against HTX. 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 HTXbpFee PhoenixbpOrdersPrice spread, now −0.021%Rate

Funding earned: $31.08
Price spread: −0.021% → +0.174%: −$19.47
Slippage, 4 orders: −$138.96
Fee HTX: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$146.35
Costs to cover: 1.580%
Break-even: 40.0 days

Slippage from HTX: live order book, 30 min ago; Phoenix: live order book, 31 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 HTX live order book, 30 min ago	14.47 bp	58.2 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 31 min ago	1.03 bp	14.9 bp −$15	48.3 bp −$483	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	−0.0470%	1h	0.09611	−0.083%	$181K	$243K	10x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09612	−0.073%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0253% / S +0.0579%	1h	0.09619	−0.003%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0062%	1h	0.09610	−0.094%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09605	−0.146%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09619	−0.004%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.293%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09619	+0.003%	$73K	—	150x	as long as short
Bybit XPLUSDT	+0.0017%	4h	0.09611	−0.083%	$45.5M	$56.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0046%	4h	0.09615	−0.042%	$8.3M	$53.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0058%	8h	0.09610	−0.097%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0064%	4h	0.09610	−0.094%	$3.0M	$3.8M	75x	as long as short
Lighter XPL	+0.0088%	1h	0.09605	−0.146%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09619	0.000%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09624	+0.049%	$60.4M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09614	−0.050%	$244K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09615	−0.037%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09619	0.000%	$43.5M	$108.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09610	−0.094%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09603	−0.166%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09615	−0.042%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09610	−0.094%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09612	−0.077%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09614	−0.057%	$255K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.114%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09628	+0.098%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.198%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.094%	$2K	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09619	long leg	$145K	$264K	20x
Bulk XPL-USD	+0.0100%	1h	0.09615	−0.042%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09611	−0.078%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09613	−0.060%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09617	−0.021%	$195K	$629K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09612	−0.073%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.218%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3563%	1h	0.09649	+0.307%	$547K	$1.0M	10x	as long as short