Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0155%/8h= +16.9% APRpaid last 24h +0.062%

Price spread now: Phoenix against MEXC0.000%47s7-day average +0.170% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as 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−$360.357% of the position

Long on MEXC Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.436%+$44 on $10k

Price spread, last 4 days (all we have)+0.752%+$75 · spread now 0.000%, 7d avg +0.170%

Together, before fees+1.187%+$119 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.170% cheaper against MEXC than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.170%). If the spread goes back, that is −$17 on $10k: about 3.7 days of funding at the current rate (+$5 a day). The two prices were read 47 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	MEXC XPL_USDT	0.09498	0.0096	pay 0.0048% / 4h	3h 26m	$12.6M	$6.5M	100x
Short	Phoenix XPL	0.09498	0.0251	get 0.0031% / 1h	26m 33s	$192K	$494K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against MEXC. 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 MEXCbpFee PhoenixbpOrdersPrice spread, now 0.000%Rate

Funding earned: $32.48
Price spread: 0.000% → +0.170%: −$16.95
Slippage, 4 orders: −$28.69
Fee MEXC: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.17
Costs to cover: 0.357%
Break-even: 11.3 days

Slippage from MEXC: live order book, 7 min ago; Phoenix: live order book, 6 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 MEXC live order book, 7 min ago	0.53 bp	2.7 bp −$3	6.8 bp −$68	80.0 bp −$7,998	228.3 bp −$114.1K
Sell Phoenix live order book, 6 min ago	1.05 bp	15.1 bp −$15	48.4 bp −$484	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	−0.1200%	1h	0.09486	−0.126%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0478%	4h	0.09495	−0.032%	$45.0M	$54.3M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09480	−0.190%	$551	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0381%	1h	0.09506	+0.084%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09514	+0.166%	$105K	—	100x	as long as short
Gate XPL_USDT	−0.0130%	4h	0.09491	−0.074%	$2.9M	$3.3M	75x	as long as short
Paradex XPL-USD-PERP	−0.0120%	8h	0.09486	−0.123%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0062%	1h	0.09508	+0.105%	$178K	$180K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0052%	4h	0.09492	−0.063%	$7.5M	$47.3M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0031%	4h	0.09501	+0.032%	$30K	$246K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09519	+0.225%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.289%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09503	+0.050%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0072%	1h	0.09483	−0.155%	$613K	$1.2M	25x	as long as short
Binance XPLUSDT	+0.0094%	4h	0.09496	−0.022%	$43.3M	$98.1M	75x	as long as short
MEXC XPL_USDTlong	+0.0096%	4h	0.09498	long leg	$12.6M	$6.5M	100x
Nado XPL-PERP	+0.0100%	1h	0.09509	+0.116%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09514	+0.167%	$60.2M	$45.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09505	+0.075%	$252K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09506	+0.085%	$217K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−0.197%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09493	−0.053%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09494	−0.042%	$8.9M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09482	−0.168%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09478	−0.211%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09478	−0.214%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09490	−0.084%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09513	+0.163%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−0.084%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09500	+0.021%	$192	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09501	+0.032%	$132K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09509	+0.120%	$28K	$18K	3x	as long as short
Phoenix XPLshort	+0.0251%	1h	0.09498	0.000%	$192K	$494K	10x
BloFin XPL-USDT	+0.0336%	4h	0.09498	0.000%	$1.7M	$941K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+1.032%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2721%	1h	0.09531	+0.352%	$541K	$957K	10x	as long as short