Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0300%/8hnext payment −$0.38 per $10,000 · paid last 24h −0.067%

Price spread now: Aevo against Phoenix+0.118%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Aevo is 0.118% dearer against Phoenix than usual: you sell high and buy low (spread +0.118% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.1004	0.0404	pay 0.0051% / 1h	6m 41s	$205K	$627K	10x
Short	Aevo XPL-PERP	0.1005	0.0104	get 0.0013% / 1h	6m 41s	$39K	$5K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Phoenix. 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 PhoenixbpFee AevobpOrdersPrice spread, now +0.118%Rate

Funding earned: −$63.07
Price spread: +0.118% → 0.000%: $11.75
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$74.32
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 25 min ago; Aevo: no order-book sample. Net counts fees only.

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 Phoenix live order book, 25 min ago	1.01 bp	14.6 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell Aevo no order-book sample	—	—	—	—	—

Aevo: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0176%	1h	0.1006	+0.159%	$185K	$281K	10x	as long as short
Lighter XPL	−0.0168%	1h	0.1005	+0.070%	$4.6M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0128%	1h	0.1005	+0.060%	$584	$582	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0048%	1h	0.1005	+0.110%	$50K	$17K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.1007	+0.279%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−24.612%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.1006	+0.143%	$74K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0064%	4h	0.1005	+0.070%	$28K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0098%	8h	0.1005	+0.110%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.1004	+0.015%	$1.4M	$2.6M	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	0.1008	+0.388%	$66.4M	$44.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.1006	+0.219%	$264K	$509K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.1006	+0.216%	$228K	$14K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.1006	+0.135%	$45.9M	$101.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.1006	+0.169%	$49.3M	$50.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.1006	+0.179%	$9.6M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.1002	−0.170%	$142K	$55K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.1006	+0.189%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.1005	+0.110%	$14.0M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.1007	+0.239%	$2.5M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.1007	+0.279%	$8.8M	$10.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.1006	+0.209%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.1003	−0.145%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.1003	−0.119%	$264K	$669K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.1008	+0.378%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.1006	+0.179%	$137K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.1003	−0.119%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.1005	+0.080%	$209	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.1003	−0.090%	$142K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.1006	+0.171%	$725K	$976K	25x	as long as short
Aevo XPL-PERPshort	+0.0104%	1h	0.1005	+0.118%	$39K	$5K	3x
GMX XPL/USD [WBTC.b-USDC]	L +0.0207% / S +0.0037%	1h	0.1006	+0.133%	$141K	—	100x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.1005	+0.080%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0404%	1h	0.1004	long leg	$205K	$627K	10x
Coinbase International XPL-PERP-INTX	+0.0880%	1h	0.1013	+0.876%	$77K	$120K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2784%	1h	0.1009	+0.463%	$298K	$700K	10x	as long as short