Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.078%

Price spread now: Bybit against Phoenix−0.323%95s7-day average −0.196% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as 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−$590.588% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.525%−$52 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now −0.323%, 7d avg −0.196%

Together, before fees−0.652%−$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bybit is 0.128% cheaper against Phoenix than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.196%). Swap the legs. The two prices were read 95 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	Phoenix XPL	0.09584	0.0248	pay 0.0031% / 1h	59m 47s	$194K	$573K	10x
Short	Bybit XPLUSDT	0.09553	0.0049	get 0.0024% / 4h	2h 59m	$45.2M	$54.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.323%Rate

Funding earned: −$41.85
Price spread: −0.323% → −0.196%: −$12.78
Slippage, 4 orders: −$40.79
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$113.42
Costs to cover: 0.588%
Break-even: never at this rate

Slippage from Phoenix: live order book, 53 min ago; Bybit: live order book, 4 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 Phoenix live order book, 53 min ago	1.03 bp	14.8 bp −$15	56.0 bp −$560	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.52 bp	16.4 bp −$16	42.0 bp −$420	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	−0.0360%	1h	0.09554	−0.313%	$555	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09560	−0.245%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0081%	1h	0.09558	−0.271%	$174K	$190K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09562	−0.230%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09559	−0.263%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.006%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09560	−0.247%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0009%	4h	0.09556	−0.292%	$29K	$330K	10x	as long as short
Lighter XPL	+0.0016%	1h	0.09557	−0.282%	$4.3M	$3.0M	10x	as long as short
Bybit XPLUSDTshort	+0.0049%	4h	0.09553	−0.323%	$45.2M	$54.2M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09551	−0.348%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09554	−0.313%	$1.2M	$2.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09571	−0.132%	$249K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09558	−0.270%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09553	−0.323%	$43.4M	$100.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09559	−0.261%	$8.1M	$48.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09601	+0.173%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09552	−0.334%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09552	−0.334%	$12.5M	$7.1M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09554	−0.313%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09565	−0.198%	$9.0M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09552	−0.334%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09553	−0.325%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09613	+0.304%	$259K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	+0.271%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09566	−0.184%	$127K	$1.9M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.459%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.250%	$195	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09611	+0.282%	$141K	$184K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09549	−0.366%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09548	−0.374%	$28K	$18K	3x	as long as short
Hyperliquid XPL	+0.0128%	1h	0.09567	−0.183%	$60.4M	$46.7M	10x	as long as short
Phoenix XPLlong	+0.0248%	1h	0.09584	long leg	$194K	$573K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09563	−0.219%	$1.7M	$945K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09596	+0.125%	$73K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3144%	1h	0.09580	−0.045%	$545K	$988K	10x	as long as short