XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0853%/8h= −93.4% APRnext payment −$1.07 per $10,000 · paid last 24h −0.139%

Price spread now: Deribit against Phoenix−0.686%70s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Deribit

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

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Deribit is 0.686% cheaper against Phoenix than usual: you would sell low and buy high (−$69 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 70 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	0.09771	0.0485	pay 0.0061% / 1h	12m 10s	$198K	$646K	10x
Short	Deribit XPL_USDC-PERPETUAL	0.09704	−0.0368	pay 0.0046% / 1h	12m 10s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.686%Rate

Funding earned: −$179.06
Price spread: −0.686% → 0.000%: −$68.57
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$261.63
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 11 min ago; Deribit: 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, 11 min ago	1.02 bp	14.7 bp −$15	55.9 bp −$559	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Deribit XPL_USDC-PERPETUALshort	−0.0368%	1h	0.09704	−0.686%	$47K	$18K	25x
Lighter XPL	−0.0088%	1h	0.09692	−0.809%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0085% / S +0.0489%	1h	0.09706	−0.667%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0056%	1h	0.09700	−0.727%	$564	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0051%	1h	0.09702	−0.706%	$177K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09721	−0.517%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.520%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09708	−0.643%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09701	−0.716%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0091%	8h	0.09711	−0.612%	$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	0.09711	−0.617%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09713	−0.597%	$62.4M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09708	−0.646%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09721	−0.515%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09697	−0.760%	$43.7M	$105.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09697	−0.757%	$47.2M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09699	−0.737%	$9.0M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.450%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09707	−0.655%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	−0.747%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09709	−0.635%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09706	−0.665%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09698	−0.747%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	−0.225%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	−0.209%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	−0.215%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09712	−0.604%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.931%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.727%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09691	−0.819%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09698	−0.748%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09704	−0.688%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09723	−0.491%	$1.8M	$1.2M	75x	as long as short
Phoenix XPLlong	+0.0485%	1h	0.09771	long leg	$198K	$646K	10x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.123%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3501%	1h	0.09768	−0.035%	$515K	$944K	10x	as long as short