Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0227%/8h= −24.8% APRpaid last 24h −0.069%

Price spread now: Gate against Phoenix−0.153%47s7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as 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−$770.765% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.619%−$62 on $10k

Price spread, last 3 days (all we have)−0.190%−$19 · spread now −0.153%, 7d avg −0.158%

Together, before fees−0.809%−$81 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.158%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. 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	Phoenix XPL	0.09812	0.0327	pay 0.0041% / 1h	58m 32s	$199K	$650K	10x
Short	Gate XPL_USDT	0.09797	0.0100	get 0.0050% / 4h	3h 58m	$3.1M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.153%Rate

Funding earned: −$47.63
Price spread: −0.153% → −0.158%: $0.48
Slippage, 4 orders: −$54.51
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$123.66
Costs to cover: 0.765%
Break-even: never at this rate

Slippage from Phoenix: live order book, 14 min ago; Gate: live order book, 5 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, 14 min ago	1.03 bp	14.9 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.53 bp	25.0 bp −$25	154.4 bp −$1,544	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	−0.0312%	1h	0.09782	−0.306%	$4.4M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0158%	1h	0.09795	−0.173%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0151% / S +0.0532%	1h	0.09795	−0.171%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0136%	1h	0.09791	−0.214%	$569	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09799	−0.136%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.846%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09798	−0.146%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0023%	8h	0.09794	−0.184%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0035%	4h	0.09793	−0.194%	$29K	$335K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09788	−0.247%	$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	0.09806	−0.060%	$63.3M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09797	−0.153%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09798	−0.141%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09793	−0.194%	$44.7M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09788	−0.245%	$47.5M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09787	−0.255%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	−0.168%	$143K	$4K	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09797	−0.153%	$3.1M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09792	−0.204%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09790	−0.224%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09797	−0.153%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09792	−0.204%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09797	−0.153%	$181K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09787	−0.253%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09788	−0.240%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	−0.122%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09800	−0.125%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.428%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.224%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09797	−0.153%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09794	−0.185%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09799	−0.136%	$38K	$5K	3x	as long as short
Phoenix XPLlong	+0.0327%	1h	0.09812	long leg	$199K	$650K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09795	−0.173%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09804	−0.082%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5053%	1h	0.09846	+0.345%	$569K	$1.0M	10x	as long as short