Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0312%/8h= −34.2% APRpaid last 24h −0.067%

Price spread now: OKX against Phoenix−0.195%56s7-day average −0.155% · you buy dearer than you sell

Net, funding: paid 7d − costs−$95as 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−$470.475% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.478%−$48 on $10k

Price spread, last 3 days (all we have)−0.223%−$22 · spread now −0.195%, 7d avg −0.155%

Together, before fees−0.701%−$70 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and OKX is 0.041% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.155%). Swap the legs. The two prices were read 56 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	0.09730	0.0412	pay 0.0051% / 1h	12m 31s	$197K	$652K	10x
Short	OKX XPL-USDT-SWAP	0.09711	0.0100	get 0.0050% / 4h	1h 12m	$8.9M	$53.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.195%Rate

Funding earned: −$65.51
Price spread: −0.195% → −0.155%: −$4.07
Slippage, 4 orders: −$30.48
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$117.06
Costs to cover: 0.475%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; OKX: live order book, 1 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, 5 min ago	1.03 bp	14.8 bp −$15	56.0 bp −$560	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.51 bp	7.9 bp −$8	31.4 bp −$314	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
Backpack XPL_USDC_PERP	−0.0298%	1h	0.09716	−0.144%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09712	−0.185%	$565	$708	5x	as long as short
Lighter XPL	−0.0216%	1h	0.09704	−0.267%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0114% / S +0.0508%	1h	0.09708	−0.227%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09718	−0.120%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.194%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09712	−0.185%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09710	−0.206%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09704	−0.267%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09709	−0.212%	$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	0.09710	−0.200%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09732	+0.022%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09717	−0.131%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09717	−0.135%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09710	−0.203%	$43.8M	$107.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09713	−0.175%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09711	−0.195%	$8.9M	$53.9M	50x
Bulk XPL-USD	+0.0100%	1h	0.09725	−0.056%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09709	−0.216%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09711	−0.195%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09718	−0.123%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09715	−0.154%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09711	−0.195%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09719	−0.110%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.108%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	0.000%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09715	−0.155%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.206%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.206%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	−0.175%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09711	−0.200%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09711	−0.193%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	−0.267%	$1.7M	$1.1M	75x	as long as short
Phoenix XPLlong	+0.0412%	1h	0.09730	long leg	$197K	$652K	10x
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.308%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4594%	1h	0.09771	+0.425%	$561K	$995K	10x	as long as short