Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0330%/8h= −36.1% APRpaid last 24h −0.082%

Price spread now: Orderly against Phoenix−0.248%7-day average −0.188% · you buy dearer than you sell

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

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.631%−$63 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now −0.248%, 7d avg −0.188%

Together, before fees−0.576%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Orderly is 0.060% cheaper against Phoenix than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.188%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09678	0.0328	pay 0.0041% / 1h	2m 43s	$196K	$657K	10x
Short	Orderly PERP_XPL_USDC	0.09654	−0.0002	pay 0.0001% / 4h	2h 02m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.248%Rate

Funding earned: −$69.22
Price spread: −0.248% → −0.188%: −$6
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$88.22
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 65 min ago; Orderly: 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, 65 min ago	1.01 bp	14.6 bp −$15	56.2 bp −$562	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 35 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	−0.0304%	1h	0.09647	−0.320%	$561	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0268%	1h	0.09655	−0.238%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0220%	1h	0.09647	−0.320%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0208% / S +0.0569%	1h	0.09658	−0.203%	$111K	—	100x	as long as short
Orderly PERP_XPL_USDCshort	−0.0002%	4h	0.09654	−0.248%	$29K	$335K	10x
dYdX XPL-USD	0.0000%	1h	0.09657	−0.214%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.775%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09660	−0.189%	$59K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0039%	4h	0.09657	−0.217%	$8.3M	$53.5M	50x	as long as short
Lighter XPL	+0.0040%	1h	0.09645	−0.341%	$4.4M	$4.2M	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0043%	8h	0.09657	−0.220%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09655	−0.238%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09660	−0.182%	$61.4M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09652	−0.270%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09659	−0.196%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09652	−0.269%	$43.8M	$108.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09653	−0.258%	$46.5M	$56.4M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09652	−0.269%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09649	−0.300%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09650	−0.289%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09660	−0.186%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09657	−0.217%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09664	−0.141%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09649	−0.300%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.021%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09666	−0.124%	$131K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.393%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.289%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09671	−0.072%	$144K	$249K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.186%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09655	−0.241%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09653	−0.260%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0328%	1h	0.09678	long leg	$196K	$657K	10x
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.909%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4412%	1h	0.09695	+0.171%	$550K	$1.0M	10x	as long as short