Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.020%

Price spread now: Backpack against Aster−0.020%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$640.639% of the position

Long on Aster Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 4 days (all we have)+0.701%+$70 · spread now −0.020%, 7d avg −0.023%

Together, before fees+0.758%+ Points / potential airdropAster: Stage 5 · farm board+$76 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.057%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster XPLUSDT	0.09808	0.0100	pay 0.0050% / 4h	2h 19m	$254K	$527K	20x
Short	Backpack XPL_USDC_PERP	0.09806	0.0016	get 0.0002% / 1h	19m 01s	$179K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$17.74
Price spread: −0.020% → −0.023%: $0.34
Slippage, 4 orders: −$45.86
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$81.26
Costs to cover: 0.639%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Backpack: 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 Aster live order book, 3 min ago	7.13 bp	22.8 bp −$23	163.5 bp −$1,635	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	1.02 bp	7.9 bp −$8	doesn't fit	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
Deribit XPL_USDC-PERPETUAL	−0.0158%	1h	0.09808	+0.001%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0082% / S +0.0487%	1h	0.09809	+0.014%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09795	−0.132%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0032%	1h	0.09801	−0.071%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	−0.042%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.813%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09809	+0.010%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERPshort	+0.0016%	1h	0.09806	−0.020%	$179K	$283K	10x
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09804	−0.040%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09801	−0.068%	$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	0.09803	−0.045%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09813	+0.047%	$63.1M	$47.1M	10x	as long as short
Aster XPLUSDTlong	+0.0100%	4h	0.09808	long leg	$254K	$527K	20x
Pacifica XPL	+0.0100%	1h	0.09811	+0.028%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09796	−0.118%	$44.2M	$104.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09798	−0.101%	$47.8M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09796	−0.122%	$9.1M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.072%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09803	−0.050%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09802	−0.061%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09800	−0.081%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09802	−0.061%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09798	−0.101%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	+0.005%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.183%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.021%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09814	+0.067%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.183%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	+0.021%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09802	−0.061%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09802	−0.063%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09810	+0.018%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09806	−0.020%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.286%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.245%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3467%	1h	0.09863	+0.566%	$520K	$942K	10x	as long as short