Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0409%/8h= +44.7% APRpaid last 24h +0.023%

Price spread now: Binance against Backpack−0.059%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$410.415% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)−0.350%−$35 · spread now −0.059%, 7d avg −0.023%

Together, before fees−0.432%−$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.036% cheaper against Backpack than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of −0.023%). If the spread goes back, that is −$4 on $10k: about 7 hours of funding at the current rate (+$12 a day). Mind the row above: over the last 7 days funding on this pair cost −0.082%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.082% in total (about -4.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09749	−0.0309	get 0.0039% / 1h	39m 03s	$178K	$281K	10x
Short	Binance XPLUSDT	0.09743	0.0100	get 0.0050% / 4h	1h 39m	$43.8M	$106.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.059%Rate

Funding earned: $85.81
Price spread: −0.059% → −0.023%: −$3.6
Slippage, 4 orders: −$21.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $40.72
Costs to cover: 0.415%
Break-even: 3.7 days

Slippage from Backpack: live order book, 44 min ago; Binance: 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 Backpack live order book, 44 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.51 bp	11.4 bp −$11	24.6 bp −$246	117.5 bp −$11.7K	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_PERPlong	−0.0309%	1h	0.09749	long leg	$178K	$281K	10x
01 Exchange XPLUSD	−0.0200%	1h	0.09747	−0.021%	$567	$708	5x	as long as short
Lighter XPL	−0.0136%	1h	0.09735	−0.144%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0101% / S +0.0500%	1h	0.09753	+0.040%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09749	0.000%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09748	−0.013%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.347%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	+0.043%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09747	−0.021%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09743	−0.063%	$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	0.09755	+0.056%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09763	+0.138%	$62.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09751	+0.017%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	+0.010%	$222K	$46K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09743	−0.059%	$43.8M	$106.3M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09745	−0.041%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09746	−0.031%	$8.9M	$53.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.008%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09745	−0.041%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09744	−0.051%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09752	+0.031%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09753	+0.041%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09744	−0.051%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	−0.017%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.190%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.092%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09762	+0.129%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.195%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.092%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	−0.062%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09742	−0.068%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09749	−0.001%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09752	+0.031%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	−0.051%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.154%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4587%	1h	0.09786	+0.377%	$515K	$952K	10x	as long as short