Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0322%/8h= +35.2% APRpaid last 24h +0.023%

Price spread now: BingX against Backpack+0.021%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

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

costs, in and out, $10k−$500.497% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now +0.021%, 7d avg −0.029%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BingX is 0.049% dearer against Backpack than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.029%. Mind the row above: over the last 7 days funding on this pair cost −0.059%, 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 -0.059% in total (about -3.1% 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	0.09755	−0.0222	get 0.0028% / 1h	1m 41s	$177K	$279K	10x
Short	BingX XPL-USDT	0.09757	0.0100	get 0.0050% / 4h	1h 01m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.021%Rate

Funding earned: $67.58
Price spread: +0.021% → −0.029%: $4.92
Slippage, 4 orders: −$29.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $22.78
Costs to cover: 0.497%
Break-even: 4.6 days

Slippage from Backpack: live order book, 17 min ago; BingX: 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 Backpack live order book, 17 min ago	0.51 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	5.64 bp	12.7 bp −$13	26.3 bp −$263	84.1 bp −$8,414	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	−0.0222%	1h	0.09755	long leg	$177K	$279K	10x
01 Exchange XPLUSD	−0.0208%	1h	0.09747	−0.082%	$567	$708	5x	as long as short
Lighter XPL	−0.0200%	1h	0.09745	−0.103%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0119% / S +0.0511%	1h	0.09753	−0.025%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09749	−0.065%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.394%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09753	−0.021%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	−0.018%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0068%	4h	0.09747	−0.082%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09755	+0.002%	$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	0.09754	−0.010%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09773	+0.180%	$63.2M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09763	+0.081%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09763	+0.083%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09758	+0.031%	$44.1M	$107.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09757	+0.021%	$48.0M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09752	−0.031%	$8.9M	$54.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	−0.418%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09753	−0.021%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09759	+0.041%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09749	−0.062%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09763	+0.082%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09757	+0.021%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09722	−0.336%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.256%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.256%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09759	+0.036%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.256%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.051%	$449	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09754	−0.010%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09756	+0.006%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09750	−0.051%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09755	0.000%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09734	−0.215%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09778	+0.236%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4578%	1h	0.09806	+0.519%	$564K	$1.0M	10x	as long as short