Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0362%/8h= +39.6% APRpaid last 24h +0.092%

Price spread now: BloFin against Backpack+0.082%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$500.498% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.376%+$38 on $10k

Price spread, last 3 days (all we have)−0.278%−$28 · spread now +0.082%, 7d avg −0.026%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and BloFin is 0.108% dearer against Backpack than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09756	−0.0022	get 0.0003% / 1h	14m 23s	$178K	$283K	10x
Short	BloFin XPL-USDT	0.09764	0.0340	get 0.0170% / 4h	2h 14m	$1.8M	$1.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.082%Rate

Funding earned: $76.03
Price spread: +0.082% → −0.026%: $10.85
Slippage, 4 orders: −$27.79
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $37.08
Costs to cover: 0.498%
Break-even: 3.6 days

Slippage from Backpack: live order book, 9 min ago; BloFin: live order book, 3 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, 9 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	4.62 bp	13.5 bp −$13	24.4 bp −$244	77.7 bp −$7,770	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	−0.0159%	1h	0.09765	+0.092%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0096%	1h	0.09735	−0.215%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0084% / S +0.0489%	1h	0.09750	−0.062%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09747	−0.092%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERPlong	−0.0022%	1h	0.09756	long leg	$178K	$283K	10x
dYdX XPL-USD	0.0000%	1h	0.09750	−0.065%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.400%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09750	−0.058%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09748	−0.082%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09744	−0.127%	$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	0.09747	−0.090%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09759	+0.031%	$62.7M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09749	−0.072%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	−0.072%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09750	−0.065%	$44.0M	$105.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09747	−0.092%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09751	−0.051%	$9.0M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.605%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09743	−0.133%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09747	−0.092%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09751	−0.051%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09751	−0.051%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09749	−0.072%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	−0.071%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	−0.056%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09770	+0.144%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09757	+0.011%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.369%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	+0.041%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	−0.031%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09744	−0.122%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	−0.028%	$38K	$5K	3x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09764	+0.082%	$1.8M	$1.2M	75x
Phoenix XPL	+0.0485%	1h	0.09771	+0.154%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.277%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3484%	1h	0.09815	+0.610%	$517K	$944K	10x	as long as short