Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: Bybit against Backpack−0.082%45s7-day average −0.054% · 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—prices read too far apart to compare

costs, in and out, $10k−$430.425% of the position

Long on Backpack Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.156%−$16 on $10k

Price spread, last 4 days (all we have)−0.187%−$19 · spread now −0.082%, 7d avg −0.054%

Together, before fees−0.343%−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.029% cheaper against Backpack than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.054%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09712	0.0100	pay 0.0013% / 1h	37m 23s	$179K	$281K	10x
Short	Bybit XPLUSDT	0.09704	0.0100	get 0.0050% / 4h	37m 23s	$47.4M	$55.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.082%Rate

Funding earned: $0
Price spread: −0.082% → −0.054%: −$2.86
Slippage, 4 orders: −$21.55
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$45.41
Costs to cover: 0.425%
Break-even: never at this rate

Slippage from Backpack: live order book, 41 min ago; Bybit: live order book, 2 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, 41 min ago	0.51 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.51 bp	11.6 bp −$12	30.3 bp −$303	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
Lighter XPL	−0.0672%	1h	0.09690	−0.227%	$4.4M	$4.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0470%	1h	0.09718	+0.062%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0384%	1h	0.09698	−0.144%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0131% / S +0.0519%	1h	0.09735	+0.240%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09709	−0.026%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.051%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09709	−0.027%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0023%	8h	0.09699	−0.138%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0056%	4h	0.09717	+0.051%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0094%	4h	0.09701	−0.113%	$3.0M	$4.0M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09720	+0.082%	$62.8M	$48.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09716	+0.037%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09710	−0.021%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09704	−0.082%	$44.1M	$108.0M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09704	−0.082%	$47.4M	$55.2M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09708	−0.041%	$8.8M	$54.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	+0.289%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	−0.051%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	−0.051%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09713	+0.010%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09702	−0.103%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPlong	+0.0100%	1h	0.09712	long leg	$179K	$281K	10x
Variational Omni XPL	+0.0100%	4h	0.09752	+0.415%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09755	+0.441%	$261K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.391%	$25K	$88K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09702	−0.108%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	+0.047%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.021%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.021%	$196	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09735	+0.237%	$138K	$234K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09705	−0.074%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09724	+0.121%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09751	+0.402%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09735	+0.237%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.164%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5110%	1h	0.09770	+0.594%	$563K	$1.0M	10x	as long as short