XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0598%/8h= +65.5% APRnext payment +$0.75 per $10,000 · paid last 24h +0.234%

Price spread now: Coinbase International against Backpack+0.185%7-day average +0.709% · you sell dearer than you buy

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs−$211as in the Price arb table

costs, in and out, $10k−$1591.590% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 3 days (all we have)+0.409%+$41 · spread now +0.185%, 7d avg +0.709%

Together, before fees+0.349%+$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.524% cheaper against Backpack than usual: you would sell low and buy high (spread +0.185% now, against its 7-day average of +0.709%). If the spread goes back, that is −$52 on $10k: about 2.9 days of funding at the current rate (+$18 a day). Mind the row above: over the last 7 days funding on this pair cost −0.060%, 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 -0.060% in total (about -3.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.75 per $10,000. 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	0.09748	−0.0102	get 0.0013% / 1h	33m 36s	$180K	$244K	10x
Short	Coinbase International XPL-PERP-INTX	0.09766	0.0496	get 0.0062% / 1h	33m 36s	$78K	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.185%Rate

Funding earned: $125.66
Price spread: +0.185% → +0.709%: −$52.39
Slippage, 4 orders: −$139.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$85.74
Costs to cover: 1.590%
Break-even: 11.8 days

Slippage from Backpack: live order book, 35 min ago; Coinbase International: live order book, 20 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, 35 min ago	1.01 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 20 min ago	35.65 bp	66.7 bp −$67	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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
01 Exchange XPLUSD	−0.0224%	1h	0.09710	−0.390%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0193% / S +0.0559%	1h	0.09739	−0.096%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09734	−0.144%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERPlong	−0.0102%	1h	0.09748	long leg	$180K	$244K	10x
dYdX XPL-USD	0.0000%	1h	0.09729	−0.194%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.334%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0003%	4h	0.09730	−0.185%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09737	−0.112%	$78K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0052%	4h	0.09707	−0.421%	$8.4M	$55.2M	50x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09725	−0.241%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0080%	1h	0.09716	−0.328%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09735	−0.128%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09743	−0.055%	$63.0M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09748	−0.005%	$248K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09724	−0.244%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09709	−0.400%	$44.2M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09709	−0.400%	$46.8M	$57.9M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09672	−0.783%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09712	−0.369%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09717	−0.318%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09735	−0.133%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09717	−0.318%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09711	−0.380%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09688	−0.616%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09666	−0.839%	$254K	$867K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	−0.698%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09748	+0.004%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.185%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.185%	$197	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09728	−0.205%	$144K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09707	−0.421%	$659K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09742	−0.056%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09684	−0.657%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0496%	1h	0.09766	+0.185%	$78K	$95K	50x
Kraken Futures PF_XPLUSD	+0.4374%	1h	0.09778	+0.308%	$555K	$1.0M	10x	as long as short