XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0715%/8h= −78.3% APRnext payment −$0.89 per $10,000 · paid last 24h −0.113%

Price spread now: GMX against Backpack+0.088%7-day average +0.007% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.187%−$19 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.088%, 7d avg +0.007%

Together, before fees−0.239%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.081% dearer against Backpack than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of +0.007%): +$8 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 3 days (−0.187% in total) that is about 36 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.187% in total (about -19.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.89 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	0.09632	0.0100	pay 0.0013% / 1h	4m 08s	$180K	$187K	10x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09641	L −0.0313% / S +0.0615%	pay 0.0077% / 1h	4m 08s	$106K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$150.21
Price spread: +0.088% → +0.007%: $8.1
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$164.11
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 39 min ago; GMX: no order-book sample. Net counts fees only.

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, 39 min ago	1.04 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1128%	1h	0.09615	−0.176%	$4.3M	$3.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0477%	1h	0.09628	−0.042%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0313% / S +0.0615%	1h	0.09641	+0.088%	$106K	—	100x
01 Exchange XPLUSD	−0.0312%	1h	0.09629	−0.031%	$560	$873	5x	as long as short
Orderly PERP_XPL_USDC	−0.0007%	4h	0.09626	−0.062%	$30K	$251K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09647	+0.158%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.398%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09641	+0.089%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0065%	8h	0.09634	+0.022%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09635	+0.036%	$1.3M	$2.2M	10x	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	0.09646	+0.141%	$60.9M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09638	+0.060%	$254K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09645	+0.135%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09627	−0.052%	$43.8M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09626	−0.062%	$45.9M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09625	−0.073%	$7.8M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	+0.239%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09630	−0.021%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09626	−0.062%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09637	+0.052%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09634	+0.021%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09627	−0.052%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERPlong	+0.0100%	1h	0.09632	long leg	$180K	$187K	10x
Variational Omni XPL	+0.0100%	4h	0.09647	+0.154%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09640	+0.081%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+0.187%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09645	+0.140%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.125%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.125%	$195	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09635	+0.031%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09625	−0.076%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09625	−0.072%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09671	+0.405%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09645	+0.135%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.893%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2834%	1h	0.09662	+0.306%	$548K	$932K	10x	as long as short