Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.047%

Price spread now: HTX against Backpack−0.042%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$1041.037% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now −0.042%, 7d avg −0.027%

Together, before fees−0.084%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09607	0.0088	pay 0.0011% / 1h	42m 33s	$177K	$189K	10x
Short	HTX XPL-USDT	0.09603	0.0100	get 0.0050% / 4h	1h 42m	$133K	$215K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $2.58
Price spread: −0.042% → −0.027%: −$1.43
Slippage, 4 orders: −$81.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$102.56
Costs to cover: 1.037%
Break-even: 285.2 days

Slippage from Backpack: live order book, 1 min ago; HTX: live order book, 64 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, 1 min ago	1.04 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 64 min ago	7.84 bp	61.0 bp −$61	doesn't fit	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	−0.1032%	1h	0.09581	−0.271%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09599	−0.083%	$558	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09615	+0.081%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09605	−0.021%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09606	−0.008%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.198%	—	—	—	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09605	−0.021%	$30K	$280K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09616	+0.094%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0052%	8h	0.09594	−0.136%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERPlong	+0.0088%	1h	0.09607	long leg	$177K	$189K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09607	0.000%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09613	+0.062%	$60.7M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09605	−0.018%	$253K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09602	−0.057%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09598	−0.094%	$43.4M	$97.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09599	−0.083%	$45.5M	$52.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09598	−0.094%	$7.9M	$47.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09595	−0.125%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09599	−0.083%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09594	−0.135%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09603	−0.042%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09606	−0.010%	$8.9M	$9.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09595	−0.125%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09604	−0.033%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09609	+0.020%	$263K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.239%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09608	+0.008%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.177%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09600	−0.073%	$201	$9K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09603	−0.042%	$133K	$215K	20x
Extended XPL-USD	+0.0104%	1h	0.09591	−0.162%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09604	−0.032%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09628	+0.219%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09609	+0.021%	$1.7M	$938K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.155%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2839%	1h	0.09643	+0.374%	$548K	$935K	10x	as long as short