Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h +0.045%

Price spread now: KuCoin against Backpack+0.124%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$890.888% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.168%−$17 · spread now +0.124%, 7d avg +0.005%

Together, before fees−0.197%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and KuCoin is 0.119% dearer against Backpack than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.005%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.029% in total (about -1.5% a year). A funding rate is set anew for every payment. 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	0.09685	−0.0085	get 0.0011% / 1h	31m 31s	$176K	$189K	10x
Short	KuCoin XPLUSDTM	0.09697	0.0100	get 0.0050% / 4h	3h 31m	$2.3M	$1.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.124%Rate

Funding earned: $38.82
Price spread: +0.124% → +0.005%: $11.86
Slippage, 4 orders: −$66.81
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$38.13
Costs to cover: 0.888%
Break-even: 13.9 days

Slippage from Backpack: live order book, 22 min ago; KuCoin: live order book, 5 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, 22 min ago	4.13 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 5 min ago	10.83 bp	31.6 bp −$32	168.8 bp −$1,688	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
01 Exchange XPLUSD	−0.0384%	1h	0.09704	+0.196%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09685	+0.001%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0085%	1h	0.09685	long leg	$176K	$189K	10x
dYdX XPL-USD	0.0000%	1h	0.09691	+0.063%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.829%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09684	−0.010%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09686	+0.012%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09680	−0.052%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09679	−0.066%	$13K	$2K	5x	as long as short
Bybit XPLUSDT	+0.0089%	4h	0.09705	+0.207%	$46.0M	$54.2M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09684	−0.010%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09703	+0.181%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09722	+0.382%	$61.6M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09708	+0.239%	$253K	$454K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	+0.134%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09704	+0.196%	$44.1M	$101.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09704	+0.196%	$8.3M	$49.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	+0.062%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09703	+0.186%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09697	+0.124%	$2.3M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09711	+0.268%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09697	+0.124%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09694	+0.091%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09683	−0.022%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.258%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09715	+0.312%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.258%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.052%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09687	+0.021%	$142K	$192K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	−0.052%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09694	+0.089%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09680	−0.052%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.248%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09694	+0.093%	$1.7M	$969K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.382%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3102%	1h	0.09710	+0.259%	$552K	$990K	10x	as long as short