Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0244%/8h= +26.8% APRpaid last 24h +0.042%

Price spread now: MEXC against Backpack−0.041%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)−0.030%−$3 · spread now −0.041%, 7d avg −0.017%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.024% cheaper against Backpack than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of −0.017%). If the spread goes back, that is −$2 on $10k: about 8 hours of funding at the current rate (+$7 a day). Mind the row above: over the last 7 days funding on this pair cost −0.061%, 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 -0.061% in total (about -3.2% 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	0.09662	−0.0144	get 0.0018% / 1h	4m 07s	$178K	$224K	10x
Short	MEXC XPL_USDT	0.09658	0.0100	get 0.0050% / 4h	4m 07s	$12.5M	$7.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.041%Rate

Funding earned: $51.31
Price spread: −0.041% → −0.017%: −$2.42
Slippage, 4 orders: −$16.97
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: $21.91
Costs to cover: 0.270%
Break-even: 4.0 days

Slippage from Backpack: live order book, 54 min ago; MEXC: live order book, 4 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, 54 min ago	1.57 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.52 bp	3.2 bp −$3	7.8 bp −$78	79.8 bp −$7,979	228.8 bp −$114.4K

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	−0.0376%	1h	0.09622	−0.414%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09649	−0.134%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0144%	1h	0.09662	long leg	$178K	$224K	10x
Bybit XPLUSDT	−0.0098%	4h	0.09655	−0.072%	$45.7M	$54.6M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09646	−0.166%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09631	−0.320%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.642%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09648	−0.146%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09641	−0.217%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0063%	8h	0.09621	−0.422%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XPL_USDT	+0.0086%	4h	0.09650	−0.124%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09651	−0.114%	$4.4M	$3.3M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09668	+0.066%	$61.0M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09649	−0.131%	$251K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	−0.331%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09658	−0.041%	$43.9M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09654	−0.083%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.317%	$140K	$5K	10x	as long as short
MEXC XPL_USDTshort	+0.0100%	4h	0.09658	−0.041%	$12.5M	$7.8M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09635	−0.279%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09665	+0.031%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09656	−0.062%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	−0.199%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09651	−0.114%	$260K	$993K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	−0.021%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09632	−0.305%	$1.2M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	−0.151%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.331%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.124%	$202	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.238%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09642	−0.204%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09641	−0.217%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	+0.083%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09627	−0.362%	$1.7M	$982K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.373%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3294%	1h	0.09683	+0.218%	$549K	$977K	10x	as long as short