Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.047%

Price spread now: OKX against Backpack+0.021%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.264%−$26 · spread now +0.021%, 7d avg −0.015%

Together, before fees−0.342%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and OKX is 0.036% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.015%. Mind the row above: over the last 7 days funding on this pair cost −0.078%, 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 -0.078% in total (about -4.0% 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	0.09576	−0.0186	get 0.0023% / 1h	59m 02s	$179K	$187K	10x
Short	OKX XPL-USDT-SWAP	0.09578	0.0100	get 0.0050% / 4h	59m 02s	$7.8M	$47.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.021%Rate

Funding earned: $60.02
Price spread: +0.021% → −0.015%: $3.63
Slippage, 4 orders: −$26.78
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $16.87
Costs to cover: 0.468%
Break-even: 5.0 days

Slippage from Backpack: live order book, 44 min ago; OKX: 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, 44 min ago	1.04 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.52 bp	10.6 bp −$11	29.6 bp −$296	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	−0.1160%	1h	0.09570	−0.063%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0584%	1h	0.09584	+0.084%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0464%	1h	0.09600	+0.251%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09588	+0.121%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0186%	1h	0.09576	long leg	$179K	$187K	10x
Orderly PERP_XPL_USDC	−0.0010%	4h	0.09581	+0.052%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09621	+0.468%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.939%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09588	+0.120%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0040%	8h	0.09603	+0.281%	$12K	$696	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09588	+0.120%	$1.2M	$2.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09587	+0.115%	$253K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09615	+0.404%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09580	+0.042%	$43.5M	$97.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09576	0.000%	$45.7M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09578	+0.021%	$7.8M	$47.8M	50x
Bulk XPL-USD	+0.0100%	1h	0.09614	+0.397%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09578	+0.021%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09585	+0.094%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09580	+0.042%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09589	+0.136%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09578	+0.021%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	+0.405%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09618	+0.440%	$262K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.564%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09613	+0.391%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.167%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	+0.042%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09616	+0.418%	$133K	$213K	20x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09597	+0.222%	$60.7M	$46.1M	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09581	+0.051%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09585	+0.094%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09637	+0.637%	$195K	$489K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09583	+0.073%	$1.7M	$931K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+1.483%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2726%	1h	0.09623	+0.489%	$546K	$932K	10x	as long as short