Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.004%

Price spread now: Orderly against Backpack−0.051%7-day average −0.048% · you buy dearer than you sell

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.280%−$28 on $10k

Price spread, last 3 days (all we have)−0.187%−$19 · spread now −0.051%, 7d avg −0.048%

Together, before fees−0.467%−$47 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.048%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.280%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09766	−0.0004	get 0.0000% / 1h	17m 03s	$178K	$283K	10x
Short	Orderly PERP_XPL_USDC	0.09761	0.0083	get 0.0041% / 4h	2h 17m	$27K	$333K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.051%Rate

Funding earned: $18.11
Price spread: −0.051% → −0.048%: −$0.3
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1.82
Costs to cover: 0.160%
Break-even: 6.3 days

Slippage unknown: Backpack: live order book, 6 min ago; Orderly: 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, 6 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
GMX XPL/USD [WBTC.b-USDC]	L −0.0083% / S +0.0488%	1h	0.09765	−0.011%	$112K	—	100x	as long as short
Lighter XPL	−0.0080%	1h	0.09755	−0.113%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09748	−0.184%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERPlong	−0.0004%	1h	0.09766	long leg	$178K	$283K	10x
dYdX XPL-USD	0.0000%	1h	0.09751	−0.157%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.481%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09767	+0.010%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09764	−0.022%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0083%	4h	0.09761	−0.051%	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0093%	8h	0.09746	−0.204%	$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
Nado XPL-PERP	+0.0100%	1h	0.09748	−0.184%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09779	+0.132%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09769	+0.029%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	−0.164%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09758	−0.087%	$44.0M	$105.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09762	−0.041%	$47.6M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09750	−0.164%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.502%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09757	−0.092%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09766	0.000%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09756	−0.102%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09768	+0.020%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09764	−0.020%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	+0.435%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09796	+0.303%	$265K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.451%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09765	−0.012%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.369%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.061%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09774	+0.082%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09761	−0.050%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09768	+0.026%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09754	−0.123%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.717%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09805	+0.399%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3487%	1h	0.09807	+0.425%	$517K	$942K	10x	as long as short