Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0281%/8h= +30.8% APRpaid last 24h +0.018%

Price spread now: Paradex against Backpack−0.680%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Funding pays, the price is against you. Paradex is 0.680% cheaper against Backpack than usual: you would sell low and buy high (spread −0.680% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$68 on $10k: about 8.1 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09793	−0.0186	get 0.0023% / 1h	54m 37s	$183K	$282K	10x
Short	Paradex XPL-USD-PERP	0.09726	0.0096	get 0.0096% / 8h	2h 54m	$13K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.680%Rate

Funding earned: $59.11
Price spread: −0.680% → 0.000%: −$68.01
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$22.89
Costs to cover: 0.140%
Break-even: 9.7 days

Slippage unknown: Backpack: live order book, 33 min ago; Paradex: 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, 33 min ago	0.50 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
Lighter XPL	−0.0408%	1h	0.09718	−0.766%	$4.4M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0260%	1h	0.09798	+0.051%	$49K	$17K	25x	as long as short
Backpack XPL_USDC_PERPlong	−0.0186%	1h	0.09793	long leg	$183K	$282K	10x
01 Exchange XPLUSD	−0.0104%	1h	0.09787	−0.061%	$569	$582	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0065% / S +0.0476%	1h	0.09801	+0.085%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09738	−0.557%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.690%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09800	+0.076%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09796	+0.031%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERPshort	+0.0096%	8h	0.09726	−0.680%	$13K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09791	−0.023%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09736	−0.580%	$63.5M	$46.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09765	−0.282%	$253K	$515K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09732	−0.624%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09724	−0.709%	$44.3M	$103.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09718	−0.766%	$46.9M	$52.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09713	−0.817%	$9.1M	$52.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+1.103%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09718	−0.766%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09727	−0.674%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09737	−0.572%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09720	−0.745%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09710	−0.848%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+0.454%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09841	+0.492%	$267K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+0.480%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09804	+0.117%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	−0.133%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.031%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09833	+0.408%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09717	−0.776%	$668K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09802	+0.093%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+0.960%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09798	+0.051%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.756%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3466%	1h	0.09865	+0.731%	$310K	$691K	10x	as long as short