Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.047%

Price spread now: Backpack against Binance+0.114%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now +0.114%, 7d avg +0.024%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.090% dearer against Binance than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09641	0.0100	pay 0.0050% / 4h	1h 08m	$43.9M	$97.4M	75x
Short	Backpack XPL_USDC_PERP	0.09652	0.0100	get 0.0013% / 1h	8m 53s	$181K	$187K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.114%Rate

Funding earned: $0
Price spread: +0.114% → +0.024%: $9
Slippage, 4 orders: −$23.08
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.08
Costs to cover: 0.431%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Backpack: live order book, 34 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 Binance live order book, 4 min ago	0.52 bp	12.1 bp −$12	22.4 bp −$224	131.0 bp −$13.1K	doesn't fit
Sell Backpack live order book, 34 min ago	1.04 bp	10.6 bp −$11	doesn't fit	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	−0.1104%	1h	0.09635	−0.062%	$4.4M	$3.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09653	+0.121%	$107K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09641	0.000%	$561	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09650	+0.093%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0007%	4h	0.09649	+0.083%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09649	+0.080%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.472%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09654	+0.137%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0066%	8h	0.09641	−0.003%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09644	+0.034%	$1.3M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09658	+0.179%	$61.0M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09652	+0.114%	$255K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09648	+0.075%	$221K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09641	long leg	$43.9M	$97.4M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09641	0.000%	$46.0M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09639	−0.021%	$7.8M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	+0.145%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09643	+0.021%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09641	0.000%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09648	+0.073%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09649	+0.083%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09641	0.000%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09652	+0.114%	$181K	$187K	10x
Variational Omni XPL	+0.0100%	4h	0.09660	+0.194%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09650	+0.093%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.197%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09660	+0.194%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.114%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.093%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	+0.041%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09637	−0.039%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09654	+0.137%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09671	+0.311%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09638	−0.031%	$1.7M	$936K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.799%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2828%	1h	0.09683	+0.434%	$550K	$932K	10x	as long as short