Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0429%/8h= −47.0% APRpaid last 24h −0.023%

Price spread now: Backpack against BingX+0.031%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now +0.031%, 7d avg +0.029%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.029%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.059%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% 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	BingX XPL-USDT	0.09748	0.0100	pay 0.0050% / 4h	1h 41m	—	$7.9M	—
Short	Backpack XPL_USDC_PERP	0.09751	−0.0329	pay 0.0041% / 1h	41m 35s	$178K	$281K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$90.14
Price spread: +0.031% → +0.029%: $0.21
Slippage, 4 orders: −$32.69
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$142.62
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; Backpack: live order book, 42 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 BingX live order book, 11 min ago	5.15 bp	15.2 bp −$15	29.8 bp −$298	95.2 bp −$9,517	doesn't fit
Sell Backpack live order book, 42 min ago	1.02 bp	7.9 bp −$8	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
Backpack XPL_USDC_PERPshort	−0.0329%	1h	0.09751	+0.031%	$178K	$281K	10x
01 Exchange XPLUSD	−0.0208%	1h	0.09749	+0.010%	$567	$708	5x	as long as short
Lighter XPL	−0.0152%	1h	0.09743	−0.051%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0100% / S +0.0499%	1h	0.09747	−0.008%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09759	+0.112%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.336%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09747	−0.010%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09748	+0.005%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09743	−0.051%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09757	+0.087%	$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	0.09750	+0.021%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09771	+0.232%	$62.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09756	+0.082%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09756	+0.085%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09749	+0.010%	$43.8M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09747	−0.010%	$47.5M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09744	−0.041%	$8.9M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.018%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09751	+0.031%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09756	+0.082%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09750	+0.021%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09757	+0.092%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09748	long leg	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09719	−0.302%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09736	−0.123%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.082%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.037%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.185%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.082%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09730	−0.185%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09748	+0.002%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09745	−0.031%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09740	−0.082%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09751	+0.031%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.144%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4585%	1h	0.09791	+0.437%	$515K	$950K	10x	as long as short