Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.020%

Price spread now: Backpack against Bitget+0.082%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$600.596% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.147%+$15 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.082%, 7d avg −0.025%

Together, before fees+0.087%+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.106% dearer against Bitget than usual: you sell high and buy low (spread +0.082% now, against its 7-day average of −0.025%): +$11 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.147%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09798	0.0100	pay 0.0050% / 4h	2h 18m	$8.7M	$11.1M	75x
Short	Backpack XPL_USDC_PERP	0.09806	0.0016	get 0.0002% / 1h	18m 36s	$179K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$17.74
Price spread: +0.082% → −0.025%: $10.64
Slippage, 4 orders: −$37.56
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$66.66
Costs to cover: 0.596%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Backpack: 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 Bitget live order book, 5 min ago	4.59 bp	19.6 bp −$20	60.9 bp −$609	doesn't fit	doesn't fit
Sell Backpack live order book, 5 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
Deribit XPL_USDC-PERPETUAL	−0.0158%	1h	0.09808	+0.102%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0082% / S +0.0487%	1h	0.09809	+0.115%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09782	−0.163%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0032%	1h	0.09801	+0.031%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	+0.059%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.735%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09809	+0.111%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERPshort	+0.0016%	1h	0.09806	+0.082%	$179K	$283K	10x
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09804	+0.061%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09787	−0.114%	$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	0.09803	+0.056%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09803	+0.049%	$63.0M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09802	+0.043%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	−0.019%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09790	−0.082%	$44.2M	$104.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09789	−0.092%	$47.8M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09797	−0.010%	$9.1M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.174%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09799	+0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09790	−0.082%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09793	−0.051%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09798	long leg	$8.7M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09792	−0.061%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	+0.107%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.082%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.122%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09814	+0.168%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.082%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	+0.122%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09802	+0.041%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09791	−0.066%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09810	+0.119%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09806	+0.082%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.388%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.347%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3467%	1h	0.09863	+0.668%	$520K	$942K	10x	as long as short