Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0391%/8h= −42.8% APRpaid last 24h −0.091%

Price spread now: Backpack against BloFin−0.414%66s7-day average +0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$590.586% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.371%−$37 on $10k

Price spread, last 3 days (all we have)+0.753%+$75 · spread now −0.414%, 7d avg +0.028%

Together, before fees+0.381%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Backpack is 0.443% cheaper against BloFin than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of +0.028%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09893	0.0340	pay 0.0170% / 4h	2h 58m	$1.8M	$1.2M	75x
Short	Backpack XPL_USDC_PERP	0.09852	−0.0051	pay 0.0006% / 1h	58m 06s	$184K	$285K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.414%Rate

Funding earned: −$82.08
Price spread: −0.414% → +0.028%: −$44.28
Slippage, 4 orders: −$36.61
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$184.97
Costs to cover: 0.586%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Backpack: live order book, 30 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 BloFin live order book, 5 min ago	2.52 bp	16.9 bp −$17	29.7 bp −$297	91.1 bp −$9,112	doesn't fit
Sell Backpack live order book, 30 min ago	0.50 bp	8.0 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
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09860	−0.337%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERPshort	−0.0051%	1h	0.09852	−0.414%	$184K	$285K	10x
dYdX XPL-USD	0.0000%	1h	0.09870	−0.232%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.471%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09859	−0.344%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09862	−0.318%	$73K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09872	−0.212%	$574	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09858	−0.354%	$27K	$333K	10x	as long as short
Lighter XPL	+0.0096%	1h	0.09846	−0.475%	$4.5M	$4.2M	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09871	−0.222%	$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	0.09871	−0.222%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09857	−0.362%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09872	−0.212%	$224K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09849	−0.445%	$44.9M	$102.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09844	−0.495%	$47.6M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09846	−0.475%	$9.3M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.081%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09846	−0.475%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09849	−0.445%	$13.3M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09849	−0.445%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09854	−0.394%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09846	−0.475%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09899	+0.057%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09900	+0.071%	$268K	$765K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09910	+0.172%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09881	−0.120%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09860	−0.334%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09860	−0.334%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	−0.303%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09855	−0.385%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09855	−0.384%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0258%	1h	0.09861	−0.321%	$65.1M	$45.1M	10x	as long as short
Phoenix XPL	+0.0318%	1h	0.09912	+0.192%	$202K	$640K	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09893	long leg	$1.8M	$1.2M	75x
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+0.728%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3454%	1h	0.09899	+0.065%	$296K	$674K	10x	as long as short