XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0429%/8h= −47.0% APRnext payment −$0.54 per $10,000 · paid last 24h −0.023%

Price spread now: Backpack against Bulk+0.012%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.522%+$52 · spread now +0.012%, 7d avg −0.004%

Together, before fees+0.488%+$49 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: −$13 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.033% in total (about -3.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.54 per $10,000. 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	Bulk XPL-USD	0.09750	0.0100	pay 0.0013% / 1h	41m 26s	$140K	$8K	10x
Short	Backpack XPL_USDC_PERP	0.09751	−0.0329	pay 0.0041% / 1h	41m 26s	$178K	$281K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$90.14
Price spread: +0.012% → −0.004%: $1.65
Slippage, 4 orders: −$22.94
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$128.43
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from Bulk: live order book, 42 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 Bulk live order book, 42 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
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	+0.012%	$178K	$281K	10x
01 Exchange XPLUSD	−0.0208%	1h	0.09749	−0.008%	$567	$708	5x	as long as short
Lighter XPL	−0.0152%	1h	0.09743	−0.070%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0100% / S +0.0499%	1h	0.09743	−0.071%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09759	+0.094%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.349%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09747	−0.029%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09747	−0.026%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09735	−0.152%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09757	+0.069%	$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	+0.002%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09763	+0.133%	$62.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09752	+0.018%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09756	+0.067%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09740	−0.104%	$43.7M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09737	−0.131%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09732	−0.182%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09750	long leg	$140K	$8K	10x
Gate XPL_USDT	+0.0100%	4h	0.09747	−0.029%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09748	−0.018%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09743	−0.070%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09752	+0.023%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09738	−0.121%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09719	−0.320%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09736	−0.141%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.100%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09757	+0.072%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.203%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.100%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09730	−0.203%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09748	−0.017%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09735	−0.150%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09740	−0.100%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	−0.059%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.162%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4585%	1h	0.09791	+0.419%	$515K	$950K	10x	as long as short