Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.037%

Price spread now: Backpack against Bybit−0.178%7-day average +0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$480.481% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 4 days (all we have)+1.297%+$130 · spread now −0.178%, 7d avg +0.056%

Together, before fees+1.440%+$144 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Backpack is 0.233% cheaper against Bybit than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.143%, 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	Bybit XPLUSDT	0.09566	−0.0142	get 0.0071% / 4h	54m 54s	$45.3M	$56.1M	75x
Short	Backpack XPL_USDC_PERP	0.09549	−0.0322	pay 0.0040% / 1h	54m 54s	$177K	$227K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$37.83
Price spread: −0.178% → +0.056%: −$23.32
Slippage, 4 orders: −$27.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$109.22
Costs to cover: 0.481%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Backpack: live order book, 3 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 Bybit live order book, 4 min ago	0.52 bp	12.8 bp −$13	38.7 bp −$387	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	1.57 bp	12.0 bp −$12	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
01 Exchange XPLUSD	−0.0424%	1h	0.09522	−0.460%	$554	$708	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0322%	1h	0.09549	−0.178%	$177K	$227K	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0287% / S +0.0599%	1h	0.09541	−0.256%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0274%	1h	0.09540	−0.272%	$46K	$18K	25x	as long as short
Bybit XPLUSDTlong	−0.0142%	4h	0.09566	long leg	$45.3M	$56.1M	75x
dYdX XPL-USD	0.0000%	1h	0.09520	−0.479%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−20.861%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09538	−0.293%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09542	−0.246%	$72K	—	150x	as long as short
Lighter XPL	+0.0040%	1h	0.09534	−0.335%	$4.3M	$3.3M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0067%	8h	0.09515	−0.530%	$12K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0080%	4h	0.09571	+0.052%	$8.2M	$50.4M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09528	−0.392%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09561	−0.050%	$60.0M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09553	−0.138%	$242K	$488K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09520	−0.481%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09568	+0.026%	$43.3M	$106.1M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09561	−0.052%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09564	−0.021%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09564	−0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09570	+0.042%	$8.5M	$10.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09568	+0.021%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.314%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	−0.009%	$262K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.042%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09541	−0.263%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.481%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.272%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	−0.136%	$143K	$240K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09575	+0.094%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09565	−0.015%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09537	−0.303%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09576	+0.105%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09530	−0.376%	$1.7M	$993K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.418%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3333%	1h	0.09572	+0.065%	$542K	$978K	10x	as long as short