XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0999%/8h= −109.4% APRnext payment −$1.25 per $10,000 · paid last 24h −0.223%

Price spread now: Backpack against Coinbase International+0.082%7-day average −0.708% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs+$13as in the Price arb table

costs, in and out, $10k−$660.663% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)−0.733%−$73 · spread now +0.082%, 7d avg −0.708%

Together, before fees−0.640%−$64 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.790% dearer against Coinbase International than usual: you sell high and buy low (spread +0.082% now, against its 7-day average of −0.708%): +$79 on $10k if it goes back. Holding the pair costs −$30 a day in funding at the current rate, which eats that in about 2.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.093%, 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 0.093% in total (about 4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.25 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	Coinbase International XPL-PERP-INTX	0.09778	0.0792	pay 0.0099% / 1h	1m 04s	$72K	$104K	50x
Short	Backpack XPL_USDC_PERP	0.09786	−0.0207	pay 0.0026% / 1h	1m 04s	$178K	$279K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$209.76
Price spread: +0.082% → −0.708%: $79.03
Slippage, 4 orders: −$46.34
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$197.07
Costs to cover: 0.663%
Break-even: from the start

Slippage from Coinbase International: live order book, 17 min ago; Backpack: live order book, 17 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 Coinbase International live order book, 17 min ago	17.51 bp	22.5 bp −$23	130.6 bp −$1,306	doesn't fit	doesn't fit
Sell Backpack live order book, 17 min ago	0.51 bp	8.6 bp −$9	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	−0.0207%	1h	0.09786	+0.082%	$178K	$279K	10x
Lighter XPL	−0.0200%	1h	0.09755	−0.235%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0200%	1h	0.09756	−0.225%	$567	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0120% / S +0.0512%	1h	0.09774	−0.041%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09749	−0.300%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.577%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09770	−0.082%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09773	−0.055%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0067%	4h	0.09767	−0.112%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09755	−0.234%	$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	0.09767	−0.112%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09803	+0.256%	$63.4M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09783	+0.049%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09763	−0.152%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09794	+0.167%	$44.3M	$107.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09794	+0.164%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09788	+0.102%	$8.9M	$54.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	−0.652%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09782	+0.041%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09784	+0.061%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09762	−0.164%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09797	+0.194%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09786	+0.082%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09722	−0.571%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.491%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09760	−0.184%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09774	−0.041%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.286%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	−0.082%	$449	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	−0.256%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09789	+0.108%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09767	−0.117%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09772	−0.061%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09734	−0.450%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0792%	1h	0.09778	long leg	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4573%	1h	0.09817	+0.396%	$565K	$1.0M	10x	as long as short