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 Gate+0.071%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.265%+$26 on $10k

Price spread, last 4 days (all we have)0.000%$0 · spread now +0.071%, 7d avg 0.000%

Together, before fees+0.265%+$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.072% dearer against Gate than usual: you sell high and buy low (spread +0.071% now, against its 7-day average of 0.000%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.265%, 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	Gate XPL_USDT	0.09799	0.0100	pay 0.0050% / 4h	2h 18m	$3.0M	$4.0M	75x
Short	Backpack XPL_USDC_PERP	0.09806	0.0016	get 0.0002% / 1h	18m 27s	$179K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$17.74
Price spread: +0.071% → 0.000%: $7.18
Slippage, 4 orders: −$48.75
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$84.31
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Gate: 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 Gate live order book, 5 min ago	6.64 bp	25.6 bp −$26	139.0 bp −$1,390	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	+0.092%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0082% / S +0.0487%	1h	0.09809	+0.105%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09782	−0.173%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09791	−0.082%	$569	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	+0.049%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.741%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09809	+0.101%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERPshort	+0.0016%	1h	0.09806	+0.071%	$179K	$283K	10x
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09804	+0.051%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09787	−0.124%	$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	0.09786	−0.133%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09783	−0.161%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09797	−0.021%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	−0.030%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09782	−0.173%	$44.1M	$104.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09784	−0.153%	$47.7M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09781	−0.184%	$9.1M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.163%	$141K	$11K	10x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09799	long leg	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09790	−0.092%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09793	−0.061%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09773	−0.265%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09792	−0.071%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	+0.097%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.092%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.112%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	−0.076%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.092%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	+0.112%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09802	+0.031%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09791	−0.077%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09810	+0.109%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09806	+0.071%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.378%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.337%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3467%	1h	0.09863	+0.658%	$520K	$942K	10x	as long as short