Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0358%/8h= −39.2% APRpaid last 24h −0.037%

Price spread now: Backpack against GRVT−0.074%7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1231.225% of the position

Long on GRVT Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 4 days (all we have)−0.545%−$55 · spread now −0.074%, 7d avg +0.044%

Together, before fees−0.508%+ Points / potential airdropGRVT: Active · farm board−$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.118% cheaper against GRVT than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.037% in total (about 1.9% a year). A funding rate is set anew for every payment. 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	GRVT XPL_USDT_Perp	0.09565	0.0100	pay 0.0050% / 4h	55m 27s	$262K	$941K	10x
Short	Backpack XPL_USDC_PERP	0.09558	−0.0258	pay 0.0032% / 1h	55m 27s	$177K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against GRVT. 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 GRVTbpFee BackpackbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$75.13
Price spread: −0.074% → +0.044%: −$11.83
Slippage, 4 orders: −$103.55
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$209.5
Costs to cover: 1.225%
Break-even: never at this rate

Slippage from GRVT: live order book, 3 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 GRVT live order book, 3 min ago	5.24 bp	45.7 bp −$46	316.0 bp −$3,160	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	−0.451%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0287% / S +0.0599%	1h	0.09541	−0.247%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0274%	1h	0.09545	−0.210%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERPshort	−0.0258%	1h	0.09558	−0.074%	$177K	$223K	10x
Bybit XPLUSDT	−0.0142%	4h	0.09539	−0.273%	$45.2M	$56.1M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09520	−0.470%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−20.854%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0003%	4h	0.09540	−0.263%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09542	−0.237%	$72K	—	150x	as long as short
Lighter XPL	+0.0040%	1h	0.09505	−0.628%	$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	−0.521%	$12K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0077%	4h	0.09531	−0.357%	$8.2M	$50.2M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09528	−0.383%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09541	−0.254%	$59.8M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09531	−0.357%	$242K	$489K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09520	−0.472%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09540	−0.263%	$43.2M	$106.1M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09537	−0.294%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09533	−0.336%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09519	−0.482%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09538	−0.283%	$8.5M	$10.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09539	−0.273%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.305%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09565	long leg	$262K	$941K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.051%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09541	−0.254%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.367%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.263%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	−0.127%	$143K	$241K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09575	+0.103%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09523	−0.441%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.210%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09576	+0.114%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09546	−0.200%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.427%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3331%	1h	0.09578	+0.135%	$542K	$979K	10x	as long as short