Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0419%/8h= −45.9% APRpaid last 24h −0.023%

Price spread now: Backpack against HTX+0.062%52s7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1151.148% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 3 days (all we have)+0.206%+$21 · spread now +0.062%, 7d avg +0.033%

Together, before fees+0.085%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.029% dearer against HTX than usual: you sell high and buy low (spread +0.062% now, against its 7-day average of +0.033%): +$3 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.121% in total) that is about 40 hours. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.121% in total (about -6.3% 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	HTX XPL-USDT	0.09743	0.0100	pay 0.0050% / 4h	1h 39m	$138K	$246K	20x
Short	Backpack XPL_USDC_PERP	0.09749	−0.0319	pay 0.0040% / 1h	39m 17s	$178K	$281K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$88.03
Price spread: +0.062% → +0.033%: $2.89
Slippage, 4 orders: −$92.82
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$199.96
Costs to cover: 1.148%
Break-even: never at this rate

Slippage from HTX: live order book, 42 min ago; Backpack: live order book, 44 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 HTX live order book, 42 min ago	15.83 bp	22.7 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 44 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	−0.0319%	1h	0.09749	+0.062%	$178K	$281K	10x
01 Exchange XPLUSD	−0.0200%	1h	0.09747	+0.041%	$567	$708	5x	as long as short
Lighter XPL	−0.0136%	1h	0.09735	−0.082%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0101% / S +0.0500%	1h	0.09753	+0.102%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09749	+0.062%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09748	+0.049%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.299%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	+0.105%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09747	+0.041%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09743	−0.002%	$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	0.09755	+0.118%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09769	+0.263%	$63.0M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09755	+0.120%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	+0.072%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09744	+0.010%	$43.8M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09750	+0.072%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09746	+0.031%	$8.9M	$53.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.070%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09749	+0.062%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09750	+0.072%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09748	+0.051%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09753	+0.103%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09747	+0.041%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	+0.045%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.129%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.031%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09762	+0.191%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.133%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.031%	$448	$10K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09743	long leg	$138K	$246K	20x
Extended XPL-USD	+0.0104%	1h	0.09742	−0.006%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09749	+0.061%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09752	+0.092%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	+0.010%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.092%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4587%	1h	0.09786	+0.439%	$515K	$952K	10x	as long as short