XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0255%/8h= −28.0% APRnext payment −$0.32 per $10,000 · paid last 24h −0.082%

Price spread now: Backpack against Hyperliquid+0.030%7-day average −0.111% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$420.416% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)+0.115%+$12 · spread now +0.030%, 7d avg −0.111%

Together, before fees+0.087%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.140% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.111%): +$14 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 44 hours. At the pace of the last 7 days (−0.029% in total) that is about 34 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.029% in total (about -1.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 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	Hyperliquid XPL	0.09693	0.0100	pay 0.0013% / 1h	52m 58s	$62.4M	$47.6M	10x
Short	Backpack XPL_USDC_PERP	0.09696	−0.0155	pay 0.0019% / 1h	52m 58s	$179K	$240K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$53.65
Price spread: +0.030% → −0.111%: $14.05
Slippage, 4 orders: −$22.63
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$81.24
Costs to cover: 0.416%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Backpack: live order book, 15 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 Hyperliquid live order book, 11 min ago	1.12 bp	6.7 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 15 min ago	1.01 bp	8.9 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
01 Exchange XPLUSD	−0.0304%	1h	0.09654	−0.403%	$561	$708	5x	as long as short
Lighter XPL	−0.0272%	1h	0.09672	−0.218%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0184% / S +0.0553%	1h	0.09672	−0.216%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERPshort	−0.0155%	1h	0.09696	+0.030%	$179K	$240K	10x
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09683	−0.104%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09650	−0.447%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.897%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09682	−0.119%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09681	−0.125%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0049%	4h	0.09693	−0.001%	$8.5M	$55.8M	50x	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	+0.0050%	8h	0.09652	−0.427%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09657	−0.367%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09693	long leg	$62.4M	$47.6M	10x
Aster XPLUSDT	+0.0100%	4h	0.09687	−0.065%	$255K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09650	−0.445%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09694	+0.010%	$44.3M	$110.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09691	−0.022%	$46.7M	$57.8M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09690	−0.032%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09685	−0.084%	$12.8M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09672	−0.218%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09697	+0.040%	$8.5M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09690	−0.032%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09695	+0.020%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09636	−0.586%	$263K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.897%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09662	−0.319%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.238%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.238%	$486	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09669	−0.249%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.639%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09679	−0.144%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09650	−0.441%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.517%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09654	−0.403%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	+0.855%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4401%	1h	0.09718	+0.257%	$550K	$1.0M	10x	as long as short