Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0374%/8h= −40.9% APRpaid last 24h −0.037%

Price spread now: Backpack against KuCoin+0.239%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$940.937% of the position

Long on KuCoin 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)−0.172%−$17 · spread now +0.239%, 7d avg −0.008%

Together, before fees−0.135%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.247% dearer against KuCoin than usual: you sell high and buy low (spread +0.239% now, against its 7-day average of −0.008%): +$25 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 2.2 days.

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	KuCoin XPLUSDTM	0.09632	0.0100	pay 0.0050% / 4h	1h 15m	$2.3M	$1.5M	50x
Short	Backpack XPL_USDC_PERP	0.09655	−0.0274	pay 0.0034% / 1h	15m 26s	$179K	$230K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.239%Rate

Funding earned: −$78.46
Price spread: +0.239% → −0.008%: $24.69
Slippage, 4 orders: −$71.67
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$147.44
Costs to cover: 0.937%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Backpack: live order book, 48 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 KuCoin live order book, 1 min ago	8.81 bp	35.9 bp −$36	180.8 bp −$1,808	doesn't fit	doesn't fit
Sell Backpack live order book, 48 min ago	1.04 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	−0.0376%	1h	0.09626	−0.062%	$560	$708	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0274%	1h	0.09655	+0.239%	$179K	$230K	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0265% / S +0.0586%	1h	0.09645	+0.136%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0091%	4h	0.09636	+0.042%	$45.7M	$56.7M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09645	+0.135%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09644	+0.125%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.401%	—	—	—	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09640	+0.083%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09646	+0.143%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0064%	4h	0.09645	+0.135%	$8.3M	$52.7M	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	+0.0064%	8h	0.09641	+0.098%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09634	+0.021%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09639	+0.078%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09654	+0.229%	$60.6M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09647	+0.155%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09645	+0.136%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09642	+0.104%	$43.7M	$108.4M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.228%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09641	+0.093%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09641	+0.093%	$12.5M	$7.9M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09632	long leg	$2.3M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09649	+0.176%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09640	+0.083%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09645	+0.131%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09649	+0.172%	$254K	$930K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.291%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	+0.153%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.125%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.083%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09659	+0.280%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09642	+0.103%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	+0.135%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+0.291%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09649	+0.176%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.395%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3549%	1h	0.09685	+0.546%	$549K	$1.0M	10x	as long as short