Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h −0.019%

Price spread now: Backpack against MEXC+0.030%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 4 days (all we have)+0.025%+$2 · spread now +0.030%, 7d avg +0.008%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.022% dearer against MEXC than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of +0.008%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 12 hours. Mind the row above: over the last 7 days funding on this pair paid +0.091%, 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	MEXC XPL_USDT	0.09849	0.0100	pay 0.0050% / 4h	2h 58m	$13.3M	$7.5M	100x
Short	Backpack XPL_USDC_PERP	0.09852	−0.0051	pay 0.0006% / 1h	58m 04s	$184K	$285K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$31.68
Price spread: +0.030% → +0.008%: $2.21
Slippage, 4 orders: −$21.72
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$61.19
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from MEXC: live order book, just now; Backpack: live order book, 30 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 MEXC live order book, just now	1.01 bp	2.1 bp −$2	10.9 bp −$109	91.4 bp −$9,138	240.6 bp −$120.3K
Sell Backpack live order book, 30 min ago	0.50 bp	8.0 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
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09860	+0.109%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERPshort	−0.0051%	1h	0.09852	+0.030%	$184K	$285K	10x
dYdX XPL-USD	0.0000%	1h	0.09870	+0.213%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.129%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09859	+0.102%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09862	+0.127%	$73K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09872	+0.234%	$574	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09858	+0.091%	$27K	$333K	10x	as long as short
Lighter XPL	+0.0096%	1h	0.09846	−0.030%	$4.5M	$4.2M	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09871	+0.224%	$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	0.09871	+0.223%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09857	+0.084%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09872	+0.234%	$224K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09849	0.000%	$44.9M	$102.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09844	−0.051%	$47.6M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09846	−0.030%	$9.3M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.528%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09846	−0.030%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09849	long leg	$13.3M	$7.5M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09849	0.000%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09854	+0.051%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09846	−0.030%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09899	+0.504%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09900	+0.518%	$268K	$765K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09910	+0.619%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09881	+0.326%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09860	+0.112%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09860	+0.112%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	+0.142%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09855	+0.060%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09855	+0.061%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0258%	1h	0.09861	+0.124%	$65.1M	$45.1M	10x	as long as short
Phoenix XPL	+0.0318%	1h	0.09912	+0.640%	$202K	$640K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09893	+0.447%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.178%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3454%	1h	0.09899	+0.512%	$296K	$674K	10x	as long as short