XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0423%/8h= −46.3% APRnext payment −$0.53 per $10,000 · paid last 24h −0.030%

Price spread now: Backpack against Nado+0.138%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on Nado Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.036%−$4 on $10k

Price spread, last 3 days (all we have)−0.287%−$29 · spread now +0.138%, 7d avg +0.004%

Together, before fees−0.323%+ Points / potential airdropNado: Active · farm board−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.134% dearer against Nado than usual: you sell high and buy low (spread +0.138% now, against its 7-day average of +0.004%): +$13 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 3 days (−0.036% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.036% in total (about -4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.53 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	Nado XPL-PERP	0.09753	0.0100	pay 0.0012% / 1h	42m 58s	$1.4M	$2.6M	10x
Short	Backpack XPL_USDC_PERP	0.09767	−0.0323	pay 0.0040% / 1h	42m 58s	$181K	$282K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Nado. 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 NadobpFee BackpackbpOrdersPrice spread, now +0.138%Rate

Funding earned: −$88.77
Price spread: +0.138% → +0.004%: $13.4
Slippage, 4 orders: −$20.29
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$112.65
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from Nado: live order book, 1 min ago; 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 Nado live order book, 1 min ago	2.56 bp	9.1 bp −$9	19.2 bp −$192	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	1.03 bp	12.3 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
Backpack XPL_USDC_PERPshort	−0.0323%	1h	0.09767	+0.138%	$181K	$282K	10x
Lighter XPL	−0.0264%	1h	0.09759	+0.056%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09767	+0.138%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0158% / S +0.0537%	1h	0.09771	+0.184%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09768	+0.149%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09754	+0.005%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.382%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09770	+0.170%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09769	+0.159%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0030%	8h	0.09754	+0.009%	$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-PERPlong	+0.0100%	1h	0.09753	long leg	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09781	+0.283%	$63.1M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09771	+0.176%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09757	+0.037%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09767	+0.142%	$44.6M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09764	+0.108%	$47.3M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09766	+0.128%	$8.6M	$55.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09764	+0.108%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09770	+0.169%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09763	+0.097%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09774	+0.210%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09764	+0.108%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.190%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09743	−0.109%	$266K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.138%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09772	+0.189%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.138%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	+0.169%	$193	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09754	+0.005%	$141K	$241K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09720	−0.341%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09765	+0.115%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09770	+0.165%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09753	−0.005%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09763	+0.097%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.631%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5068%	1h	0.09816	+0.643%	$569K	$1.0M	10x	as long as short