Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.020%

Price spread now: Backpack against OKX0.000%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 4 days (all we have)+0.593%+$59 · spread now 0.000%, 7d avg +0.011%

Together, before fees+0.719%+$72 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.126%, 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	OKX XPL-USDT-SWAP	0.09713	0.0100	pay 0.0050% / 4h	2h 12m	$9.0M	$53.2M	50x
Short	Backpack XPL_USDC_PERP	0.09713	−0.0046	pay 0.0006% / 1h	12m 43s	$177K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$30.74
Price spread: 0.000% → +0.011%: −$1.08
Slippage, 4 orders: −$30.7
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$82.51
Costs to cover: 0.507%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Backpack: live order book, 11 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 OKX live order book, 1 min ago	2.06 bp	13.1 bp −$13	46.3 bp −$463	doesn't fit	doesn't fit
Sell Backpack live order book, 11 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
Deribit XPL_USDC-PERPETUAL	−0.0367%	1h	0.09712	−0.010%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0088%	1h	0.09707	−0.062%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0085% / S +0.0489%	1h	0.09717	+0.036%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09723	+0.103%	$565	$582	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0046%	1h	0.09713	0.000%	$177K	$283K	10x
dYdX XPL-USD	0.0000%	1h	0.09721	+0.078%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.058%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09718	+0.047%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09710	−0.031%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09725	+0.125%	$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	0.09721	+0.082%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	+0.155%	$62.5M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09726	+0.131%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09721	+0.079%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09713	+0.002%	$43.8M	$105.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09710	−0.031%	$47.3M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09713	long leg	$9.0M	$53.2M	50x
Bulk XPL-USD	+0.0100%	1h	0.09815	+1.050%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09720	+0.072%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09719	+0.062%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09721	+0.082%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09723	+0.103%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09721	+0.082%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.371%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.387%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.381%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09732	+0.196%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.031%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.031%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09691	−0.227%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09723	+0.100%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09713	−0.004%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09723	+0.103%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	+0.597%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.721%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3503%	1h	0.09761	+0.498%	$514K	$944K	10x	as long as short