Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h −0.004%

Price spread now: Backpack against Orderly+0.010%7-day average +0.048% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.280%+$28 on $10k

Price spread, last 3 days (all we have)+0.228%+$23 · spread now +0.010%, 7d avg +0.048%

Together, before fees+0.508%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.038% cheaper against Orderly than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.048%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.280%, 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	Orderly PERP_XPL_USDC	0.09748	0.0083	pay 0.0041% / 4h	2h 13m	$27K	$333K	10x
Short	Backpack XPL_USDC_PERP	0.09749	−0.0032	pay 0.0004% / 1h	13m 51s	$178K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$24
Price spread: +0.010% → +0.048%: −$3.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.8
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 9 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 9 min ago	1.02 bp	7.9 bp −$8	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Lighter XPL	−0.0088%	1h	0.09739	−0.092%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0084% / S +0.0489%	1h	0.09750	+0.021%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09747	−0.010%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0032%	1h	0.09749	+0.010%	$178K	$283K	10x
dYdX XPL-USD	0.0000%	1h	0.09750	+0.017%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.336%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09753	+0.051%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09750	+0.024%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0083%	4h	0.09748	long leg	$27K	$333K	10x
Paradex XPL-USD-PERP	+0.0092%	8h	0.09744	−0.045%	$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	0.09747	−0.008%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09743	−0.052%	$62.6M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09748	+0.001%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	+0.010%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09739	−0.097%	$43.9M	$105.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09732	−0.164%	$47.4M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09734	−0.144%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.687%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	−0.082%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09743	−0.051%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09735	−0.133%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09735	−0.133%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09736	−0.123%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.011%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.026%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09770	+0.226%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09757	+0.093%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.185%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	+0.021%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	+0.051%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09741	−0.076%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	+0.054%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09764	+0.164%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	+0.236%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.359%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	+0.560%	$516K	$944K	10x	as long as short