XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0302%/8h= −33.1% APRnext payment −$0.38 per $10,000 · paid last 24h −0.033%

Price spread now: Backpack against Polymarket Perps−0.042%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 4 days (all we have)−1.049%−$105 · spread now −0.042%, 7d avg −0.084%

Together, before fees−0.956%−$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.041% dearer against Polymarket Perps than usual: you sell high and buy low (spread −0.042% now, against its 7-day average of −0.084%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 11 hours. Mind the row above: over the last 7 days funding on this pair paid +0.094%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.094% in total (about 4.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.38 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	Polymarket Perps XPL-USD	0.09682	0.0100	pay 0.0013% / 1h	10m 45s	$132K	$2.6M	10x
Short	Backpack XPL_USDC_PERP	0.09678	−0.0202	pay 0.0025% / 1h	10m 45s	$179K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$63.39
Price spread: −0.042% → −0.084%: $4.13
Slippage, 4 orders: −$17.21
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$94.46
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Backpack: live order book, 57 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 Polymarket Perps live order book, 3 min ago	2.68 bp	6.7 bp −$7	7.0 bp −$70	doesn't fit	doesn't fit
Sell Backpack live order book, 57 min ago	1.01 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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	−0.0272%	1h	0.09664	−0.187%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0204% / S +0.0566%	1h	0.09680	−0.022%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERPshort	−0.0202%	1h	0.09678	−0.042%	$179K	$243K	10x
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09681	−0.011%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09677	−0.053%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09670	−0.123%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.808%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09679	−0.035%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0050%	4h	0.09662	−0.208%	$8.4M	$53.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0051%	8h	0.09671	−0.114%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0056%	1h	0.09660	−0.228%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	−0.097%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09684	+0.017%	$61.7M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09683	+0.008%	$246K	$511K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09672	−0.100%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09664	−0.183%	$43.8M	$108.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09660	−0.228%	$46.5M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.228%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09673	−0.094%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09670	−0.125%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09658	−0.249%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09662	−0.208%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09662	−0.208%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09671	−0.117%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09664	−0.188%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	−0.022%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09682	long leg	$132K	$2.6M	10x
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.228%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.022%	$197	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09673	−0.094%	$142K	$248K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09662	−0.212%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	−0.073%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09687	+0.051%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.867%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4401%	1h	0.09719	+0.380%	$551K	$1.0M	10x	as long as short