Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.042%

Price spread now: Backpack against SunX+0.208%7-day average +0.183% · you sell dearer than you buy

Net, funding: paid 7d − costs−$333as in the Funding arb table

Net, price: spread back to 7d avg − costs−$334as in the Price arb table

costs, in and out, $10k−$3373.367% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.157%+$16 · spread now +0.208%, 7d avg +0.183%

Together, before fees+0.189%+$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.025% dearer against SunX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.183%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XPL-USDT	0.09620	0.0100	pay 0.0050% / 4h	31m 53s	$3K	$1.8M	20x
Short	Backpack XPL_USDC_PERP	0.09640	0.0100	get 0.0013% / 1h	31m 53s	$179K	$221K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.208%Rate

Funding earned: $0
Price spread: +0.208% → +0.183%: $2.47
Slippage, 4 orders: −$318.7
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$334.23
Costs to cover: 3.367%
Break-even: never at this rate

Slippage from SunX: live order book, 4 min ago; Backpack: live order book, 26 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 SunX live order book, 4 min ago	31.45 bp	167.4 bp −$167	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	1.57 bp	12.0 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
01 Exchange XPLUSD	−0.0400%	1h	0.09622	+0.021%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0303% / S +0.0610%	1h	0.09633	+0.136%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09630	+0.104%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0112%	4h	0.09649	+0.301%	$45.7M	$54.8M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09625	+0.049%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.302%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0005%	1h	0.09633	+0.136%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09628	+0.083%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0077%	8h	0.09625	+0.053%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09630	+0.104%	$4.4M	$3.3M	10x	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	0.09622	+0.026%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09653	+0.342%	$60.8M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09641	+0.214%	$242K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	+0.104%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09647	+0.281%	$43.8M	$103.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09652	+0.333%	$8.3M	$49.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−0.728%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09643	+0.239%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09635	+0.156%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09624	+0.042%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09645	+0.260%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09647	+0.281%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09640	+0.208%	$179K	$221K	10x
Variational Omni XPL	+0.0100%	4h	0.09520	−1.041%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09551	−0.719%	$259K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	−0.520%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09642	+0.225%	$128K	$2.0M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09620	long leg	$3K	$1.8M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.208%	$194	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09627	+0.073%	$141K	$208K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09632	+0.124%	$649K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09635	+0.156%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09585	−0.364%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09619	−0.010%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09571	−0.509%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3299%	1h	0.09668	+0.503%	$548K	$975K	10x	as long as short