Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0247%/8h= −27.0% APRpaid last 24h −0.042%

Price spread now: Backpack against Aster−0.103%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$600.599% of the position

Long on Aster 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)+0.784%+$78 · spread now −0.103%, 7d avg −0.015%

Together, before fees+0.816%+ Points / potential airdropAster: Stage 5 · farm board+$82 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.088% cheaper against Aster than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% a year). A funding rate is set anew for every payment. 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	Aster XPLUSDT	0.09681	0.0100	pay 0.0050% / 4h	0m 06s	$252K	$469K	20x
Short	Backpack XPL_USDC_PERP	0.09671	−0.0147	pay 0.0018% / 1h	0m 06s	$179K	$223K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Aster. 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 AsterbpFee BackpackbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$51.84
Price spread: −0.103% → −0.015%: −$8.79
Slippage, 4 orders: −$41.91
Fee Aster: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$120.54
Costs to cover: 0.599%
Break-even: never at this rate

Slippage from Aster: live order book, 57 min ago; Backpack: live order book, 58 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 Aster live order book, 57 min ago	4.70 bp	21.1 bp −$21	147.5 bp −$1,475	doesn't fit	doesn't fit
Sell Backpack live order book, 58 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	−0.0384%	1h	0.09666	−0.155%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09677	−0.036%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERPshort	−0.0147%	1h	0.09671	−0.103%	$179K	$223K	10x
Bybit XPLUSDT	−0.0090%	4h	0.09661	−0.207%	$45.7M	$54.6M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	−0.062%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09681	+0.002%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.797%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09678	−0.035%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09669	−0.124%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09670	−0.111%	$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
Gate XPL_USDT	+0.0084%	4h	0.09670	−0.114%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09667	−0.145%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	−0.077%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09678	−0.027%	$61.1M	$46.9M	10x	as long as short
Aster XPLUSDTlong	+0.0100%	4h	0.09681	long leg	$252K	$469K	20x
Pacifica XPL	+0.0100%	1h	0.09676	−0.050%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09666	−0.158%	$43.9M	$102.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09662	−0.196%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.513%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09663	−0.186%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09664	−0.176%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09673	−0.083%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09665	−0.165%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	−0.126%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09656	−0.257%	$258K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	−0.114%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09682	+0.013%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.320%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.114%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09675	−0.062%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09669	−0.120%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09671	−0.099%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	−0.114%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09670	−0.114%	$1.8M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.176%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3284%	1h	0.09715	+0.350%	$551K	$977K	10x	as long as short