Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.042%

Price spread now: Bitget against Backpack+0.042%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.112%−$11 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.042%, 7d avg +0.019%

Together, before fees−0.176%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bitget is 0.023% dearer against Backpack than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.019%. Mind the row above: over the last 7 days funding on this pair cost −0.112%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.112% in total (about -5.8% 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	Backpack XPL_USDC_PERP	0.09531	−0.0136	get 0.0017% / 1h	51m 06s	$176K	$227K	10x
Short	Bitget XPLUSDT	0.09535	0.0100	get 0.0050% / 4h	51m 06s	$8.5M	$10.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. 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 BackpackbpFee BitgetbpOrdersPrice spread, now +0.042%Rate

Funding earned: $49.49
Price spread: +0.042% → +0.019%: $2.3
Slippage, 4 orders: −$30.93
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1.13
Costs to cover: 0.529%
Break-even: 7.2 days

Slippage from Backpack: live order book, 7 min ago; Bitget: live order book, 2 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 Backpack live order book, 7 min ago	1.57 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.61 bp	17.1 bp −$17	34.8 bp −$348	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	−0.0328%	1h	0.09525	−0.063%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0288% / S +0.0601%	1h	0.09527	−0.040%	$105K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0136%	1h	0.09531	long leg	$176K	$227K	10x
Bybit XPLUSDT	−0.0118%	4h	0.09522	−0.094%	$45.1M	$56.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09538	+0.074%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.566%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09527	−0.042%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09523	−0.084%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09529	−0.024%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0070%	8h	0.09536	+0.056%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0095%	4h	0.09528	−0.031%	$8.2M	$49.9M	50x	as long as short
Lighter XPL	+0.0096%	1h	0.09517	−0.147%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09527	−0.037%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09539	+0.089%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09531	+0.004%	$242K	$478K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09532	+0.015%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09535	+0.042%	$43.3M	$105.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09533	+0.021%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09525	−0.063%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09533	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09535	+0.042%	$8.5M	$10.4M	75x
BingX XPL-USDT	+0.0100%	4h	0.09528	−0.031%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.138%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	+0.101%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.409%	$25K	$80K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09536	+0.051%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.220%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09520	−0.115%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	+0.357%	$143K	$237K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.357%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09522	−0.093%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09525	−0.063%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09568	+0.388%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09528	−0.031%	$1.7M	$983K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.787%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09568	+0.384%	$541K	$977K	10x	as long as short