Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0387%/8h= +42.4% APRpaid last 24h +0.117%

Price spread now: BloFin against Backpack−0.124%54s7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.506% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.409%+$41 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now −0.124%, 7d avg −0.044%

Together, before fees+0.395%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.080% cheaper against Backpack than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of −0.044%). If the spread goes back, that is −$8 on $10k: about 17 hours of funding at the current rate (+$12 a day). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09678	−0.0047	get 0.0006% / 1h	49m 19s	$179K	$198K	10x
Short	BloFin XPL-USDT	0.09666	0.0340	get 0.0170% / 4h	3h 49m	$1.7M	$976K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.124%Rate

Funding earned: $81.33
Price spread: −0.124% → −0.044%: −$8
Slippage, 4 orders: −$28.6
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $22.72
Costs to cover: 0.506%
Break-even: 5.0 days

Slippage from Backpack: live order book, 4 min ago; BloFin: live order book, 3 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, 4 min ago	4.13 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	4.12 bp	13.1 bp −$13	23.0 bp −$230	68.5 bp −$6,847	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	−0.0432%	1h	0.09661	−0.176%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0370%	1h	0.09669	−0.093%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09674	−0.042%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0047%	1h	0.09678	long leg	$179K	$198K	10x
Gate XPL_USDT	−0.0032%	4h	0.09668	−0.103%	$3.0M	$3.4M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09678	−0.002%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.772%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09673	−0.047%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09668	−0.103%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0055%	8h	0.09669	−0.095%	$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
Bybit XPLUSDT	+0.0058%	4h	0.09669	−0.093%	$45.8M	$54.4M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09666	−0.124%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09672	−0.062%	$1.2M	$2.5M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09683	+0.051%	$61.1M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09680	+0.022%	$252K	$470K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09680	+0.021%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	−0.079%	$43.9M	$102.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09668	−0.103%	$8.3M	$49.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09670	−0.083%	$141K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09672	−0.062%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09675	−0.031%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09680	+0.021%	$8.8M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09666	−0.124%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	+0.112%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	+0.154%	$261K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.331%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	−0.015%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.289%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.083%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09693	+0.155%	$142K	$203K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09667	−0.115%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.083%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.320%	$197K	$573K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09666	−0.124%	$1.7M	$976K	75x
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09734	+0.579%	$75K	$82K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3101%	1h	0.09711	+0.342%	$551K	$981K	10x	as long as short