XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1164%/8h= +127.5% APRnext payment +$1.46 per $10,000 · paid last 24h +0.223%

Price spread now: Coinbase International against Backpack+0.577%7-day average +0.708% · you sell dearer than you buy

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$142as in the Price arb table

costs, in and out, $10k−$1291.293% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now +0.577%, 7d avg +0.708%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.131% cheaper against Backpack than usual: you would sell low and buy high (spread +0.577% now, against its 7-day average of +0.708%). If the spread goes back, that is −$13 on $10k: about 9 hours of funding at the current rate (+$35 a day). Mind the row above: over the last 7 days funding on this pair cost −0.093%, 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 -0.093% in total (about -4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.46 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	Backpack XPL_USDC_PERP	0.09704	−0.0372	get 0.0047% / 1h	32m 03s	$176K	$281K	10x
Short	Coinbase International XPL-PERP-INTX	0.09760	0.0792	get 0.0099% / 1h	32m 03s	$72K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.577%Rate

Funding earned: $244.45
Price spread: +0.577% → +0.708%: −$13.14
Slippage, 4 orders: −$109.31
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $102
Costs to cover: 1.293%
Break-even: 4.1 days

Slippage from Backpack: live order book, 51 min ago; Coinbase International: live order book, 51 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, 51 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 51 min ago	38.25 bp	61.5 bp −$62	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
Backpack XPL_USDC_PERPlong	−0.0372%	1h	0.09704	long leg	$176K	$281K	10x
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09707	+0.031%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09719	+0.155%	$565	$708	5x	as long as short
Lighter XPL	−0.0208%	1h	0.09694	−0.103%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0105% / S +0.0502%	1h	0.09711	+0.072%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09729	+0.260%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.988%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09710	+0.064%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0076%	4h	0.09703	−0.010%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0088%	8h	0.09729	+0.255%	$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
Nado XPL-PERP	+0.0100%	1h	0.09710	+0.062%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09720	+0.160%	$62.9M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09713	+0.089%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09734	+0.311%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09699	−0.052%	$43.7M	$106.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09697	−0.072%	$47.1M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09694	−0.103%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.472%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09704	0.000%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09700	−0.041%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09711	+0.072%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09703	−0.010%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09699	−0.052%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09701	−0.027%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09687	−0.171%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	−0.041%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09716	+0.123%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.144%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.041%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	+0.041%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09694	−0.105%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09717	+0.137%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09718	+0.144%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09762	+0.598%	$198K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0792%	1h	0.09760	+0.577%	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4602%	1h	0.09756	+0.531%	$516K	$955K	10x	as long as short