XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0744%/8h= +81.5% APRnext payment +$0.93 per $10,000 · paid last 24h +0.086%

Price spread now: Hyperliquid against Backpack+0.182%7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$340.336% of the position

Long on Backpack Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 4 days (all we have)−1.122%−$112 · spread now +0.182%, 7d avg +0.109%

Together, before fees−1.084%+ Points / potential airdropHyperliquid: Season 2 · farm board−$108 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Hyperliquid is 0.073% dearer against Backpack than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.109%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.038% in total (about 2.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.93 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	0.09606	−0.0644	get 0.0081% / 1h	42m 47s	$180K	$242K	10x
Short	Hyperliquid XPL	0.09624	0.0100	get 0.0013% / 1h	42m 47s	$60.5M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.182%Rate

Funding earned: $156.26
Price spread: +0.182% → +0.109%: $7.34
Slippage, 4 orders: −$14.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $130.01
Costs to cover: 0.336%
Break-even: 1.2 days

Slippage from Backpack: live order book, 20 min ago; Hyperliquid: live order book, 11 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, 20 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.05 bp	6.3 bp −$6	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	−0.0644%	1h	0.09606	long leg	$180K	$242K	10x
01 Exchange XPLUSD	−0.0424%	1h	0.09576	−0.312%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0246% / S +0.0575%	1h	0.09604	−0.024%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09603	−0.031%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0004%	4h	0.09597	−0.094%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09590	−0.165%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.187%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09604	−0.025%	$72K	—	150x	as long as short
Lighter XPL	+0.0016%	1h	0.09593	−0.135%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0036%	4h	0.09616	+0.104%	$8.3M	$53.3M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0051%	8h	0.09591	−0.155%	$12K	$2K	5x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09624	+0.182%	$60.5M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09604	−0.020%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09600	−0.062%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09613	+0.073%	$43.6M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09609	+0.031%	$45.6M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.687%	$139K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09610	+0.042%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09613	+0.073%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09598	−0.083%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09619	+0.135%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09612	+0.062%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09526	−0.835%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09550	−0.583%	$258K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	−0.271%	$25K	$83K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09594	−0.130%	$1.2M	$2.8M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09594	−0.125%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.271%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09600	−0.062%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09574	−0.333%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09613	+0.078%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09600	−0.062%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	−0.344%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09590	−0.167%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09613	+0.073%	$74K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3567%	1h	0.09637	+0.321%	$546K	$1.0M	10x	as long as short