Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0463%/8h= +50.7% APRpaid last 24h +0.023%

Price spread now: OKX against Backpack−0.093%56s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as 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−$440.440% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.310%−$31 · spread now −0.093%, 7d avg −0.013%

Together, before fees−0.432%−$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.079% cheaper against Backpack than usual: you would sell low and buy high (spread −0.093% now, against its 7-day average of −0.013%). If the spread goes back, that is −$8 on $10k: about 14 hours of funding at the current rate (+$14 a day). Mind the row above: over the last 7 days funding on this pair cost −0.122%, so the current rate has only just turned in your favour. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.122% in total (about -6.4% 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	0.09700	−0.0363	get 0.0045% / 1h	26m 17s	$176K	$281K	10x
Short	OKX XPL-USDT-SWAP	0.09691	0.0100	get 0.0050% / 4h	1h 26m	$8.8M	$53.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.093%Rate

Funding earned: $97.19
Price spread: −0.093% → −0.013%: −$7.95
Slippage, 4 orders: −$24.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $45.24
Costs to cover: 0.440%
Break-even: 3.7 days

Slippage from Backpack: live order book, 57 min ago; OKX: 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, 57 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.51 bp	10.7 bp −$11	41.5 bp −$415	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	−0.0363%	1h	0.09700	long leg	$176K	$281K	10x
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09689	−0.113%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0224%	1h	0.09682	−0.186%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09680	−0.206%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0108% / S +0.0504%	1h	0.09693	−0.076%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09696	−0.038%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.955%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09694	−0.066%	$71K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0073%	4h	0.09686	−0.144%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09684	−0.165%	$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	0.09685	−0.155%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09702	+0.019%	$62.7M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09694	−0.062%	$251K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09695	−0.052%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09687	−0.130%	$43.7M	$106.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09694	−0.062%	$47.0M	$54.2M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09691	−0.093%	$8.8M	$53.5M	50x
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.122%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09684	−0.165%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09690	−0.103%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09680	−0.206%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09705	+0.052%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09687	−0.134%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.069%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.207%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.309%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09697	−0.035%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.309%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.206%	$445	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	+0.134%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09684	−0.170%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09690	−0.106%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09691	−0.093%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09712	+0.124%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.619%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4609%	1h	0.09739	+0.406%	$559K	$989K	10x	as long as short