Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h +0.012%

Price spread now: Orderly against Backpack−0.071%7-day average −0.050% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.273%−$27 on $10k

Price spread, last 3 days (all we have)−0.061%−$6 · spread now −0.071%, 7d avg −0.050%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.021% cheaper against Backpack than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09811	0.0100	pay 0.0013% / 1h	50m 11s	$178K	$279K	10x
Short	Orderly PERP_XPL_USDC	0.09804	0.0064	get 0.0032% / 4h	50m 11s	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.071%Rate

Funding earned: −$7.62
Price spread: −0.071% → −0.050%: −$2.14
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.76
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 28 min ago; Orderly: no order-book sample. Net counts fees only.

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, 28 min ago	0.51 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Lighter XPL	−0.0352%	1h	0.09793	−0.183%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0256%	1h	0.09805	−0.061%	$570	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0125% / S +0.0515%	1h	0.09810	−0.005%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09808	−0.031%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09809	−0.023%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.837%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09810	−0.008%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0064%	4h	0.09804	−0.071%	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0082%	8h	0.09801	−0.107%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09805	−0.061%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09821	+0.103%	$63.5M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09812	+0.008%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09810	−0.010%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09803	−0.081%	$44.4M	$107.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09805	−0.061%	$48.1M	$55.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09801	−0.102%	$8.9M	$54.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09809	−0.020%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09804	−0.071%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09797	−0.143%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09813	+0.020%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09804	−0.071%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPlong	+0.0100%	1h	0.09811	long leg	$178K	$279K	10x
Variational Omni XPL	+0.0100%	4h	0.09800	−0.109%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09812	+0.008%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	+0.092%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09817	+0.060%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.214%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.112%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09801	−0.102%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09800	−0.113%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09803	−0.081%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09806	−0.056%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09824	+0.133%	$199K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09799	−0.122%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.143%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5066%	1h	0.09855	+0.447%	$567K	$1.0M	10x	as long as short