XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0482%/8h= +52.8% APRnext payment +$0.60 per $10,000 · paid last 24h +0.023%

Price spread now: Polymarket Perps against Backpack+0.171%7-day average +0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$380.384% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 3 days (all we have)+0.165%+$16 · spread now +0.171%, 7d avg +0.087%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Polymarket Perps is 0.084% dearer against Backpack than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.087%. Mind the row above: over the last 7 days funding on this pair cost −0.101%, 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 -0.101% in total (about -5.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.60 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	0.09691	−0.0382	get 0.0048% / 1h	30m 38s	$176K	$281K	10x
Short	Polymarket Perps XPL-USD	0.09708	0.0100	get 0.0013% / 1h	30m 38s	$129K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.171%Rate

Funding earned: $101.31
Price spread: +0.171% → +0.087%: $8.42
Slippage, 4 orders: −$20.43
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $71.3
Costs to cover: 0.384%
Break-even: 2.1 days

Slippage from Backpack: live order book, 53 min ago; Polymarket Perps: 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, 53 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	2.67 bp	9.0 bp −$9	9.1 bp −$91	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	−0.0382%	1h	0.09691	long leg	$176K	$281K	10x
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09691	0.000%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0216%	1h	0.09683	−0.083%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09703	+0.124%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0105% / S +0.0502%	1h	0.09699	+0.083%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	+0.102%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.882%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09700	+0.088%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0076%	4h	0.09689	−0.021%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0087%	8h	0.09699	+0.083%	$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	0.09699	+0.088%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	+0.205%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09704	+0.131%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09703	+0.125%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09697	+0.064%	$43.6M	$106.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09696	+0.052%	$47.1M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09694	+0.031%	$8.8M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.029%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09695	+0.041%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	+0.072%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09690	−0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09706	+0.155%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09698	+0.072%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09701	+0.107%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09687	−0.038%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.402%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09708	+0.171%	$129K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.217%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.010%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	+0.175%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09696	+0.054%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09697	+0.061%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09692	+0.010%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09723	+0.330%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.712%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4605%	1h	0.09749	+0.601%	$521K	$963K	10x	as long as short