Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: Backpack against BingX+0.172%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now +0.172%, 7d avg +0.032%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.140% dearer against BingX than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09895	0.0100	pay 0.0050% / 4h	3h 11m	—	$7.9M	—
Short	Backpack XPL_USDC_PERP	0.09912	0.0100	get 0.0013% / 1h	11m 36s	$185K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. 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 BingXbpFee BackpackbpOrdersPrice spread, now +0.172%Rate

Funding earned: $0
Price spread: +0.172% → +0.032%: $14.03
Slippage, 4 orders: −$30.1
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$36.07
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; Backpack: live order book, 62 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 BingX live order book, 11 min ago	5.55 bp	14.6 bp −$15	26.8 bp −$268	84.0 bp −$8,401	doesn't fit
Sell Backpack live order book, 62 min ago	1.03 bp	12.3 bp −$12	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
01 Exchange XPLUSD	−0.0208%	1h	0.09895	0.000%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0173% / S +0.0546%	1h	0.09921	+0.259%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0052%	1h	0.09918	+0.232%	$48K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09915	+0.206%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.491%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09918	+0.231%	$77K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09894	−0.010%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09914	+0.192%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0045%	8h	0.09907	+0.124%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0085%	4h	0.09896	+0.010%	$8.8M	$56.0M	50x	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	0.09902	+0.076%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09913	+0.182%	$256K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09910	+0.147%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09901	+0.061%	$45.3M	$109.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09898	+0.030%	$48.1M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.253%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09897	+0.020%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09896	+0.010%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09904	+0.091%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09901	+0.061%	$8.9M	$11.2M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09895	long leg	—	$7.9M	—
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09912	+0.172%	$185K	$254K	10x
Variational Omni XPL	+0.0100%	4h	0.09912	+0.171%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09903	+0.081%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09940	+0.455%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09925	+0.299%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09900	+0.051%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09910	+0.152%	$498	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09913	+0.182%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09892	−0.028%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09916	+0.216%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09925	+0.303%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0187%	1h	0.09925	+0.301%	$64.4M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09925	+0.303%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.859%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4991%	1h	0.09967	+0.731%	$576K	$1.0M	10x	as long as short