Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.047%

Price spread now: Backpack against Bulk−0.135%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$380.379% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 4 days (all we have)+0.464%+$46 · spread now −0.135%, 7d avg −0.017%

Together, before fees+0.413%+$41 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 0.119% cheaper against Bulk than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09595	0.0100	pay 0.0013% / 1h	36m 08s	$140K	$0	10x
Short	Backpack XPL_USDC_PERP	0.09582	0.0100	get 0.0013% / 1h	36m 08s	$177K	$189K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now −0.135%Rate

Funding earned: $0
Price spread: −0.135% → −0.017%: −$11.9
Slippage, 4 orders: −$20.91
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$49.81
Costs to cover: 0.379%
Break-even: never at this rate

Slippage from Bulk: live order book, 8 min ago; Backpack: live order book, 7 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 Bulk live order book, 8 min ago	5.20 bp	8.7 bp −$9	17.7 bp −$177	42.5 bp −$4,247	doesn't fit
Sell Backpack live order book, 7 min ago	1.04 bp	10.6 bp −$11	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
Lighter XPL	−0.1128%	1h	0.09541	−0.563%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09544	−0.532%	$555	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09556	−0.412%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09554	−0.427%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09550	−0.469%	$30K	$274K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09552	−0.446%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.098%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09558	−0.389%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0053%	8h	0.09562	−0.341%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09543	−0.542%	$1.2M	$2.2M	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	0.09561	−0.354%	$60.4M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09563	−0.329%	$252K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09567	−0.290%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09557	−0.396%	$43.2M	$97.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09555	−0.417%	$45.5M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09559	−0.375%	$7.9M	$47.6M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09595	long leg	$140K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09546	−0.511%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09557	−0.396%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09553	−0.438%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09564	−0.323%	$8.7M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09555	−0.417%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09582	−0.135%	$177K	$189K	10x
Variational Omni XPL	+0.0100%	4h	0.09599	+0.040%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09598	+0.027%	$255K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.261%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09556	−0.409%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.677%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.469%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09577	−0.188%	$132K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09552	−0.452%	$603K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09550	−0.465%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09619	+0.250%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09586	−0.094%	$1.7M	$934K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.282%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2856%	1h	0.09588	−0.072%	$543K	$935K	10x	as long as short