Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0035%/8hnext payment −$0.04 per $10,000 · paid last 24h +0.009%

Price spread now: Backpack against gTrade (Gains Network)−0.043%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Backpack is 0.043% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) XPL/USD	0.1001	L +0.0005% / S −0.0004%	pay 0.0001% / 1h	53m 47s	$74K	—	150x
Short	Backpack XPL_USDC_PERP	0.1000	−0.0029	pay 0.0004% / 1h	53m 47s	$184K	$281K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BackpackbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$7.3
Price spread: −0.043% → 0.000%: −$4.3
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.59
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): no order-book sample; Backpack: live order book, 39 min ago. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Backpack live order book, 39 min ago	4.04 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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
Backpack XPL_USDC_PERPshort	−0.0029%	1h	0.1000	−0.043%	$184K	$281K	10x
dYdX XPL-USD	0.0000%	1h	0.1001	+0.032%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−24.350%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.1001	−0.003%	$50K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USDlong	L +0.0005% / S −0.0004%	1h	0.1001	long leg	$74K	—	150x
Lighter XPL	+0.0032%	1h	0.09987	−0.203%	$4.5M	$4.2M	10x	as long as short
01 Exchange XPLUSD	+0.0040%	1h	0.1001	+0.017%	$582	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0070%	4h	0.1001	−0.003%	$28K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0098%	8h	0.1000	−0.029%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.1001	+0.062%	$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
Aster XPLUSDT	+0.0100%	4h	0.09994	−0.130%	$262K	$509K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.1001	+0.031%	$227K	$17K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09988	−0.193%	$45.6M	$101.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09990	−0.173%	$48.8M	$50.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09991	−0.163%	$9.5M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.1004	+0.313%	$142K	$58K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09987	−0.203%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09992	−0.153%	$13.8M	$7.4M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09993	−0.143%	$2.5M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09997	−0.103%	$8.7M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09988	−0.193%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.1002	+0.084%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.1005	+0.412%	$273K	$702K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.1002	+0.127%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.1002	+0.087%	$135K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09990	−0.173%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.1000	−0.073%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09998	−0.093%	$142K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09989	−0.182%	$725K	$978K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.1001	−0.012%	$39K	$5K	3x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L +0.0206% / S +0.0037%	1h	0.1001	−0.017%	$140K	—	100x	as long as short
Phoenix XPL	+0.0318%	1h	0.1004	+0.297%	$205K	$640K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.1001	−0.023%	$1.8M	$1.2M	75x	as long as short
Hyperliquid XPL	+0.0615%	1h	0.1001	+0.037%	$66.2M	$44.6M	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.1013	+1.226%	$77K	$120K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3337%	1h	0.1004	+0.354%	$298K	$700K	10x	as long as short