Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.077%

Price spread now: Backpack against Hyperliquid−0.107%7-day average −0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$410.413% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 4 days (all we have)+0.350%+$35 · spread now −0.107%, 7d avg −0.110%

Together, before fees+0.325%+ Points / potential airdropHyperliquid: Season 2 · farm board+$33 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09773	0.0100	pay 0.0013% / 1h	8m 00s	$63.0M	$48.1M	10x
Short	Backpack XPL_USDC_PERP	0.09762	0.0100	get 0.0013% / 1h	8m 00s	$181K	$282K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.107%Rate

Funding earned: $0
Price spread: −0.107% → −0.110%: $0.26
Slippage, 4 orders: −$22.31
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.06
Costs to cover: 0.413%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Backpack: live order book, 5 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 Hyperliquid live order book, 6 min ago	0.10 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 5 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
Lighter XPL	−0.0536%	1h	0.09745	−0.281%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0376%	1h	0.09748	−0.251%	$567	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0364%	1h	0.09759	−0.138%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0146% / S +0.0529%	1h	0.09762	−0.109%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09751	−0.219%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.533%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09762	−0.104%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0007%	8h	0.09746	−0.273%	$13K	$2K	5x	as long as short
Gate XPL_USDT	+0.0034%	4h	0.09757	−0.159%	$3.0M	$4.1M	75x	as long as short
Orderly PERP_XPL_USDC	+0.0039%	4h	0.09752	−0.210%	$29K	$335K	10x	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	0.09749	−0.240%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09773	long leg	$63.0M	$48.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09766	−0.065%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09757	−0.159%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09763	−0.097%	$44.5M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09764	−0.087%	$47.3M	$55.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09765	−0.077%	$8.7M	$55.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.128%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09764	−0.087%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09766	−0.067%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09771	−0.015%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09763	−0.097%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09762	−0.107%	$181K	$282K	10x
Variational Omni XPL	+0.0100%	4h	0.09698	−0.761%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.435%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.537%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09765	−0.077%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.333%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.128%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09755	−0.179%	$141K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09763	−0.101%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09766	−0.068%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09715	−0.588%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09756	−0.169%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09735	−0.384%	$72K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5095%	1h	0.09798	+0.265%	$566K	$1.0M	10x	as long as short