Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0185%/8h= −20.3% APRpaid last 24h −0.045%

Price spread now: Backpack against KuCoin+0.093%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$930.934% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.049%−$5 · spread now +0.093%, 7d avg −0.005%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.098% dearer against KuCoin than usual: you sell high and buy low (spread +0.093% now, against its 7-day average of −0.005%): +$10 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 42 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.029% in total (about 1.5% a year). A funding rate is set anew for every payment. 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	KuCoin XPLUSDTM	0.09663	0.0100	pay 0.0050% / 4h	3h 25m	$2.3M	$1.4M	50x
Short	Backpack XPL_USDC_PERP	0.09672	−0.0085	pay 0.0011% / 1h	25m 44s	$176K	$188K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.093%Rate

Funding earned: −$38.94
Price spread: +0.093% → −0.005%: $9.84
Slippage, 4 orders: −$71.4
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$122.51
Costs to cover: 0.934%
Break-even: never at this rate

Slippage from KuCoin: live order book, 1 min ago; Backpack: live order book, 27 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 KuCoin live order book, 1 min ago	8.79 bp	35.0 bp −$35	195.0 bp −$1,950	doesn't fit	doesn't fit
Sell Backpack live order book, 27 min ago	4.13 bp	13.3 bp −$13	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	−0.0368%	1h	0.09660	−0.031%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09674	+0.118%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERPshort	−0.0085%	1h	0.09672	+0.093%	$176K	$188K	10x
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09672	+0.093%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0011%	4h	0.09663	0.000%	$45.8M	$54.1M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09679	+0.168%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.652%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09674	+0.117%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09668	+0.052%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0060%	8h	0.09672	+0.096%	$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
Lighter XPL	+0.0096%	1h	0.09659	−0.041%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	+0.098%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09681	+0.188%	$61.4M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09674	+0.114%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09677	+0.147%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09664	+0.010%	$43.9M	$100.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09665	+0.021%	$8.2M	$48.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09673	+0.103%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09663	0.000%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09663	long leg	$2.3M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09674	+0.114%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09665	+0.021%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09668	+0.049%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.278%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.693%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09680	+0.180%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.135%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	+0.072%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09688	+0.259%	$142K	$189K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	+0.176%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09662	−0.008%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09667	+0.047%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09705	+0.435%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09675	+0.124%	$1.7M	$963K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.611%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3104%	1h	0.09702	+0.404%	$552K	$990K	10x	as long as short