Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0706%/8h= +77.3% APRpaid last 24h +0.037%

Price spread now: BingX against Backpack−0.021%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now −0.021%, 7d avg −0.032%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.2% 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	Backpack XPL_USDC_PERP	0.09594	−0.0606	get 0.0076% / 1h	40m 58s	$181K	$242K	10x
Short	BingX XPL-USDT	0.09592	0.0100	get 0.0050% / 4h	1h 40m	—	$8.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.021%Rate

Funding earned: $148.29
Price spread: −0.021% → −0.032%: $1.12
Slippage, 4 orders: −$27.03
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $102.38
Costs to cover: 0.470%
Break-even: 2.2 days

Slippage from Backpack: live order book, 22 min ago; BingX: live order book, 12 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 Backpack live order book, 22 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 12 min ago	5.20 bp	11.6 bp −$12	28.1 bp −$281	85.5 bp −$8,546	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
Backpack XPL_USDC_PERPlong	−0.0606%	1h	0.09594	long leg	$181K	$242K	10x
01 Exchange XPLUSD	−0.0432%	1h	0.09586	−0.083%	$557	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0271%	1h	0.09592	−0.021%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0247% / S +0.0576%	1h	0.09602	+0.087%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09592	−0.021%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09596	+0.024%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.089%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09602	+0.089%	$72K	—	150x	as long as short
Lighter XPL	+0.0024%	1h	0.09584	−0.104%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0034%	4h	0.09599	+0.052%	$8.3M	$53.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09590	−0.039%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09594	0.000%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09599	+0.055%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09603	+0.090%	$60.4M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09600	+0.059%	$244K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09596	+0.026%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09599	+0.052%	$43.4M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09593	−0.010%	$45.5M	$56.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.563%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09593	−0.010%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09593	−0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09601	+0.073%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09592	−0.021%	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09587	−0.077%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.227%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.271%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09610	+0.166%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.146%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	−0.042%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09605	+0.115%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09588	−0.060%	$632K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09590	−0.042%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09573	−0.219%	$194K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09603	+0.094%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.479%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3569%	1h	0.09631	+0.385%	$546K	$1.0M	10x	as long as short