Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0903%/8h= +98.8% APRpaid last 24h +0.109%

Price spread now: BloFin against Backpack−0.343%66s7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.441% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.396%+$40 on $10k

Price spread, last 4 days (all we have)+0.005%$0 · spread now −0.343%, 7d avg −0.030%

Together, before fees+0.400%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.313% cheaper against Backpack than usual: you would sell low and buy high (spread −0.343% now, against its 7-day average of −0.030%). If the spread goes back, that is −$31 on $10k: about 28 hours of funding at the current rate (+$27 a day). At the pace of the last 7 days (+0.396% in total) that is about 5.5 days. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.396% in total (about 20.6% 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	0.09628	−0.0563	get 0.0070% / 1h	35m 34s	$181K	$242K	10x
Short	BloFin XPL-USDT	0.09595	0.0340	get 0.0170% / 4h	1h 35m	$1.7M	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.343%Rate

Funding earned: $189.56
Price spread: −0.343% → −0.030%: −$31.28
Slippage, 4 orders: −$22.12
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $114.15
Costs to cover: 0.441%
Break-even: 2.8 days

Slippage from Backpack: live order book, 28 min ago; BloFin: 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 Backpack live order book, 28 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	3.64 bp	12.9 bp −$13	23.2 bp −$232	73.4 bp −$7,338	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	−0.0563%	1h	0.09628	long leg	$181K	$242K	10x
01 Exchange XPLUSD	−0.0440%	1h	0.09611	−0.177%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0251% / S +0.0578%	1h	0.09623	−0.051%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09621	−0.073%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09611	−0.176%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.367%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09625	−0.031%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09625	−0.035%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0035%	4h	0.09626	−0.021%	$8.3M	$53.1M	50x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09615	−0.134%	$12K	$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	+0.0056%	1h	0.09602	−0.270%	$4.3M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0066%	4h	0.09611	−0.177%	$3.0M	$3.7M	75x	as long as short
Bybit XPLUSDT	+0.0068%	4h	0.09617	−0.114%	$45.6M	$56.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09620	−0.083%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09620	−0.086%	$60.5M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09611	−0.172%	$244K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09616	−0.122%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09621	−0.073%	$43.5M	$108.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09613	−0.156%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09603	−0.260%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09629	+0.010%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09611	−0.177%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09612	−0.170%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	−0.329%	$255K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	−0.187%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09634	+0.058%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.291%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.083%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09601	−0.280%	$144K	$264K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09615	−0.135%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09611	−0.173%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09625	−0.031%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09608	−0.208%	$195K	$629K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09595	−0.343%	$1.7M	$1.0M	75x
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.125%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3560%	1h	0.09656	+0.286%	$548K	$1.0M	10x	as long as short