XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0247%/8h= +27.0% APRnext payment +$0.31 per $10,000 · paid last 24h +0.042%

Price spread now: Bulk against Backpack−0.410%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$390.385% of the position

Long on Backpack Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.203%−$20 · spread now −0.410%, 7d avg +0.015%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.425% cheaper against Backpack than usual: you would sell low and buy high (spread −0.410% now, against its 7-day average of +0.015%). If the spread goes back, that is −$43 on $10k: about 5.7 days of funding at the current rate (+$7 a day). At the pace of the last 4 days (+0.046% in total) that is about 33 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.046% in total (about 4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.31 per $10,000. 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	0.09671	−0.0147	get 0.0018% / 1h	59m 39s	$179K	$223K	10x
Short	Bulk XPL-USD	0.09631	0.0100	get 0.0013% / 1h	59m 39s	$140K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.410%Rate

Funding earned: $51.84
Price spread: −0.410% → +0.015%: −$42.52
Slippage, 4 orders: −$21.53
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$29.2
Costs to cover: 0.385%
Break-even: 10.9 days

Slippage from Backpack: live order book, 59 min ago; Bulk: live order book, 59 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, 59 min ago	1.57 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 59 min ago	5.22 bp	8.7 bp −$9	12.8 bp −$128	33.3 bp −$3,327	110.4 bp −$55.2K

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	−0.0544%	1h	0.09657	−0.145%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09677	+0.067%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0147%	1h	0.09671	long leg	$179K	$223K	10x
Bybit XPLUSDT	−0.0090%	4h	0.09672	+0.010%	$45.8M	$54.6M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	+0.041%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09680	+0.096%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.716%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09678	+0.068%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09669	−0.021%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09677	+0.067%	$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
Gate XPL_USDT	+0.0084%	4h	0.09674	+0.031%	$3.0M	$3.4M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09672	+0.010%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09673	+0.026%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09687	+0.166%	$61.1M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09684	+0.135%	$252K	$468K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09675	+0.037%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09676	+0.052%	$43.9M	$102.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09671	0.000%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09631	−0.410%	$140K	$5K	10x
MEXC XPL_USDT	+0.0100%	4h	0.09674	+0.031%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09666	−0.052%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09682	+0.114%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	0.000%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	−0.023%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09656	−0.154%	$258K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	−0.010%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09682	+0.117%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.217%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.010%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09675	+0.041%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09670	−0.009%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09671	+0.004%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	−0.010%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09670	−0.010%	$1.8M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.279%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3284%	1h	0.09715	+0.454%	$551K	$977K	10x	as long as short