Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0323%/8h= +35.4% APRpaid last 24h +0.033%

Price spread now: HTX against Backpack−0.041%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1161.156% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 3 days (all we have)−0.165%−$17 · spread now −0.041%, 7d avg −0.037%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.037%, so right now this pair is about funding alone: +$10 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 0.103% in total (about 5.4% 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	0.09669	−0.0223	get 0.0028% / 1h	1m 23s	$179K	$243K	10x
Short	HTX XPL-USDT	0.09665	0.0100	get 0.0050% / 4h	2h 01m	$143K	$249K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $67.8
Price spread: −0.041% → −0.037%: −$0.43
Slippage, 4 orders: −$93.64
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$48.27
Costs to cover: 1.156%
Break-even: 12.0 days

Slippage from Backpack: live order book, 2 min ago; HTX: live order book, 65 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, 2 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 65 min ago	13.68 bp	73.7 bp −$74	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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	−0.0304%	1h	0.09666	−0.031%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERPlong	−0.0223%	1h	0.09669	long leg	$179K	$243K	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0209% / S +0.0569%	1h	0.09671	+0.024%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09667	−0.021%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09664	−0.052%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09668	−0.015%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.702%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09679	+0.101%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0040%	4h	0.09669	0.000%	$8.4M	$53.5M	50x	as long as short
Paradex XPL-USD-PERP	+0.0043%	8h	0.09668	−0.012%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0048%	1h	0.09659	−0.103%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09667	−0.021%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09679	+0.108%	$61.5M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09668	−0.009%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	+0.010%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09672	+0.031%	$43.9M	$108.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09670	+0.010%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09668	−0.010%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09670	+0.010%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	−0.093%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09671	+0.021%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	+0.021%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09664	−0.049%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.239%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.197%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	+0.084%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.197%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.093%	$196	$11K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09665	−0.041%	$143K	$249K	20x
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.093%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09664	−0.050%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09662	−0.073%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	−0.021%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.003%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4407%	1h	0.09705	+0.369%	$550K	$1.0M	10x	as long as short