Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0345%/8h= +37.8% APRpaid last 24h +0.033%

Price spread now: KuCoin against Backpack−0.176%7-day average +0.009% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$870.865% of the position

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.143%+$14 · spread now −0.176%, 7d avg +0.009%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.185% cheaper against Backpack than usual: you would sell low and buy high (spread −0.176% now, against its 7-day average of +0.009%). If the spread goes back, that is −$19 on $10k: about 43 hours of funding at the current rate (+$10 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.046% in total (about -2.4% 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	0.09668	−0.0245	get 0.0031% / 1h	59m 00s	$179K	$243K	10x
Short	KuCoin XPLUSDTM	0.09651	0.0100	get 0.0050% / 4h	1h 59m	$2.3M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.176%Rate

Funding earned: $72.51
Price spread: −0.176% → +0.009%: −$18.51
Slippage, 4 orders: −$64.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$32.55
Costs to cover: 0.865%
Break-even: 10.1 days

Slippage from Backpack: live order book, 4 min ago; KuCoin: live order book, 3 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, 4 min ago	1.04 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	8.28 bp	31.0 bp −$31	158.2 bp −$1,582	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	−0.0328%	1h	0.09659	−0.093%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERPlong	−0.0245%	1h	0.09668	long leg	$179K	$243K	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0210% / S +0.0570%	1h	0.09667	−0.006%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09665	−0.031%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0088%	1h	0.09656	−0.124%	$4.4M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09663	−0.052%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09676	+0.081%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.695%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09669	+0.007%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0037%	4h	0.09653	−0.155%	$8.4M	$53.4M	50x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0045%	8h	0.09666	−0.023%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09662	−0.062%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09677	+0.094%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09667	−0.007%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09672	+0.041%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09649	−0.195%	$43.7M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09650	−0.186%	$46.4M	$56.2M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	+0.031%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09653	−0.155%	$12.6M	$7.8M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09651	−0.176%	$2.3M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09661	−0.072%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09649	−0.197%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	+0.019%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.228%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.124%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	+0.046%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.186%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.083%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	−0.031%	$143K	$250K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.083%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09651	−0.173%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09662	−0.062%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	−0.010%	$196K	$620K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09766	+1.014%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3540%	1h	0.09710	+0.435%	$551K	$1.0M	10x	as long as short