Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0355%/8h= +38.8% APRpaid last 24h +0.042%

Price spread now: OKX against Backpack−0.392%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$440.444% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now −0.392%, 7d avg −0.018%

Together, before fees−0.290%−$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.374% cheaper against Backpack than usual: you would sell low and buy high (spread −0.392% now, against its 7-day average of −0.018%). If the spread goes back, that is −$37 on $10k: about 3.5 days of funding at the current rate (+$11 a day). Mind the row above: over the last 7 days funding on this pair cost −0.089%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.7% 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	0.09692	−0.0255	get 0.0032% / 1h	54m 31s	$179K	$211K	10x
Short	OKX XPL-USDT-SWAP	0.09654	0.0100	get 0.0050% / 4h	3h 54m	$8.3M	$49.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.392%Rate

Funding earned: $74.5
Price spread: −0.392% → −0.018%: −$37.39
Slippage, 4 orders: −$24.37
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$7.26
Costs to cover: 0.444%
Break-even: 7.7 days

Slippage from Backpack: live order book, 64 min ago; OKX: live order book, 4 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, 64 min ago	1.57 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.52 bp	9.9 bp −$10	33.1 bp −$331	doesn't fit	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
01 Exchange XPLUSD	−0.0472%	1h	0.09659	−0.340%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09688	−0.045%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERPlong	−0.0255%	1h	0.09692	long leg	$179K	$211K	10x
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09685	−0.072%	$46K	$18K	25x	as long as short
Gate XPL_USDT	−0.0026%	4h	0.09677	−0.155%	$3.0M	$3.4M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09683	−0.095%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.886%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09690	−0.026%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0016%	4h	0.09683	−0.093%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09677	−0.153%	$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
Lighter XPL	+0.0096%	1h	0.09676	−0.165%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09659	−0.338%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09673	−0.194%	$61.0M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09691	−0.011%	$252K	$470K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09688	−0.039%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09665	−0.280%	$43.8M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09657	−0.361%	$45.7M	$54.6M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09654	−0.392%	$8.3M	$49.4M	50x
Bulk XPL-USD	+0.0100%	1h	0.09670	−0.227%	$141K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09658	−0.351%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09653	−0.402%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09668	−0.248%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	−0.217%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09661	−0.322%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	−0.279%	$260K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	−0.227%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	−0.209%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.433%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.021%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09677	−0.155%	$142K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09672	−0.204%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09692	−0.005%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09681	−0.113%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09674	−0.186%	$1.7M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09698	+0.062%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3099%	1h	0.09719	+0.282%	$551K	$974K	10x	as long as short