Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0092%/8h= +10.0% APRpaid last 24h +0.017%

Price spread now: Orderly against Backpack−0.041%7-day average −0.049% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now −0.041%, 7d avg −0.049%

Together, before fees−0.333%−$33 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.266%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09716	−0.0089	get 0.0011% / 1h	26m 28s	$179K	$244K	10x
Short	Orderly PERP_XPL_USDC	0.09712	0.0002	get 0.0001% / 4h	2h 26m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.041%Rate

Funding earned: $19.22
Price spread: −0.041% → −0.049%: $0.83
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $4.04
Costs to cover: 0.160%
Break-even: 5.5 days

Slippage unknown: Backpack: live order book, 42 min ago; Orderly: no order-book sample. Net counts fees only.

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, 42 min ago	1.01 bp	12.1 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0232%	1h	0.09671	−0.463%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0196% / S +0.0561%	1h	0.09716	+0.002%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09715	−0.010%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERPlong	−0.0089%	1h	0.09716	long leg	$179K	$244K	10x
dYdX XPL-USD	0.0000%	1h	0.09680	−0.370%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.080%	—	—	—	as long as short
Orderly PERP_XPL_USDCshort	+0.0002%	4h	0.09712	−0.041%	$29K	$335K	10x
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09716	+0.005%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0053%	4h	0.09674	−0.432%	$8.3M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0059%	8h	0.09678	−0.389%	$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	+0.0096%	1h	0.09669	−0.484%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09674	−0.435%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09687	−0.298%	$61.9M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09686	−0.305%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09679	−0.381%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09672	−0.451%	$44.0M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09673	−0.443%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	−0.419%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	−0.463%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09674	−0.432%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09670	−0.473%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09680	−0.371%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09673	−0.443%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09726	+0.103%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09679	−0.380%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	−0.165%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09685	−0.322%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.165%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.062%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	−0.134%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09671	−0.461%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09710	−0.062%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09701	−0.154%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.515%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4388%	1h	0.09749	+0.335%	$553K	$1.0M	10x	as long as short