Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: SunX against Backpack−0.245%7-day average −0.180% · you buy dearer than you sell

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now −0.245%, 7d avg −0.180%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.065% cheaper against Backpack than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.180%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09804	0.0100	pay 0.0013% / 1h	49m 08s	$178K	$279K	10x
Short	SunX XPL-USDT	0.09780	0.0100	get 0.0050% / 4h	49m 08s	$2K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.245%Rate

Funding earned: $0
Price spread: −0.245% → −0.180%: −$6.5
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$24.5
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 29 min ago; SunX: live order book, 7 min ago. 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, 29 min ago	0.51 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	30.64 bp	138.1 bp −$138	doesn't fit	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
Lighter XPL	−0.0384%	1h	0.09790	−0.143%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0240%	1h	0.09811	+0.071%	$570	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0126% / S +0.0516%	1h	0.09813	+0.095%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09806	+0.020%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09809	+0.048%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.782%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09813	+0.090%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0063%	4h	0.09800	−0.041%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09804	+0.003%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09804	0.000%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09815	+0.114%	$63.4M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09806	+0.020%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09812	+0.078%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09800	−0.041%	$44.5M	$107.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09806	+0.020%	$48.1M	$55.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09802	−0.020%	$8.9M	$54.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09802	−0.020%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09806	+0.020%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09796	−0.082%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09807	+0.031%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09797	−0.071%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPlong	+0.0100%	1h	0.09804	long leg	$178K	$279K	10x
Variational Omni XPL	+0.0100%	4h	0.09800	−0.038%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09798	−0.065%	$262K	$796K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	−0.041%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09823	+0.190%	$131K	$2.7M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09780	−0.245%	$2K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.041%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09801	−0.031%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09800	−0.042%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09800	−0.043%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09805	+0.010%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09824	+0.204%	$199K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09797	−0.071%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.214%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5067%	1h	0.09853	+0.496%	$567K	$1.0M	10x	as long as short