Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.047%

Price spread now: Backpack against Bulk−0.035%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Bulk Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.051%−$5 on $10k

Price spread, last 4 days (all we have)+0.465%+$47 · spread now −0.035%, 7d avg −0.018%

Together, before fees+0.414%+$41 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09581	0.0100	pay 0.0013% / 1h	22m 40s	$140K	$0	10x
Short	Backpack XPL_USDC_PERP	0.09578	0.0100	get 0.0013% / 1h	22m 40s	$174K	$190K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bulk. 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 BulkbpFee BackpackbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → −0.018%: −$1.78
Slippage, 4 orders: −$27.91
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$46.69
Costs to cover: 0.449%
Break-even: never at this rate

Slippage from Bulk: live order book, 26 min ago; Backpack: live order book, 25 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 Bulk live order book, 26 min ago	5.23 bp	14.9 bp −$15	21.4 bp −$214	45.8 bp −$4,581	148.4 bp −$74.2K
Sell Backpack live order book, 25 min ago	2.61 bp	10.2 bp −$10	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
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09570	−0.119%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0272%	1h	0.09588	+0.069%	$557	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09570	−0.121%	$106K	—	100x	as long as short
Lighter XPL	0.0000%	1h	0.09579	−0.025%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09587	+0.057%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.984%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09573	−0.092%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0009%	4h	0.09566	−0.161%	$29K	$306K	10x	as long as short
Paradex XPL-USD-PERP	+0.0062%	8h	0.09585	+0.033%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09565	−0.171%	$1.2M	$2.4M	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	0.09595	+0.141%	$60.7M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09605	+0.246%	$253K	$428K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09594	+0.128%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09601	+0.205%	$43.5M	$99.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09605	+0.247%	$45.5M	$53.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09603	+0.226%	$8.1M	$48.3M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09581	long leg	$140K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09590	+0.090%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09589	+0.080%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09582	+0.006%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09606	+0.257%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09596	+0.153%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09578	−0.035%	$174K	$190K	10x
Variational Omni XPL	+0.0100%	4h	0.09545	−0.380%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	−0.256%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.432%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09575	−0.062%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.328%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09570	−0.119%	$200	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	+0.111%	$137K	$191K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09591	+0.105%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09567	−0.148%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09582	+0.006%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09560	−0.223%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09605	+0.247%	$67K	$89K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2895%	1h	0.09602	+0.219%	$546K	$981K	10x	as long as short