Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0709%/8h= −77.7% APRpaid last 24h −0.037%

Price spread now: Backpack against Bybit+0.021%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$450.455% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 4 days (all we have)+1.099%+$110 · spread now +0.021%, 7d avg +0.056%

Together, before fees+1.242%+$124 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Backpack is 0.035% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.056%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.143%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.143% in total (about 7.5% 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	Bybit XPLUSDT	0.09582	0.0100	pay 0.0050% / 4h	1h 38m	$45.4M	$56.7M	75x
Short	Backpack XPL_USDC_PERP	0.09584	−0.0609	pay 0.0076% / 1h	38m 53s	$180K	$242K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$148.95
Price spread: +0.021% → +0.056%: −$3.46
Slippage, 4 orders: −$24.49
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$197.91
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Backpack: live order book, 24 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 Bybit live order book, 5 min ago	0.52 bp	9.5 bp −$10	31.5 bp −$315	doesn't fit	doesn't fit
Sell Backpack live order book, 24 min ago	1.04 bp	12.0 bp −$12	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
Backpack XPL_USDC_PERPshort	−0.0609%	1h	0.09584	+0.021%	$180K	$242K	10x
01 Exchange XPLUSD	−0.0432%	1h	0.09571	−0.115%	$556	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09577	−0.052%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0248% / S +0.0576%	1h	0.09580	−0.017%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09572	−0.104%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09583	+0.012%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.990%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09581	−0.005%	$72K	—	150x	as long as short
Lighter XPL	+0.0024%	1h	0.09570	−0.125%	$4.3M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0033%	4h	0.09596	+0.146%	$8.2M	$53.1M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0053%	8h	0.09577	−0.047%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0080%	4h	0.09580	−0.021%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09578	−0.039%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09594	+0.128%	$60.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09582	0.000%	$243K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09586	+0.043%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09588	+0.063%	$43.4M	$108.7M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09582	long leg	$45.4M	$56.7M	75x
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.438%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09584	+0.021%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09579	−0.031%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09587	+0.052%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09585	+0.031%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09587	+0.048%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.353%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.397%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09589	+0.069%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.230%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.021%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09580	−0.021%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09582	−0.001%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09572	−0.101%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09608	+0.271%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09576	−0.063%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.605%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3573%	1h	0.09620	+0.395%	$546K	$1.0M	10x	as long as short