Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0363%/8hnext payment −$0.45 per $10,000 · paid last 24h +0.062%

Price spread now: Backpack against Deribit+0.020%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Backpack is 0.020% dearer against Deribit than usual: you sell high and buy low (spread +0.020% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$11 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09872	−0.0054	get 0.0007% / 1h	33m 46s	$49K	$17K	25x
Short	Backpack XPL_USDC_PERP	0.09874	−0.0417	pay 0.0052% / 1h	33m 46s	$185K	$281K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$76.25
Price spread: +0.020% → 0.000%: $2.03
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$91.23
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Backpack: 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 Deribit no order-book sample	—	—	—	—	—
Sell Backpack live order book, 7 min ago	0.50 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit

Deribit: 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 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	−0.0464%	1h	0.09858	−0.142%	$4.5M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERPshort	−0.0417%	1h	0.09874	+0.020%	$185K	$281K	10x
01 Exchange XPLUSD	−0.0224%	1h	0.09868	−0.041%	$574	$582	5x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0054%	1h	0.09872	long leg	$49K	$17K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0039% / S +0.0454%	1h	0.09871	−0.014%	$133K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09872	+0.005%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.312%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09870	−0.021%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0059%	4h	0.09866	−0.061%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0097%	8h	0.09874	+0.021%	$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
Nado XPL-PERP	+0.0100%	1h	0.09867	−0.046%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09878	+0.059%	$64.7M	$44.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09874	+0.022%	$258K	$493K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09874	+0.022%	$223K	$14K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09873	+0.010%	$44.9M	$100.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09872	0.000%	$47.4M	$49.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09875	+0.030%	$9.2M	$52.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09923	+0.512%	$141K	$55K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09868	−0.041%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09871	−0.010%	$13.8M	$7.3M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09861	−0.111%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09879	+0.071%	$8.6M	$10.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09877	+0.051%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09856	−0.167%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09880	+0.079%	$263K	$619K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09900	+0.284%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09876	+0.045%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09840	−0.324%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09860	−0.122%	$353	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09864	−0.081%	$141K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09874	+0.018%	$662K	$923K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09875	+0.032%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09844	−0.284%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0404%	1h	0.09865	−0.071%	$201K	$627K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0880%	1h	0.09951	+0.800%	$75K	$118K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2833%	1h	0.09914	+0.425%	$293K	$700K	10x	as long as short