Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0319%/8h= −35.0% APRpaid last 24h −0.033%

Price spread now: Backpack against KuCoin+0.041%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$870.865% of the position

Long on KuCoin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)−0.009%−$1 · spread now +0.041%, 7d avg −0.009%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.051% dearer against KuCoin than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.009%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.046% in total (about 2.4% 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	KuCoin XPLUSDTM	0.09659	0.0100	pay 0.0050% / 4h	1h 59m	$2.3M	$1.5M	50x
Short	Backpack XPL_USDC_PERP	0.09663	−0.0219	pay 0.0027% / 1h	59m 39s	$178K	$243K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against KuCoin. 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 KuCoinbpFee BackpackbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$67.08
Price spread: +0.041% → −0.009%: $5.07
Slippage, 4 orders: −$64.54
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$148.55
Costs to cover: 0.865%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Backpack: live order book, 4 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 KuCoin live order book, 2 min ago	8.28 bp	33.9 bp −$34	141.4 bp −$1,414	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	1.04 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit

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
Deribit XPL_USDC-PERPETUAL	−0.0371%	1h	0.09660	+0.010%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0328%	1h	0.09659	0.000%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0219%	1h	0.09663	+0.041%	$178K	$243K	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0210% / S +0.0570%	1h	0.09665	+0.062%	$111K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09660	+0.010%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09676	+0.175%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.622%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09668	+0.090%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0038%	4h	0.09665	+0.062%	$8.4M	$53.5M	50x	as long as short
Lighter XPL	+0.0040%	1h	0.09662	+0.031%	$4.4M	$4.2M	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0045%	8h	0.09666	+0.070%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	+0.072%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09683	+0.245%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09668	+0.093%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09672	+0.135%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	+0.114%	$43.9M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09664	+0.052%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	+0.124%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09669	+0.104%	$12.6M	$7.8M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09659	long leg	$2.3M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09670	+0.114%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09663	+0.041%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	+0.112%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.135%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.093%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09675	+0.166%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.093%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.010%	$192	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	+0.062%	$143K	$250K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	+0.010%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09663	+0.046%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.010%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	+0.083%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.108%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4406%	1h	0.09707	+0.498%	$550K	$1.0M	10x	as long as short