Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.047%

Price spread now: Backpack against Polymarket Perps−0.068%7-day average −0.123% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$6 on $10k

Price spread, last 4 days (all we have)−0.433%−$43 · spread now −0.068%, 7d avg −0.123%

Together, before fees−0.368%−$37 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: Backpack is 0.056% dearer against Polymarket Perps than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.123%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09620	0.0100	pay 0.0013% / 1h	15m 04s	$126K	$1.7M	10x
Short	Backpack XPL_USDC_PERP	0.09613	0.0100	get 0.0013% / 1h	15m 04s	$183K	$181K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.123%: $5.59
Slippage, 4 orders: −$19.42
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$31.83
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 49 min ago; Backpack: live order book, 18 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 Polymarket Perps live order book, 49 min ago	2.56 bp	7.4 bp −$7	8.0 bp −$80	doesn't fit	doesn't fit
Sell Backpack live order book, 18 min ago	0.53 bp	9.2 bp −$9	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	−0.1112%	1h	0.09604	−0.161%	$4.4M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0458%	4h	0.09608	−0.120%	$45.6M	$54.1M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09605	−0.151%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09618	−0.012%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09619	−0.005%	$46K	$17K	25x	as long as short
Paradex XPL-USD-PERP	−0.0118%	8h	0.09622	+0.030%	$13K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0063%	4h	0.09605	−0.151%	$7.6M	$47.8M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0035%	4h	0.09614	−0.057%	$30K	$235K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09619	−0.004%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.297%	—	—	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09622	+0.030%	$73K	—	150x	as long as short
Extended XPL-USD	+0.0032%	1h	0.09612	−0.078%	$618K	$1.2M	25x	as long as short
Gate XPL_USDT	+0.0048%	4h	0.09611	−0.088%	$2.9M	$3.3M	75x	as long as short
Binance XPLUSDT	+0.0092%	4h	0.09609	−0.109%	$43.9M	$98.2M	75x	as long as short
MEXC XPL_USDT	+0.0092%	4h	0.09613	−0.068%	$13.2M	$6.6M	100x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09610	−0.094%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09625	+0.060%	$60.9M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09624	+0.043%	$255K	$399K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09620	+0.005%	$220K	$47K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09610	−0.099%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09624	+0.047%	$9.1M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09606	−0.140%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09613	−0.068%	$183K	$181K	10x
Variational Omni XPL	+0.0100%	4h	0.09613	−0.072%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	−0.515%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	−0.203%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09620	long leg	$126K	$1.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.203%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.099%	$190	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09615	−0.047%	$133K	$214K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09570	−0.515%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09623	+0.040%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09601	−0.192%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0332%	4h	0.09613	−0.068%	$1.7M	$956K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09640	+0.213%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2688%	1h	0.09648	+0.296%	$547K	$965K	10x	as long as short