Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.042%

Price spread now: Backpack against SunX+0.137%7-day average +0.183% · you sell dearer than you buy

Net, funding: paid 7d − costs−$335as in the Funding arb table

Net, price: spread back to 7d avg − costs−$343as in the Price arb table

costs, in and out, $10k−$3393.386% of the position

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.228%+$23 · spread now +0.137%, 7d avg +0.183%

Together, before fees+0.260%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Backpack is 0.046% cheaper against SunX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.183%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% 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	SunX XPL-USDT	0.09490	0.0100	pay 0.0050% / 4h	48m 30s	$2K	$1.8M	20x
Short	Backpack XPL_USDC_PERP	0.09503	−0.0109	pay 0.0014% / 1h	48m 30s	$176K	$226K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$43.88
Price spread: +0.137% → +0.183%: −$4.62
Slippage, 4 orders: −$320.65
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$387.15
Costs to cover: 3.386%
Break-even: never at this rate

Slippage from SunX: live order book, 7 min ago; Backpack: live order book, 10 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 SunX live order book, 7 min ago	36.78 bp	163.7 bp −$164	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	1.57 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
01 Exchange XPLUSD	−0.0320%	1h	0.09510	+0.211%	$553	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0289% / S +0.0602%	1h	0.09512	+0.232%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0121%	4h	0.09513	+0.242%	$45.1M	$55.6M	75x	as long as short
Backpack XPL_USDC_PERPshort	−0.0109%	1h	0.09503	+0.137%	$176K	$226K	10x
dYdX XPL-USD	0.0000%	1h	0.09511	+0.219%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.224%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09498	+0.084%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09495	+0.053%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09518	+0.291%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0072%	8h	0.09514	+0.257%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09498	+0.084%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09519	+0.306%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09529	+0.410%	$59.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09510	+0.209%	$241K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09509	+0.200%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09518	+0.296%	$43.2M	$104.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09517	+0.285%	$8.2M	$49.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09514	+0.253%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09519	+0.306%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09514	+0.253%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09520	+0.316%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09517	+0.285%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	+0.293%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09541	+0.533%	$254K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09530	+0.421%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09526	+0.376%	$127K	$2.1M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09490	long leg	$2K	$1.8M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09500	+0.105%	$190	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09534	+0.464%	$143K	$236K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.790%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09512	+0.231%	$643K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09495	+0.053%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09540	+0.527%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09501	+0.116%	$1.7M	$984K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+1.222%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3345%	1h	0.09537	+0.496%	$541K	$977K	10x	as long as short