XPL Funding Rate — live across 16 venues

Compared across 16 supported venues · net of estimated fees · updated every few minutes

Live annualized XPL perpetual funding across all 16 venues Perpia tracks. Right now XPL funding is positive on 16 and negative on 0, ranging from +49.3% on Hyperliquid to +7.5% on Bybit — a spread of 41.8%. The widest delta-neutral trade is long Bybit / short Hyperliquid at 37.9% net APR.

venues

paying positive

41.8%

funding spread

Best XPL spread now

37.9%

net APR after fees

Long Bybit→Short Hyperliquid

size depends on live venue depth — see the real cap in the scanner

XPL funding trend & liquidity

168h of history

41.8%

current gross APR

19.3%

24h average

9.0%

7-day average

$41.3M

pair OI · lower leg

$14.5M

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

XPL funding rate history

30d · 6h buckets · 12 venues

88.3%0-36.0%

4 Aug3 Sep

XPL — average across 12 venuesAsterBackPackExtendedHyperliquid

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +11.5%. A break in a line means no data was recorded for that stretch, not a zero rate.

XPL funding rate by venue

34 pairs scanned

Venue	Funding APR	Interval
Hyperliquid ↗	+49.3%	1h
BackPack ↗	+19.6%	1h
Extended ↗	+11.4%	1h
MEXC ↗	+10.9%	4h
Binance ↗	+10.9%	4h
Nado ↗	+10.9%	24h
OKX ↗	+10.9%	4h
Bitget ↗	+10.9%	4h
Gate.io ↗	+10.9%	4h
Variational ↗	+10.9%	4h
BingX ↗	+10.9%	4h
KuCoin ↗	+10.9%	4h
Aster ↗	+10.9%	4h
Pacifica ↗	+10.9%	1h
Lighter ↗	+10.5%	8h
Bybit ↗	+7.5%	4h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Bybit vs Hyperliquid page.

XPL arbitrage — 30-day backtest

long Bybit · short Hyperliquid

8.7%

backtested APR

+$72

historical net P&L on $10,000

0.01%

max drawdown

$10,000$10,072

30 days agostarting capital $10,000today

Over the last 30 days, holding long Bybit / short Hyperliquid would have produced 8.7% APR — versus the 37.9% the live spread implies right now (equity $10,000 → $10,072). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading XPL backtest…

XPL funding — FAQ

Is XPL funding positive right now?

XPL perpetual funding is positive on 16 of 16 venues Perpia tracks. The highest is +49.3% on Hyperliquid; the lowest is +7.5% on Bybit.

What is the best XPL funding arbitrage right now?

Go long Bybit and short Hyperliquid for about 37.9% net APR after fees — the widest delta-neutral XPL spread Perpia currently sees.

Which exchange has the highest XPL funding rate?

Hyperliquid, at +49.3% annualized. Funding shifts continuously, so check the live table above before trading.

How XPL funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to XPL

Markets also quoted on both Bybit and Hyperliquid — the same two exchanges you would already have funded for the XPL trade.

See every spread between them on the Bybit vs Hyperliquid page.

Open the live scanner →All funding rates Funding by exchange How we calculate this