XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.3691%/8h= +404.1% APRnext payment +$4.61 per $10,000 · paid last 24h +0.260%

Price spread now: Kraken Futures against Backpack+1.009%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$1041.038% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 3 days (all we have)−1.471%−$147 · spread now +1.009%, 7d avg +0.052%

Together, before fees−1.581%−$158 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$111 a day on $10k at the current rate, and Kraken Futures is 0.957% dearer against Backpack than usual: you sell high and buy low: +$96 more if the spread goes back to its 7-day average of +0.052%. Mind the row above: over the last 7 days funding on this pair cost −0.109%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.109% in total (about -5.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$4.61 per $10,000. 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	Backpack XPL_USDC_PERP	0.09740	−0.0215	get 0.0027% / 1h	50m 26s	$180K	$283K	10x
Short	Kraken Futures PF_XPLUSD	0.09838	0.3476	get 0.0434% / 1h	50m 26s	$488K	$898K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +1.009%Rate

Funding earned: $775.01
Price spread: +1.009% → +0.052%: $95.72
Slippage, 4 orders: −$83.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $766.89
Costs to cover: 1.038%
Break-even: 0.1 days

Slippage from Backpack: live order book, 38 min ago; Kraken Futures: live order book, 37 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 Backpack live order book, 38 min ago	0.50 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	28.11 bp	40.1 bp −$40	95.8 bp −$958	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	−0.0248%	1h	0.09724	−0.164%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERPlong	−0.0215%	1h	0.09740	long leg	$180K	$283K	10x
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09745	+0.051%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0067% / S +0.0477%	1h	0.09727	−0.129%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09730	−0.103%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.271%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09731	−0.091%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09725	−0.154%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09739	−0.015%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09731	−0.092%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09734	−0.062%	$62.9M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09738	−0.024%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09739	−0.012%	$221K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09724	−0.162%	$44.3M	$103.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09720	−0.205%	$46.9M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09727	−0.133%	$9.0M	$52.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09721	−0.195%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09730	−0.103%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09722	−0.185%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09733	−0.072%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	−0.164%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09735	−0.056%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.204%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.205%	$25K	$84K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09736	−0.041%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.103%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.103%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−0.390%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.103%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09731	−0.089%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09729	−0.112%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0272%	1h	0.09727	−0.133%	$566	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09737	−0.031%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	+0.021%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.310%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3476%	1h	0.09838	+1.009%	$488K	$898K	10x