Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.4494%/8h= +492.1% APRpaid last 24h +0.288%

Price spread now: Kraken Futures against Binance+0.541%7-day average +0.073% · 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−$37as in the Price arb table

costs, in and out, $10k−$840.839% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)−0.673%−$67 · spread now +0.541%, 7d avg +0.073%

Together, before fees−0.649%−$65 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$135 a day on $10k at the current rate, and Kraken Futures is 0.468% dearer against Binance than usual: you sell high and buy low: +$47 more if the spread goes back to its 7-day average of +0.073%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.024% in total (about 1.2% 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	Binance XPLUSDT	0.09719	0.0100	pay 0.0050% / 4h	1h 10m	$43.9M	$107.0M	75x
Short	Kraken Futures PF_XPLUSD	0.09771	0.4594	get 0.0574% / 1h	10m 17s	$561K	$995K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.541%Rate

Funding earned: $943.76
Price spread: +0.541% → +0.073%: $46.83
Slippage, 4 orders: −$63.95
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $906.64
Costs to cover: 0.839%
Break-even: 0.3 days

Slippage from Binance: live order book, 3 min ago; Kraken Futures: live order book, 8 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 Binance live order book, 3 min ago	0.51 bp	7.5 bp −$7	22.8 bp −$228	128.1 bp −$12.8K	doesn't fit
Sell Kraken Futures live order book, 8 min ago	16.91 bp	27.6 bp −$28	340.1 bp −$3,401	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
Backpack XPL_USDC_PERP	−0.0292%	1h	0.09712	−0.071%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09713	−0.061%	$565	$708	5x	as long as short
Lighter XPL	−0.0208%	1h	0.09702	−0.174%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0115% / S +0.0509%	1h	0.09713	−0.065%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	−0.091%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.105%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09713	−0.061%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09712	−0.069%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09707	−0.122%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0085%	8h	0.09707	−0.125%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09710	−0.092%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09727	+0.081%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09715	−0.036%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09714	−0.046%	$221K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09719	long leg	$43.9M	$107.0M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09723	+0.042%	$47.9M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09717	−0.020%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	−0.048%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09710	−0.092%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09712	−0.071%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09712	−0.071%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09718	−0.009%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09711	−0.081%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09707	−0.121%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09717	−0.021%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.011%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09720	+0.011%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.194%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.092%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09720	+0.011%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09709	−0.102%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	−0.044%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09716	−0.030%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09730	+0.114%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.423%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.4594%	1h	0.09771	+0.541%	$561K	$995K	10x