Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.4957%/8h= +542.8% APRpaid last 24h +0.392%

Price spread now: Kraken Futures against BingX+0.656%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$1011.010% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.115%+$12 on $10k

Price spread, last 3 days (all we have)−0.777%−$78 · spread now +0.656%, 7d avg +0.107%

Together, before fees−0.662%−$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$149 a day on $10k at the current rate, and Kraken Futures is 0.548% dearer against BingX than usual: you sell high and buy low: +$55 more if the spread goes back to its 7-day average of +0.107%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.115% in total (about 6.0% 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	BingX XPL-USDT	0.09774	0.0100	pay 0.0050% / 4h	3h 39m	—	$7.9M	—
Short	Kraken Futures PF_XPLUSD	0.09838	0.5057	get 0.0632% / 1h	39m 49s	$570K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.656%Rate

Funding earned: $1,040.92
Price spread: +0.656% → +0.107%: $54.84
Slippage, 4 orders: −$81.01
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $994.75
Costs to cover: 1.010%
Break-even: 0.3 days

Slippage from BingX: live order book, 8 min ago; Kraken Futures: live order book, 4 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 BingX live order book, 8 min ago	5.14 bp	13.6 bp −$14	21.7 bp −$217	86.0 bp −$8,597	doesn't fit
Sell Kraken Futures live order book, 4 min ago	25.98 bp	36.9 bp −$37	320.0 bp −$3,200	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	−0.0223%	1h	0.09790	+0.164%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0184%	1h	0.09779	+0.051%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0168%	1h	0.09796	+0.225%	$570	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0159% / S +0.0538%	1h	0.09792	+0.184%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09791	+0.174%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09779	+0.048%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.545%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09792	+0.185%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09790	+0.164%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0035%	8h	0.09792	+0.189%	$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	0.09785	+0.115%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09794	+0.206%	$63.2M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09791	+0.176%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09784	+0.106%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09775	+0.010%	$44.6M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09773	−0.010%	$47.3M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09770	−0.041%	$8.6M	$55.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09779	+0.051%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09777	+0.031%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09774	0.000%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09780	+0.061%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09774	long leg	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09780	+0.061%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.064%	$267K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.348%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09803	+0.293%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.041%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+0.164%	$198	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09789	+0.153%	$142K	$242K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09720	−0.550%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09774	+0.003%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09790	+0.164%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09753	−0.215%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09776	+0.020%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.419%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.5057%	1h	0.09838	+0.656%	$570K	$1.0M	10x