Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.4967%/8h= +543.9% APRpaid last 24h +0.288%

Price spread now: Kraken Futures against Bitget+0.409%48s7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1031.029% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.085%+$8 on $10k

Price spread, last 3 days (all we have)−0.563%−$56 · spread now +0.409%, 7d avg +0.042%

Together, before fees−0.478%−$48 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 0.367% dearer against Bitget than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.042%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.085% in total (about 4.4% 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	Bitget XPLUSDT	0.09812	0.0100	pay 0.0050% / 4h	57m 32s	$8.7M	$11.1M	75x
Short	Kraken Futures PF_XPLUSD	0.09852	0.5067	get 0.0633% / 1h	57m 32s	$567K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.409%Rate

Funding earned: $1,043.11
Price spread: +0.409% → +0.042%: $36.74
Slippage, 4 orders: −$80.87
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $976.98
Costs to cover: 1.029%
Break-even: 0.4 days

Slippage from Bitget: live order book, 1 min ago; Kraken Futures: live order book, 21 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 Bitget live order book, 1 min ago	5.10 bp	17.8 bp −$18	47.1 bp −$471	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 21 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
Lighter XPL	−0.0344%	1h	0.09789	−0.234%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0296%	1h	0.09795	−0.173%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0121% / S +0.0513%	1h	0.09810	−0.016%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09806	−0.061%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09799	−0.132%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.845%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09810	−0.020%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0066%	4h	0.09803	−0.092%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09799	−0.136%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09799	−0.127%	$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	0.09819	+0.074%	$63.6M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09808	−0.044%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09806	−0.058%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09803	−0.092%	$44.4M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09802	−0.102%	$48.2M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09798	−0.143%	$8.9M	$54.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09799	−0.132%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09802	−0.102%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09799	−0.132%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09812	long leg	$8.7M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09805	−0.071%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09809	−0.031%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09755	−0.579%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.224%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.224%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09815	+0.031%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	−0.326%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.122%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09786	−0.265%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.224%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09798	−0.147%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09822	+0.100%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09777	−0.357%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09785	−0.275%	$198K	$649K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09794	−0.183%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.5067%	1h	0.09852	+0.409%	$567K	$1.0M	10x