Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2988%/8h= +327.2% APRpaid last 24h +0.446%

Price spread now: Kraken Futures against BloFin+0.341%7-day average +0.132% · you sell dearer than you buy

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$1011.005% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 4 days (all we have)−0.373%−$37 · spread now +0.341%, 7d avg +0.132%

Together, before fees−0.544%−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$90 a day on $10k at the current rate, and Kraken Futures is 0.209% dearer against BloFin than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.132%. Mind the row above: over the last 7 days funding on this pair cost −0.171%, 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 -0.171% in total (about -8.9% 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	BloFin XPL-USDT	0.09553	0.0340	pay 0.0170% / 4h	43m 12s	$1.7M	$981K	75x
Short	Kraken Futures PF_XPLUSD	0.09586	0.3328	get 0.0416% / 1h	43m 12s	$543K	$977K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.341%Rate

Funding earned: $627.47
Price spread: +0.341% → +0.132%: $20.87
Slippage, 4 orders: −$78.55
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $547.79
Costs to cover: 1.005%
Break-even: 0.9 days

Slippage from BloFin: live order book, 5 min ago; Kraken Futures: live order book, 10 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 BloFin live order book, 5 min ago	5.25 bp	12.2 bp −$12	22.3 bp −$223	66.0 bp −$6,599	doesn't fit
Sell Kraken Futures live order book, 10 min ago	29.70 bp	37.0 bp −$37	237.3 bp −$2,373	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
01 Exchange XPLUSD	−0.0344%	1h	0.09542	−0.115%	$555	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0294% / S +0.0605%	1h	0.09554	+0.009%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0094%	4h	0.09539	−0.147%	$45.1M	$55.2M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09547	−0.063%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0043%	1h	0.09551	−0.021%	$178K	$225K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09570	+0.174%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.751%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0005%	4h	0.09546	−0.073%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09555	+0.021%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0074%	8h	0.09557	+0.039%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09539	−0.147%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09554	+0.008%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09560	+0.071%	$59.9M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09555	+0.025%	$243K	$485K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09568	+0.159%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09545	−0.084%	$43.3M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09551	−0.021%	$8.2M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09530	−0.241%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09548	−0.052%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09547	−0.063%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09542	−0.115%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09556	+0.031%	$8.5M	$10.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09550	−0.031%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.181%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09530	−0.241%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−0.345%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09560	+0.073%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.241%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.031%	$193	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09520	−0.345%	$139K	$224K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09543	−0.102%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.084%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09551	−0.021%	$193K	$617K	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09553	long leg	$1.7M	$981K	75x
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09583	+0.314%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3328%	1h	0.09586	+0.341%	$543K	$977K	10x