Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.3406%/8h= +372.9% APRpaid last 24h +0.240%

Price spread now: Kraken Futures against Bybit+0.552%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$119as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$1241.242% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)−0.763%−$76 · spread now +0.552%, 7d avg +0.096%

Together, before fees−0.709%−$71 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$102 a day on $10k at the current rate, and Kraken Futures is 0.455% dearer against Bybit than usual: you sell high and buy low: +$46 more if the spread goes back to its 7-day average of +0.096%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.054% in total (about 2.8% 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	Bybit XPLUSDT	0.09701	0.0100	pay 0.0050% / 4h	2h 01m	$47.3M	$53.7M	75x
Short	Kraken Futures PF_XPLUSD	0.09755	0.3506	get 0.0438% / 1h	1m 46s	$514K	$948K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.552%Rate

Funding earned: $715.17
Price spread: +0.552% → +0.096%: $45.54
Slippage, 4 orders: −$103.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $636.51
Costs to cover: 1.242%
Break-even: 0.8 days

Slippage from Bybit: live order book, 2 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 Bybit live order book, 2 min ago	0.51 bp	14.6 bp −$15	38.8 bp −$388	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 21 min ago	28.43 bp	47.6 bp −$48	475.3 bp −$4,753	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
Deribit XPL_USDC-PERPETUAL	−0.0368%	1h	0.09702	+0.010%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0108%	1h	0.09704	+0.031%	$177K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0090% / S +0.0492%	1h	0.09705	+0.040%	$112K	—	100x	as long as short
Lighter XPL	−0.0080%	1h	0.09692	−0.093%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0072%	1h	0.09698	−0.031%	$564	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09709	+0.086%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.962%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09705	+0.041%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09699	−0.021%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09705	+0.040%	$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	0.09703	+0.018%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09716	+0.150%	$62.4M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09708	+0.070%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09707	+0.065%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09699	−0.017%	$43.6M	$105.6M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09701	long leg	$47.3M	$53.7M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09702	+0.010%	$9.0M	$53.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09707	+0.062%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09700	−0.010%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09707	+0.062%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09709	+0.082%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09702	+0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09662	−0.401%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09698	−0.030%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.093%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09712	+0.108%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.216%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.010%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09710	+0.093%	$138K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.062%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09700	−0.014%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09703	+0.021%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09711	+0.103%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09705	+0.041%	$196K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09731	+0.309%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3506%	1h	0.09755	+0.552%	$514K	$948K	10x