Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.3386%/8h= +370.8% APRpaid last 24h +0.240%

Price spread now: Kraken Futures against Gate+0.561%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs−$110as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$1251.253% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

Price spread, last 3 days (all we have)−0.772%−$77 · spread now +0.561%, 7d avg +0.055%

Together, before fees−0.617%−$62 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 0.505% dearer against Gate than usual: you sell high and buy low: +$51 more if the spread goes back to its 7-day average of +0.055%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.156% in total (about 8.1% 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	Gate XPL_USDT	0.09754	0.0100	pay 0.0050% / 4h	2h 35m	$3.0M	$4.0M	75x
Short	Kraken Futures PF_XPLUSD	0.09809	0.3486	get 0.0436% / 1h	35m 30s	$516K	$939K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.561%Rate

Funding earned: $711.11
Price spread: +0.561% → +0.055%: $50.52
Slippage, 4 orders: −$100.28
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $636.35
Costs to cover: 1.253%
Break-even: 0.7 days

Slippage from Gate: live order book, 3 min ago; Kraken Futures: live order book, 52 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 Gate live order book, 3 min ago	4.10 bp	25.6 bp −$26	152.8 bp −$1,528	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 52 min ago	28.11 bp	40.1 bp −$40	95.8 bp −$958	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	−0.0120%	1h	0.09745	−0.092%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0074% / S +0.0482%	1h	0.09760	+0.060%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09756	+0.021%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	−0.040%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09768	+0.144%	$568	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.385%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09759	+0.052%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0013%	1h	0.09755	+0.010%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09752	−0.021%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09744	−0.098%	$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	0.09763	+0.095%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09768	+0.140%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09760	+0.058%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	−0.041%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09770	+0.164%	$44.2M	$104.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09767	+0.133%	$47.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09769	+0.154%	$9.0M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.702%	$142K	$11K	10x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09754	long leg	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09753	−0.010%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09749	−0.051%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09772	+0.185%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09755	+0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.462%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09763	+0.091%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.267%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09779	+0.257%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.144%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.041%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09756	+0.021%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09752	−0.016%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09756	+0.017%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09759	+0.051%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09766	+0.123%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.923%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3486%	1h	0.09809	+0.561%	$516K	$939K	10x