Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.4279%/8h= +468.6% APRpaid last 24h +0.445%

Price spread now: Kraken Futures against HTX+0.418%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$1771.767% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 3 days (all we have)−0.327%−$33 · spread now +0.418%, 7d avg +0.113%

Together, before fees−0.306%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$128 a day on $10k at the current rate, and Kraken Futures is 0.305% dearer against HTX than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.113%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% 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	HTX XPL-USDT	0.09726	0.0100	pay 0.0050% / 4h	2h 50m	$142K	$255K	20x
Short	Kraken Futures PF_XPLUSD	0.09767	0.4379	get 0.0547% / 1h	50m 19s	$553K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now +0.418%Rate

Funding earned: $898.69
Price spread: +0.418% → +0.113%: $30.5
Slippage, 4 orders: −$154.74
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $752.45
Costs to cover: 1.767%
Break-even: 1.1 days

Slippage from HTX: live order book, 16 min ago; Kraken Futures: live order book, 3 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 HTX live order book, 16 min ago	13.68 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	23.64 bp	39.5 bp −$39	doesn't fit	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	−0.0296%	1h	0.09721	−0.051%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0185% / S +0.0553%	1h	0.09732	+0.063%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0143%	1h	0.09708	−0.185%	$179K	$241K	10x	as long as short
Lighter XPL	−0.0120%	1h	0.09711	−0.154%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	−0.058%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.162%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09727	+0.010%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09730	+0.041%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09726	0.000%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0045%	4h	0.09726	0.000%	$8.5M	$56.0M	50x	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	+0.0049%	1h	0.09721	−0.051%	$1.2M	$2.8M	10x	as long as short
Paradex XPL-USD-PERP	+0.0051%	8h	0.09719	−0.069%	$13K	$2K	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09733	+0.068%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09726	+0.004%	$247K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09725	−0.009%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09728	+0.020%	$44.3M	$110.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09724	−0.021%	$46.8M	$57.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09728	+0.021%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09725	−0.010%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09713	−0.134%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09730	+0.041%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	−0.021%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.339%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.335%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09690	−0.370%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09730	+0.042%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.062%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.041%	$201	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09726	long leg	$142K	$255K	20x
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.298%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09725	−0.007%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09730	+0.041%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.853%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	−0.226%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.206%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.4379%	1h	0.09767	+0.418%	$553K	$1.0M	10x