XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.3359%/8h= +367.8% APRnext payment +$4.20 per $10,000 · paid last 24h +0.149%

Price spread now: Kraken Futures against Hyperliquid+0.804%50s7-day average −0.078% · 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—prices read too far apart to compare

costs, in and out, $10k−$1021.018% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 3 days (all we have)−1.581%−$158 · spread now +0.804%, 7d avg −0.078%

Together, before fees−1.748%+ Points / potential airdropHyperliquid: Season 2 · farm board−$175 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$101 a day on $10k at the current rate, and Kraken Futures is 0.882% dearer against Hyperliquid than usual: you sell high and buy low: +$88 more if the spread goes back to its 7-day average of −0.078%. Mind the row above: over the last 7 days funding on this pair cost −0.167%, so the current rate has only just turned in your favour. The two prices were read 50 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 -0.167% in total (about -8.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$4.20 per $10,000. 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	Hyperliquid XPL	0.09808	0.0100	pay 0.0013% / 1h	55m 23s	$64.5M	$45.6M	10x
Short	Kraken Futures PF_XPLUSD	0.09887	0.3459	get 0.0432% / 1h	55m 23s	$296K	$673K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Hyperliquid. 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 HyperliquidbpFee Kraken FuturesbpOrdersPrice spread, now +0.804%Rate

Funding earned: $705.34
Price spread: +0.804% → −0.078%: $88.22
Slippage, 4 orders: −$82.77
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $691.79
Costs to cover: 1.018%
Break-even: 0.1 days

Slippage from Hyperliquid: live order book, 8 min ago; Kraken Futures: live order book, 32 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 Hyperliquid live order book, 8 min ago	0.40 bp	11.1 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 32 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
Deribit XPL_USDC-PERPETUAL	−0.0157%	1h	0.09829	+0.217%	$49K	$17K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0136%	1h	0.09808	+0.003%	$183K	$282K	10x	as long as short
Lighter XPL	−0.0128%	1h	0.09784	−0.242%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0104%	1h	0.09787	−0.211%	$569	$582	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0065% / S +0.0476%	1h	0.09801	−0.065%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09789	−0.192%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.806%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09800	−0.074%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09796	−0.119%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0097%	8h	0.09789	−0.193%	$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	0.09791	−0.173%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09808	long leg	$64.5M	$45.6M	10x
Aster XPLUSDT	+0.0100%	4h	0.09800	−0.079%	$254K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09794	−0.138%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09796	−0.118%	$44.6M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09794	−0.140%	$47.3M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09796	−0.119%	$9.2M	$52.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.951%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09795	−0.129%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09798	−0.099%	$13.1M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09801	−0.068%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09804	−0.038%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09796	−0.119%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+0.303%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09841	+0.341%	$267K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+0.329%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09804	−0.033%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09810	+0.023%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	+0.227%	$209	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09833	+0.258%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09795	−0.134%	$697K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09802	−0.057%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+0.809%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	+0.187%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.604%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3459%	1h	0.09887	+0.804%	$296K	$673K	10x