XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3691%/8h= −404.1% APRnext payment −$4.61 per $10,000 · paid last 24h −0.260%

Price spread now: Backpack against Kraken Futures−0.999%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$199as in the Price arb table

costs, in and out, $10k−$1041.038% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 3 days (all we have)+1.461%+$146 · spread now −0.999%, 7d avg −0.052%

Together, before fees+1.571%+$157 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$111 a day on $10k at the current rate, and Backpack is 0.947% cheaper against Kraken Futures than usual: you would sell low and buy high (−$95 if the spread goes back to its 7-day average of −0.052%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.109%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.109% in total (about 5.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.61 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	Kraken Futures PF_XPLUSD	0.09838	0.3476	pay 0.0434% / 1h	50m 50s	$488K	$898K	10x
Short	Backpack XPL_USDC_PERP	0.09740	−0.0215	pay 0.0027% / 1h	50m 50s	$180K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.999%Rate

Funding earned: −$775.01
Price spread: −0.999% → −0.052%: −$94.71
Slippage, 4 orders: −$83.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$973.57
Costs to cover: 1.038%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 37 min ago; Backpack: live order book, 37 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 Kraken Futures live order book, 37 min ago	28.11 bp	37.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 37 min ago	0.50 bp	8.0 bp −$8	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
Lighter XPL	−0.0248%	1h	0.09724	−1.162%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERPshort	−0.0215%	1h	0.09740	−0.999%	$180K	$283K	10x
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09745	−0.948%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0066% / S +0.0477%	1h	0.09745	−0.943%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09729	−1.112%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.047%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09744	−0.956%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09743	−0.969%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09732	−1.079%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09734	−1.058%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09738	−1.014%	$63.0M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09741	−0.985%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	−1.087%	$220K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09734	−1.060%	$44.4M	$103.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09726	−1.142%	$47.0M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09730	−1.101%	$9.0M	$52.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09730	−1.101%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09735	−1.050%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09729	−1.111%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09739	−1.009%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09731	−1.091%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	−0.009%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	−0.797%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−1.203%	$25K	$84K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09743	−0.973%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−1.101%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−1.101%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09702	−1.385%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−1.101%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09735	−1.053%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09746	−0.935%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09737	−1.030%	$1.8M	$1.2M	75x	as long as short
01 Exchange XPLUSD	+0.0344%	1h	0.09730	−1.101%	$566	$582	5x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	−0.979%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.288%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3476%	1h	0.09838	long leg	$488K	$898K	10x