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: Binance against Kraken Futures−0.605%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1071.072% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.199%−$20 on $10k

Price spread, last 3 days (all we have)+0.728%+$73 · spread now −0.605%, 7d avg −0.087%

Together, before fees+0.529%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$128 a day on $10k at the current rate, and Binance is 0.517% cheaper against Kraken Futures than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of −0.087%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.199% in total (about -10.4% 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	Kraken Futures PF_XPLUSD	0.09767	0.4379	pay 0.0547% / 1h	49m 38s	$553K	$1.0M	10x
Short	Binance XPLUSDT	0.09708	0.0100	get 0.0050% / 4h	2h 49m	$44.2M	$110.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.605%Rate

Funding earned: −$898.69
Price spread: −0.605% → −0.087%: −$51.75
Slippage, 4 orders: −$87.23
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$1,057.67
Costs to cover: 1.072%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Binance: live order book, 8 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, 4 min ago	23.64 bp	43.2 bp −$43	1748.2 bp −$17.5K	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	0.51 bp	14.9 bp −$15	29.7 bp −$297	120.6 bp −$12.1K	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	−0.0288%	1h	0.09708	−0.601%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0185% / S +0.0553%	1h	0.09732	−0.354%	$112K	—	100x	as long as short
Lighter XPL	−0.0112%	1h	0.09698	−0.703%	$4.4M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0105%	1h	0.09730	−0.375%	$180K	$241K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09714	−0.536%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.486%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09727	−0.406%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09730	−0.375%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09726	−0.416%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0048%	4h	0.09709	−0.590%	$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	−0.467%	$1.2M	$2.8M	10x	as long as short
Paradex XPL-USD-PERP	+0.0052%	8h	0.09712	−0.562%	$13K	$2K	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09739	−0.283%	$62.9M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09734	−0.334%	$247K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09712	−0.558%	$221K	$47K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09708	−0.605%	$44.2M	$110.6M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09703	−0.652%	$46.7M	$57.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09713	−0.549%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09713	−0.549%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09701	−0.672%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09713	−0.549%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09707	−0.611%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.754%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.750%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.580%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09730	−0.374%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.478%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.375%	$201	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09726	−0.416%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	−0.119%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	−0.596%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09730	−0.375%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−1.266%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	−0.642%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	−0.211%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.4379%	1h	0.09767	long leg	$553K	$1.0M	10x