Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3387%/8h= −370.9% APRpaid last 24h −0.240%

Price spread now: BingX against Kraken Futures−0.406%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$103as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1081.077% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 3 days (all we have)+0.623%+$62 · spread now −0.406%, 7d avg −0.083%

Together, before fees+0.670%+$67 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$102 a day on $10k at the current rate, and BingX is 0.323% cheaper against Kraken Futures than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.083%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.047% in total (about 2.4% 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	0.09806	0.3487	pay 0.0436% / 1h	30m 18s	$516K	$940K	10x
Short	BingX XPL-USDT	0.09766	0.0100	get 0.0050% / 4h	2h 30m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.406%Rate

Funding earned: −$711.32
Price spread: −0.406% → −0.083%: −$32.33
Slippage, 4 orders: −$87.66
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$851.32
Costs to cover: 1.077%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; BingX: 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 Kraken Futures live order book, 58 min ago	28.11 bp	37.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	5.13 bp	13.4 bp −$13	26.9 bp −$269	91.6 bp −$9,155	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	0.09756	−0.508%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0077% / S +0.0484%	1h	0.09769	−0.377%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0019%	1h	0.09755	−0.518%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09754	−0.530%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09764	−0.427%	$568	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.795%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09771	−0.355%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09770	−0.368%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09766	−0.406%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09765	−0.415%	$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	0.09765	−0.414%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09778	−0.288%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09771	−0.360%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09761	−0.460%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09766	−0.402%	$44.1M	$104.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09761	−0.457%	$47.6M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09765	−0.416%	$9.0M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	−0.671%	$140K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09764	−0.427%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09767	−0.396%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09758	−0.488%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09769	−0.376%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09766	−0.406%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09744	−0.630%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09764	−0.428%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.671%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09776	−0.305%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.671%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.467%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09743	−0.641%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09765	−0.421%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09771	−0.351%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09736	−0.712%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09773	−0.335%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.389%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3487%	1h	0.09806	long leg	$516K	$940K	10x