Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.4967%/8h= −543.8% APRpaid last 24h −0.288%

Price spread now: Bitget against Kraken Futures−0.580%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$157as in the Price arb table

costs, in and out, $10k−$1031.029% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$8 on $10k

Price spread, last 3 days (all we have)+0.734%+$73 · spread now −0.580%, 7d avg −0.042%

Together, before fees+0.649%+$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$149 a day on $10k at the current rate, and Bitget is 0.539% cheaper against Kraken Futures than usual: you would sell low and buy high (−$54 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.4% 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	0.09853	0.5067	pay 0.0633% / 1h	56m 49s	$567K	$1.0M	10x
Short	Bitget XPLUSDT	0.09796	0.0100	get 0.0050% / 4h	56m 49s	$8.7M	$11.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.580%Rate

Funding earned: −$1,043
Price spread: −0.580% → −0.042%: −$53.85
Slippage, 4 orders: −$80.87
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1,199.72
Costs to cover: 1.029%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; Bitget: live order book, 2 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, 21 min ago	16.91 bp	39.0 bp −$39	974.9 bp −$9,749	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	5.10 bp	18.6 bp −$19	44.0 bp −$440	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	−0.0336%	1h	0.09779	−0.753%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0296%	1h	0.09795	−0.590%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0259%	1h	0.09811	−0.428%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0122% / S +0.0513%	1h	0.09810	−0.435%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09790	−0.645%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.168%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09810	−0.438%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0066%	4h	0.09807	−0.469%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09799	−0.554%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09799	−0.545%	$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	0.09806	−0.477%	$63.5M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09792	−0.617%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	−0.581%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09787	−0.672%	$44.3M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09789	−0.651%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09786	−0.682%	$8.9M	$54.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09780	−0.743%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09783	−0.712%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09778	−0.763%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09796	−0.580%	$8.7M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09786	−0.682%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09796	−0.580%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09755	−0.995%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.641%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.641%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09815	−0.387%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	−0.641%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.540%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09786	−0.682%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.641%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09779	−0.752%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09819	−0.351%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09800	−0.540%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09785	−0.692%	$198K	$649K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	−0.286%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5067%	1h	0.09853	long leg	$567K	$1.0M	10x