XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.4480%/8h= −490.6% APRnext payment −$5.60 per $10,000 · paid last 24h −0.288%

Price spread now: Bulk against Kraken Futures−1.155%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$1161.160% of the position

Long on Kraken Futures Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.123%−$12 on $10k

Price spread, last 3 days (all we have)+1.300%+$130 · spread now −1.155%, 7d avg −0.039%

Together, before fees+1.176%+$118 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$134 a day on $10k at the current rate, and Bulk is 1.117% cheaper against Kraken Futures than usual: you would sell low and buy high (−$112 if the spread goes back to its 7-day average of −0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.123% in total (about -13.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$5.60 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	0.09801	0.4580	pay 0.0573% / 1h	21m 28s	$563K	$994K	10x
Short	Bulk XPL-USD	0.09688	0.0100	get 0.0013% / 1h	21m 28s	$141K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −1.155%Rate

Funding earned: −$940.82
Price spread: −1.155% → −0.039%: −$111.67
Slippage, 4 orders: −$98.96
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$1,168.45
Costs to cover: 1.160%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 62 min ago; Bulk: live order book, 62 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, 62 min ago	28.43 bp	51.1 bp −$51	3766.9 bp −$37.7K	doesn't fit	doesn't fit
Sell Bulk live order book, 62 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	37.8 bp −$3,781	134.9 bp −$67.4K

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
Backpack XPL_USDC_PERP	−0.0304%	1h	0.09750	−0.524%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0248%	1h	0.09736	−0.667%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09722	−0.810%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0110% / S +0.0505%	1h	0.09742	−0.609%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09742	−0.606%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09739	−0.635%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.761%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09742	−0.609%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09738	−0.647%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09736	−0.665%	$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
Hyperliquid XPL	+0.0100%	1h	0.09735	−0.674%	$62.9M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09742	−0.605%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09745	−0.578%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09724	−0.793%	$43.9M	$106.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09725	−0.779%	$48.0M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09722	−0.810%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09688	−1.155%	$141K	$10K	10x
Gate XPL_USDT	+0.0100%	4h	0.09732	−0.708%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09735	−0.677%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09738	−0.647%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09733	−0.698%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09726	−0.769%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	−1.144%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	−0.362%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.218%	$25K	$87K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09728	−0.754%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09735	−0.674%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.728%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.626%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09737	−0.657%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09726	−0.773%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09744	−0.589%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09753	−0.494%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	−0.586%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	−0.422%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.4580%	1h	0.09801	long leg	$563K	$994K	10x