Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2795%/8h= −306.0% APRpaid last 24h −0.600%

Price spread now: Bybit against Kraken Futures−0.405%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$820.815% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.462%−$46 on $10k

Price spread, last 4 days (all we have)+0.515%+$52 · spread now −0.405%, 7d avg −0.137%

Together, before fees+0.053%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$84 a day on $10k at the current rate, and Bybit is 0.268% cheaper against Kraken Futures than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.137%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.462% in total (about -24.1% 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	0.09604	0.2895	pay 0.0362% / 1h	23m 23s	$546K	$989K	10x
Short	Bybit XPLUSDT	0.09565	0.0100	get 0.0050% / 4h	2h 23m	$45.3M	$53.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.405%Rate

Funding earned: −$586.9
Price spread: −0.405% → −0.137%: −$26.83
Slippage, 4 orders: −$60.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$695.27
Costs to cover: 0.815%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; Bybit: live order book, 6 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, 20 min ago	11.46 bp	22.4 bp −$22	241.4 bp −$2,414	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.52 bp	16.9 bp −$17	42.1 bp −$421	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
01 Exchange XPLUSD	−0.0272%	1h	0.09556	−0.499%	$556	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09577	−0.280%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09580	−0.252%	$106K	—	100x	as long as short
Lighter XPL	0.0000%	1h	0.09563	−0.426%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09577	−0.279%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.169%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09573	−0.326%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0010%	4h	0.09574	−0.311%	$29K	$309K	10x	as long as short
Paradex XPL-USD-PERP	+0.0062%	8h	0.09574	−0.307%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09565	−0.405%	$1.2M	$2.4M	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	0.09579	−0.255%	$60.6M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09571	−0.338%	$252K	$428K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09578	−0.265%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09565	−0.405%	$43.4M	$100.0M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09565	−0.405%	$45.3M	$53.9M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09564	−0.415%	$8.1M	$48.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09569	−0.363%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09565	−0.405%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09559	−0.467%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09575	−0.301%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09561	−0.447%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09581	−0.238%	$174K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.614%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09557	−0.490%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.665%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09575	−0.297%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.457%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.249%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	−0.124%	$137K	$191K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.665%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09561	−0.448%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09583	−0.214%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09582	−0.228%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09570	−0.353%	$1.7M	$944K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09605	+0.012%	$67K	$89K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2895%	1h	0.09604	long leg	$546K	$989K	10x