Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.4295%/8h= −470.3% APRpaid last 24h −0.448%

Price spread now: Gate against Kraken Futures−0.518%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$184as in the Price arb table

costs, in and out, $10k−$1411.408% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.346%−$35 on $10k

Price spread, last 3 days (all we have)+0.619%+$62 · spread now −0.518%, 7d avg −0.085%

Together, before fees+0.273%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$129 a day on $10k at the current rate, and Gate is 0.433% cheaper against Kraken Futures than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.085%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.346% in total (about -18.1% 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	0.09732	0.4395	pay 0.0549% / 1h	28m 54s	$552K	$1.0M	10x
Short	Gate XPL_USDT	0.09682	0.0100	get 0.0050% / 4h	2h 28m	$3.0M	$3.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.518%Rate

Funding earned: −$901.93
Price spread: −0.518% → −0.085%: −$43.28
Slippage, 4 orders: −$115.75
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,085.96
Costs to cover: 1.408%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Gate: live order book, 4 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	10.76 bp	41.0 bp −$41	375.1 bp −$3,751	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	3.08 bp	25.3 bp −$25	132.8 bp −$1,328	doesn't fit	doesn't fit

XPL on 35 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
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09689	−0.446%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09709	−0.240%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0195% / S +0.0560%	1h	0.09730	−0.027%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0076%	1h	0.09692	−0.415%	$179K	$244K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09737	+0.047%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.210%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09711	−0.220%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09728	−0.050%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0050%	4h	0.09678	−0.559%	$8.4M	$55.0M	50x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09734	+0.012%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09678	−0.559%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09713	−0.199%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09695	−0.379%	$62.2M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09697	−0.359%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09731	−0.013%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09680	−0.538%	$44.0M	$110.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09676	−0.580%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09672	−0.624%	$141K	$7K	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09682	−0.518%	$3.0M	$3.8M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09687	−0.467%	$12.8M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09685	−0.487%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09687	−0.467%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09680	−0.538%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09726	−0.066%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.025%	$266K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.025%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09718	−0.147%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.230%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.538%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	−0.302%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09678	−0.555%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09684	−0.498%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09715	−0.179%	$197K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.345%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.4395%	1h	0.09732	long leg	$552K	$1.0M	10x