Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.4490%/8h= −491.7% APRpaid last 24h −0.308%

Price spread now: GRVT against Kraken Futures−0.642%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$231as in the Price arb table

costs, in and out, $10k−$1771.771% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$1 on $10k

Price spread, last 3 days (all we have)+0.805%+$81 · spread now −0.642%, 7d avg −0.100%

Together, before fees+0.790%+ Points / potential airdropGRVT: Active · farm board+$79 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$135 a day on $10k at the current rate, and GRVT is 0.542% 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 −0.100%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.015% in total (about -0.8% 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	0.09780	0.4590	pay 0.0574% / 1h	9m 17s	$561K	$995K	10x
Short	GRVT XPL_USDT_Perp	0.09717	0.0100	get 0.0050% / 4h	1h 09m	$259K	$787K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.642%Rate

Funding earned: −$942.96
Price spread: −0.642% → −0.100%: −$54.19
Slippage, 4 orders: −$158.06
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$1,174.21
Costs to cover: 1.771%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 9 min ago; GRVT: live order book, 9 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, 9 min ago	16.91 bp	39.0 bp −$39	974.9 bp −$9,749	doesn't fit	doesn't fit
Sell GRVT live order book, 9 min ago	5.15 bp	34.0 bp −$34	223.5 bp −$2,235	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
Backpack XPL_USDC_PERP	−0.0281%	1h	0.09728	−0.528%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09729	−0.517%	$566	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09713	−0.681%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0116% / S +0.0509%	1h	0.09726	−0.552%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09721	−0.603%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.589%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09727	−0.538%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09726	−0.547%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09723	−0.579%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09727	−0.542%	$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	0.09725	−0.558%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09739	−0.412%	$63.0M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09727	−0.533%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09730	−0.512%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09724	−0.569%	$43.9M	$107.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09726	−0.548%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09721	−0.599%	$8.9M	$54.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	−0.668%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09721	−0.599%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09725	−0.558%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09722	−0.589%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09730	−0.507%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09723	−0.579%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09707	−0.740%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09717	−0.642%	$259K	$787K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.609%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09736	−0.447%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.712%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.609%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09720	−0.609%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09724	−0.568%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09727	−0.539%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09722	−0.589%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09727	−0.538%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	−0.200%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.4590%	1h	0.09780	long leg	$561K	$995K	10x