Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4940%/8h= −540.9% APRpaid last 24h −0.392%

Price spread now: HTX against Kraken Futures−0.820%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$186as in the Price arb table

costs, in and out, $10k−$1161.157% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 3 days (all we have)+0.729%+$73 · spread now −0.820%, 7d avg −0.113%

Together, before fees+0.768%+$77 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$148 a day on $10k at the current rate, and HTX is 0.707% cheaper against Kraken Futures than usual: you would sell low and buy high (−$71 if the spread goes back to its 7-day average of −0.113%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.039% in total (about 2.1% 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	0.09871	0.5040	pay 0.0630% / 1h	35m 04s	$572K	$1.0M	10x
Short	HTX XPL-USDT	0.09790	0.0100	get 0.0050% / 4h	3h 35m	$142K	$242K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.820%Rate

Funding earned: −$1,037.39
Price spread: −0.820% → −0.113%: −$70.7
Slippage, 4 orders: −$93.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$1,223.8
Costs to cover: 1.157%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; HTX: live order book, 36 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, 3 min ago	22.89 bp	37.9 bp −$38	923.7 bp −$9,237	doesn't fit	doesn't fit
Sell HTX live order book, 36 min ago	0.51 bp	37.8 bp −$38	doesn't fit	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0162% / S +0.0539%	1h	0.09833	−0.383%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0146%	1h	0.09835	−0.364%	$182K	$272K	10x	as long as short
01 Exchange XPLUSD	−0.0144%	1h	0.09839	−0.324%	$572	$708	5x	as long as short
Lighter XPL	−0.0104%	1h	0.09823	−0.486%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09829	−0.423%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.306%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09835	−0.364%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09832	−0.391%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09830	−0.415%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0041%	8h	0.09835	−0.366%	$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	0.09838	−0.329%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09841	−0.303%	$254K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09839	−0.323%	$224K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09835	−0.368%	$44.9M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09832	−0.394%	$47.6M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09828	−0.435%	$8.7M	$55.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−1.071%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09834	−0.374%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09834	−0.374%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09834	−0.374%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09840	−0.313%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09833	−0.384%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09825	−0.466%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−1.046%	$258K	$840K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	−0.516%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09843	−0.281%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.516%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	−0.415%	$198	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09790	−0.820%	$142K	$242K	20x
Extended XPL-USD	+0.0104%	1h	0.09833	−0.389%	$665K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09831	−0.410%	$29K	$18K	3x	as long as short
Hyperliquid XPL	+0.0154%	1h	0.09855	−0.157%	$63.7M	$47.2M	10x	as long as short
Phoenix XPL	+0.0163%	1h	0.09823	−0.486%	$199K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09830	−0.415%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09845	−0.263%	$73K	$96K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5040%	1h	0.09871	long leg	$572K	$1.0M	10x