XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.3188%/8h= −349.1% APRnext payment −$3.98 per $10,000 · paid last 24h −0.470%

Price spread now: Hyperliquid against Kraken Futures−0.156%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$980.975% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 4 days (all we have)+0.578%+$58 · spread now −0.156%, 7d avg +0.035%

Together, before fees+0.390%+ Points / potential airdropHyperliquid: Season 2 · farm board+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$96 a day on $10k at the current rate, and Hyperliquid is 0.191% cheaper against Kraken Futures than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.187% in total (about -9.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.98 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	0.09703	0.3288	pay 0.0411% / 1h	30m 10s	$550K	$975K	10x
Short	Hyperliquid XPL	0.09688	0.0100	get 0.0013% / 1h	30m 10s	$61.0M	$47.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.156%Rate

Funding earned: −$669.41
Price spread: −0.156% → +0.035%: −$19.08
Slippage, 4 orders: −$78.5
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$785.99
Costs to cover: 0.975%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 23 min ago; Hyperliquid: live order book, 3 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, 23 min ago	29.70 bp	36.0 bp −$36	379.0 bp −$3,790	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.16 bp	10.6 bp −$11	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
01 Exchange XPLUSD	−0.0400%	1h	0.09648	−0.567%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0305% / S +0.0611%	1h	0.09665	−0.395%	$107K	—	100x	as long as short
Bybit XPLUSDT	−0.0095%	4h	0.09672	−0.320%	$45.8M	$54.8M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09670	−0.339%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.975%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09666	−0.381%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09665	−0.395%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09662	−0.423%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0078%	8h	0.09671	−0.333%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09660	−0.443%	$4.4M	$3.3M	10x	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	0.09654	−0.508%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09688	−0.156%	$61.0M	$47.0M	10x
Aster XPLUSDT	+0.0100%	4h	0.09665	−0.393%	$243K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	−0.344%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09673	−0.309%	$43.9M	$103.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09675	−0.289%	$8.3M	$49.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−1.577%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09677	−0.268%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09678	−0.258%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09669	−0.351%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09674	−0.299%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09674	−0.299%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09679	−0.247%	$179K	$221K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09656	−0.486%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09551	−1.568%	$259K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.752%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09670	−0.341%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.546%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.443%	$198	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09627	−0.783%	$141K	$207K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09663	−0.408%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09669	−0.347%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09585	−1.216%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09657	−0.474%	$1.7M	$986K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	−0.278%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3288%	1h	0.09703	long leg	$550K	$975K	10x