Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.5011%/8h= −548.7% APRpaid last 24h −0.337%

Price spread now: KuCoin against Kraken Futures−0.596%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$207as in the Price arb table

costs, in and out, $10k−$1531.535% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 3 days (all we have)+0.693%+$69 · spread now −0.596%, 7d avg −0.057%

Together, before fees+0.640%+$64 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$150 a day on $10k at the current rate, and KuCoin is 0.539% 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 −0.057%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.053% in total (about -2.7% 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	0.09767	0.5111	pay 0.0639% / 1h	25m 05s	$563K	$1.0M	10x
Short	KuCoin XPLUSDTM	0.09709	0.0100	get 0.0050% / 4h	25m 05s	$2.4M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.596%Rate

Funding earned: −$1,052.37
Price spread: −0.596% → −0.057%: −$53.89
Slippage, 4 orders: −$131.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$1,259.73
Costs to cover: 1.535%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; KuCoin: live order book, 2 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	11.27 bp	82.7 bp −$83	4105.6 bp −$41.1K	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	7.20 bp	30.7 bp −$31	161.8 bp −$1,618	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
Lighter XPL	−0.0544%	1h	0.09696	−0.729%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09693	−0.760%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09709	−0.596%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0137% / S +0.0523%	1h	0.09709	−0.598%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	−0.586%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.491%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09708	−0.602%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0022%	8h	0.09705	−0.639%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0050%	4h	0.09704	−0.647%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0068%	4h	0.09702	−0.667%	$3.0M	$4.0M	75x	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	0.09701	−0.678%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09717	−0.518%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09712	−0.566%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09710	−0.590%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09701	−0.678%	$44.1M	$108.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09702	−0.667%	$47.2M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09698	−0.708%	$8.7M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09704	−0.647%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09709	−0.596%	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09712	−0.565%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09700	−0.688%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09706	−0.626%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	−0.530%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.483%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.381%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09711	−0.574%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.893%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.585%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	−0.678%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.690%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09703	−0.655%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09710	−0.585%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09734	−0.340%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	−0.637%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.592%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5111%	1h	0.09767	long leg	$563K	$1.0M	10x