Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4963%/8h= −543.4% APRpaid last 24h −0.392%

Price spread now: OKX against Kraken Futures−0.357%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$920.918% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 3 days (all we have)+0.487%+$49 · spread now −0.357%, 7d avg −0.078%

Together, before fees+0.320%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$149 a day on $10k at the current rate, and OKX is 0.279% cheaper against Kraken Futures than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.167% in total (about -8.7% 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	0.09826	0.5063	pay 0.0633% / 1h	37m 37s	$569K	$1.0M	10x
Short	OKX XPL-USDT-SWAP	0.09791	0.0100	get 0.0050% / 4h	3h 37m	$8.6M	$55.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.357%Rate

Funding earned: −$1,042.21
Price spread: −0.357% → −0.078%: −$27.91
Slippage, 4 orders: −$71.77
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$1,161.89
Costs to cover: 0.918%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; OKX: live order book, 1 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, 1 min ago	22.89 bp	37.9 bp −$38	923.7 bp −$9,237	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.51 bp	11.5 bp −$11	34.8 bp −$348	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	−0.0214%	1h	0.09786	−0.408%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0168%	1h	0.09784	−0.428%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0160% / S +0.0538%	1h	0.09780	−0.468%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0160%	1h	0.09770	−0.571%	$568	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09784	−0.426%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.956%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09780	−0.469%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09780	−0.468%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09776	−0.510%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0038%	8h	0.09789	−0.374%	$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	0.09774	−0.525%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09807	−0.190%	$63.3M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09793	−0.341%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09800	−0.270%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09793	−0.337%	$44.7M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09793	−0.337%	$47.4M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAPshort	+0.0100%	4h	0.09791	−0.357%	$8.6M	$55.3M	50x
Bulk XPL-USD	+0.0100%	1h	0.09765	−0.620%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09796	−0.306%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09792	−0.347%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09791	−0.357%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09799	−0.276%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09793	−0.337%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09780	−0.469%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.594%	$267K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.469%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09790	−0.365%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.673%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	−0.469%	$194	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09789	−0.378%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09792	−0.348%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09777	−0.503%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09791	−0.357%	$198K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09773	−0.540%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	−0.113%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5063%	1h	0.09826	long leg	$569K	$1.0M	10x