Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.3293%/8h= −360.6% APRpaid last 24h −0.534%

Price spread now: Orderly against Kraken Futures−0.433%7-day average −0.138% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.483%−$48 on $10k

Price spread, last 4 days (all we have)+0.423%+$42 · spread now −0.433%, 7d avg −0.138%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$99 a day on $10k at the current rate, and Orderly is 0.295% cheaper against Kraken Futures than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.138%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.483% in total (about -25.2% 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	0.09649	0.3306	pay 0.0413% / 1h	26m 32s	$547K	$975K	10x
Short	Orderly PERP_XPL_USDC	0.09607	0.0013	get 0.0007% / 4h	26m 32s	$29K	$339K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.433%Rate

Funding earned: −$691.49
Price spread: −0.433% → −0.138%: −$29.54
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$737.03
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 27 min ago; Orderly: no order-book sample. Net counts fees only.

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, 27 min ago	29.70 bp	36.0 bp −$36	379.0 bp −$3,790	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0384%	1h	0.09595	−0.557%	$558	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0307% / S +0.0612%	1h	0.09598	−0.522%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09609	−0.412%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0079%	4h	0.09598	−0.526%	$45.5M	$54.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09615	−0.354%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.538%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09600	−0.505%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0013%	4h	0.09607	−0.433%	$29K	$339K	10x
Backpack XPL_USDC_PERP	+0.0076%	1h	0.09612	−0.381%	$178K	$223K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09610	−0.402%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09603	−0.475%	$4.3M	$3.3M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09626	−0.233%	$60.7M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09620	−0.298%	$242K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09612	−0.382%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09599	−0.516%	$43.7M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09604	−0.464%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−1.024%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09606	−0.443%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09613	−0.371%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09600	−0.506%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09610	−0.402%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09602	−0.485%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09656	+0.073%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09669	+0.213%	$262K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.091%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09603	−0.469%	$1.2M	$2.7M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09610	−0.398%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.402%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.402%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09612	−0.381%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09600	−0.510%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09610	−0.402%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09643	−0.060%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09595	−0.557%	$1.7M	$989K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.282%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3306%	1h	0.09649	long leg	$547K	$975K	10x