XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.4836%/8h= −529.6% APRnext payment −$6.05 per $10,000 · paid last 24h −0.324%

Price spread now: Phoenix against Kraken Futures−0.263%7-day average +0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$128as in the Price arb table

costs, in and out, $10k−$950.949% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.303%+$30 on $10k

Price spread, last 3 days (all we have)+0.477%+$48 · spread now −0.263%, 7d avg +0.064%

Together, before fees+0.780%+$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$145 a day on $10k at the current rate, and Phoenix is 0.326% cheaper against Kraken Futures than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.064%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.303%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.303% in total (about 15.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$6.05 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	0.09951	0.4999	pay 0.0625% / 1h	10m 55s	$575K	$1.0M	10x
Short	Phoenix XPL	0.09925	0.0163	get 0.0020% / 1h	10m 55s	$201K	$655K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.263%Rate

Funding earned: −$1,015.61
Price spread: −0.263% → +0.064%: −$32.64
Slippage, 4 orders: −$77.91
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$1,143.16
Costs to cover: 0.949%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Phoenix: live order book, 62 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, 2 min ago	20.58 bp	28.3 bp −$28	1002.3 bp −$10.0K	doesn't fit	doesn't fit
Sell Phoenix live order book, 62 min ago	1.03 bp	14.9 bp −$15	48.2 bp −$482	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	−0.0208%	1h	0.09895	−0.564%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0173% / S +0.0547%	1h	0.09904	−0.469%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0053%	1h	0.09904	−0.474%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09915	−0.359%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.923%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09904	−0.470%	$77K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09891	−0.604%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09899	−0.524%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0045%	8h	0.09907	−0.441%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0085%	4h	0.09924	−0.273%	$8.8M	$56.2M	50x	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	0.09902	−0.489%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09907	−0.443%	$256K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09910	−0.419%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09930	−0.213%	$45.5M	$109.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09927	−0.243%	$48.2M	$56.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.815%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09921	−0.303%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09922	−0.293%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09911	−0.403%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09934	−0.172%	$8.9M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09929	−0.223%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09902	−0.494%	$185K	$254K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09896	−0.556%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09903	−0.483%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09940	−0.112%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09910	−0.418%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09880	−0.715%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	−0.514%	$498	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09913	−0.383%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09920	−0.310%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09900	−0.514%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0163%	1h	0.09925	−0.263%	$201K	$655K	10x
Hyperliquid XPL	+0.0190%	1h	0.09947	−0.045%	$64.5M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09898	−0.534%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.290%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.4999%	1h	0.09951	long leg	$575K	$1.0M	10x