XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2795%/8h= −306.1% APRnext payment −$3.49 per $10,000 · paid last 24h −0.591%

Price spread now: Polymarket Perps against Kraken Futures−0.249%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$107as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$680.676% of the position

Long on Kraken Futures Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.396%−$40 on $10k

Price spread, last 4 days (all we have)+0.491%+$49 · spread now −0.249%, 7d avg −0.023%

Together, before fees+0.094%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$84 a day on $10k at the current rate, and Polymarket Perps is 0.225% cheaper against Kraken Futures than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.396% in total (about -20.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.49 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	0.09603	0.2895	pay 0.0362% / 1h	36m 45s	$546K	$989K	10x
Short	Polymarket Perps XPL-USD	0.09579	0.0100	get 0.0013% / 1h	36m 45s	$125K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.249%Rate

Funding earned: −$586.95
Price spread: −0.249% → −0.023%: −$22.54
Slippage, 4 orders: −$49.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$677.13
Costs to cover: 0.676%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 7 min ago; Polymarket Perps: 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, 7 min ago	11.46 bp	22.4 bp −$22	241.4 bp −$2,414	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	1.88 bp	9.8 bp −$10	10.7 bp −$107	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	−0.0240%	1h	0.09561	−0.438%	$556	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09575	−0.297%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0063%	1h	0.09578	−0.261%	$46K	$18K	25x	as long as short
Lighter XPL	0.0000%	1h	0.09582	−0.220%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09590	−0.133%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.162%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09575	−0.294%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0014%	4h	0.09570	−0.345%	$29K	$320K	10x	as long as short
Paradex XPL-USD-PERP	+0.0066%	8h	0.09587	−0.167%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	+0.0079%	1h	0.09580	−0.240%	$174K	$190K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09599	−0.047%	$60.6M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09593	−0.105%	$252K	$429K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09593	−0.109%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09587	−0.163%	$43.5M	$100.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09585	−0.188%	$45.4M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09588	−0.157%	$8.1M	$48.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	−0.392%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09589	−0.147%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09585	−0.188%	$12.4M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09580	−0.240%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09593	−0.105%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09586	−0.178%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09544	−0.611%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09540	−0.662%	$253K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09540	−0.657%	$25K	$77K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09570	−0.339%	$1.2M	$2.4M	10x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09579	−0.249%	$125K	$2.0M	10x
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.553%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.240%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09559	−0.459%	$139K	$185K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09586	−0.183%	$636K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09575	−0.292%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09549	−0.563%	$193K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09566	−0.386%	$1.7M	$944K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09640	+0.384%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2895%	1h	0.09603	long leg	$546K	$989K	10x