Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2708%/8h= −296.5% APRnext payment −$3.38 per $10,000 · paid last 24h —

Price spread now: Reya against Kraken Futures−20.959%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$81 a day on $10k at the current rate, and Reya is 20.959% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2,096 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XPLUSD	0.09578	0.2708	pay 0.0338% / 1h	45m 16s	$543K	$945K	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	45m 16s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −20.959%Rate

Funding earned: −$568.66
Price spread: −20.959% → 0.000%: −$2,095.88
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,680.54
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 48 min ago; Reya: 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, 48 min ago	28.69 bp	33.8 bp −$34	410.9 bp −$4,109	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Lighter XPL	−0.1360%	1h	0.09536	−0.441%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0483%	1h	0.09548	−0.316%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09539	−0.410%	$555	$873	5x	as long as short
Bybit XPLUSDT	−0.0301%	4h	0.09543	−0.368%	$45.4M	$54.0M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09552	−0.279%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0089%	8h	0.09540	−0.394%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0024%	4h	0.09542	−0.378%	$30K	$269K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0014%	4h	0.09540	−0.399%	$7.6M	$47.5M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09560	−0.192%	$9K	$600	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.959%	—	—	—

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09558	−0.209%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0086%	4h	0.09545	−0.347%	$2.9M	$3.3M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09542	−0.373%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09562	−0.166%	$60.5M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09554	−0.256%	$252K	$404K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09554	−0.255%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09542	−0.378%	$43.4M	$97.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09547	−0.326%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09547	−0.326%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09555	−0.242%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09543	−0.368%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09556	−0.232%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09547	−0.327%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09540	−0.397%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.019%	$25K	$74K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09555	−0.242%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.503%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.295%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09558	−0.211%	$132K	$210K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.395%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09541	−0.384%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.347%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09563	−0.159%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09544	−0.357%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.186%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2708%	1h	0.09578	long leg	$543K	$945K	10x