Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4968%/8h= −544.0% APRpaid last 24h −0.392%

Price spread now: SunX against Kraken Futures−0.578%7-day average −0.257% · you buy dearer than you sell

Net, funding: paid 7d − costs−$369as in the Funding arb table

Net, price: spread back to 7d avg − costs−$390as in the Price arb table

costs, in and out, $10k−$3583.580% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 3 days (all we have)+0.402%+$40 · spread now −0.578%, 7d avg −0.257%

Together, before fees+0.292%+$29 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 SunX is 0.321% cheaper against Kraken Futures than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.257%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.110% in total (about -5.7% 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	0.09817	0.5068	pay 0.0633% / 1h	38m 28s	$569K	$1.0M	10x
Short	SunX XPL-USDT	0.09760	0.0100	get 0.0050% / 4h	3h 38m	$3K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.578%Rate

Funding earned: −$1,043.23
Price spread: −0.578% → −0.257%: −$32.08
Slippage, 4 orders: −$340.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$1,433.35
Costs to cover: 3.580%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; SunX: live order book, 8 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, 5 min ago	25.98 bp	34.5 bp −$35	1082.3 bp −$10.8K	doesn't fit	doesn't fit
Sell SunX live order book, 8 min ago	30.90 bp	139.3 bp −$139	doesn't fit	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	−0.0218%	1h	0.09766	−0.517%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0184%	1h	0.09755	−0.629%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0160% / S +0.0538%	1h	0.09780	−0.373%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0160%	1h	0.09770	−0.476%	$568	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0159%	1h	0.09770	−0.476%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09768	−0.497%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.882%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09780	−0.374%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09776	−0.415%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0037%	8h	0.09776	−0.413%	$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	−0.430%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09792	−0.256%	$63.2M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09780	−0.378%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09773	−0.447%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09780	−0.374%	$44.7M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09775	−0.425%	$47.3M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09776	−0.415%	$8.6M	$55.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−0.525%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09776	−0.415%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09780	−0.374%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09771	−0.466%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09782	−0.354%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09775	−0.425%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09780	−0.375%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.499%	$267K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.374%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09790	−0.270%	$131K	$2.7M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09760	−0.578%	$3K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09760	−0.578%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09789	−0.283%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09776	−0.411%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09777	−0.408%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09791	−0.262%	$198K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09773	−0.446%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	−0.018%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5068%	1h	0.09817	long leg	$569K	$1.0M	10x