Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.4295%/8h= +470.3% APRpaid last 24h +0.445%

Price spread now: Kraken Futures against KuCoin+0.351%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1431.425% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 3 days (all we have)−0.435%−$44 · spread now +0.351%, 7d avg +0.067%

Together, before fees−0.265%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$129 a day on $10k at the current rate, and Kraken Futures is 0.284% dearer against KuCoin than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.067%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.170% in total (about 8.9% 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	KuCoin XPLUSDTM	0.09699	0.0100	pay 0.0050% / 4h	2h 47m	$2.3M	$1.5M	50x
Short	Kraken Futures PF_XPLUSD	0.09733	0.4395	get 0.0549% / 1h	47m 32s	$551K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.351%Rate

Funding earned: $901.86
Price spread: +0.351% → +0.067%: $28.43
Slippage, 4 orders: −$120.51
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $787.78
Costs to cover: 1.425%
Break-even: 0.9 days

Slippage from KuCoin: live order book, 4 min ago; Kraken Futures: live order book, 1 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 KuCoin live order book, 4 min ago	9.80 bp	43.1 bp −$43	148.5 bp −$1,485	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	20.52 bp	30.5 bp −$30	550.3 bp −$5,503	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	−0.0264%	1h	0.09711	+0.124%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0186% / S +0.0554%	1h	0.09687	−0.122%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0100%	1h	0.09699	0.000%	$179K	$242K	10x	as long as short
Lighter XPL	−0.0072%	1h	0.09701	+0.021%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09716	+0.170%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.943%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09692	−0.072%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09688	−0.118%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09687	−0.124%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0050%	4h	0.09703	+0.041%	$8.5M	$56.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0053%	8h	0.09718	+0.199%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09683	−0.168%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	+0.294%	$63.0M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09726	+0.283%	$247K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09709	+0.102%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09713	+0.140%	$44.2M	$110.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09707	+0.082%	$46.8M	$58.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09706	+0.072%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09713	+0.144%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09699	long leg	$2.3M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09712	+0.134%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09711	+0.124%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.062%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.204%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.217%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09698	−0.014%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	+0.010%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.093%	$200	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	+0.021%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.117%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09709	+0.106%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09685	−0.144%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.577%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.072%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.485%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.4395%	1h	0.09733	+0.351%	$551K	$1.0M	10x