Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.3469%/8h= +379.9% APRpaid last 24h +0.489%

Price spread now: Kraken Futures against MEXC+0.325%7-day average +0.099% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$800.796% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 4 days (all we have)−0.735%−$73 · spread now +0.325%, 7d avg +0.099%

Together, before fees−0.482%−$48 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$104 a day on $10k at the current rate, and Kraken Futures is 0.226% dearer against MEXC than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.099%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.253% in total (about 13.2% 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	MEXC XPL_USDT	0.09599	0.0100	pay 0.0050% / 4h	1h 33m	$12.3M	$7.9M	100x
Short	Kraken Futures PF_XPLUSD	0.09630	0.3569	get 0.0446% / 1h	33m 45s	$546K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.325%Rate

Funding earned: $728.59
Price spread: +0.325% → +0.099%: $22.65
Slippage, 4 orders: −$69.64
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $671.6
Costs to cover: 0.796%
Break-even: 0.5 days

Slippage from MEXC: live order book, 5 min ago; Kraken Futures: live order book, 5 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 MEXC live order book, 5 min ago	1.04 bp	3.8 bp −$4	10.6 bp −$106	88.9 bp −$8,891	235.2 bp −$117.6K
Sell Kraken Futures live order book, 5 min ago	21.31 bp	32.1 bp −$32	198.5 bp −$1,985	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	−0.0513%	1h	0.09588	−0.115%	$180K	$243K	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09576	−0.240%	$557	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0376%	1h	0.09584	−0.156%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0252% / S +0.0578%	1h	0.09589	−0.103%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09583	−0.167%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09589	−0.103%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.130%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09590	−0.097%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0038%	4h	0.09603	+0.042%	$8.2M	$52.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09605	+0.066%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XPLUSDT	+0.0059%	4h	0.09598	−0.010%	$45.5M	$56.8M	75x	as long as short
Gate XPL_USDT	+0.0060%	4h	0.09591	−0.083%	$3.0M	$3.8M	75x	as long as short
Lighter XPL	+0.0080%	1h	0.09587	−0.125%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09584	−0.161%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09606	+0.073%	$60.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09592	−0.071%	$243K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09606	+0.078%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09601	+0.021%	$43.4M	$108.7M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09599	long leg	$12.3M	$7.9M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09588	−0.115%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09598	−0.010%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09590	−0.094%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09612	+0.132%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	−0.028%	$255K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	+0.115%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09593	−0.058%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09570	−0.302%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.198%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09624	+0.260%	$145K	$264K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09615	+0.167%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09585	−0.148%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09583	−0.169%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09617	+0.188%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09625	+0.271%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.427%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3569%	1h	0.09630	+0.325%	$546K	$1.0M	10x