Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.1947%/8h= +213.2% APRpaid last 24h +0.736%

Price spread now: Kraken Futures against OKX+0.242%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1291.289% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.539%+$54 on $10k

Price spread, last 4 days (all we have)−0.475%−$47 · spread now +0.242%, 7d avg +0.113%

Together, before fees+0.064%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$58 a day on $10k at the current rate, and Kraken Futures is 0.129% dearer against OKX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.113%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.539% in total (about 28.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09503	−0.0095	get 0.0048% / 4h	2h 21m	$7.6M	$47.2M	50x
Short	Kraken Futures PF_XPLUSD	0.09526	0.1852	get 0.0231% / 1h	21m 10s	$542K	$984K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.242%Rate

Funding earned: $408.84
Price spread: +0.242% → +0.113%: $12.87
Slippage, 4 orders: −$108.95
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $292.76
Costs to cover: 1.289%
Break-even: 2.0 days

Slippage from OKX: live order book, 1 min ago; Kraken Futures: live order book, 30 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 OKX live order book, 1 min ago	0.53 bp	10.9 bp −$11	37.9 bp −$379	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 30 min ago	18.33 bp	56.4 bp −$56	277.6 bp −$2,776	doesn't fit	doesn't fit

XPL on 36 exchanges

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	−0.0960%	1h	0.09493	−0.105%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0536%	1h	0.09503	0.000%	$553	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0375% / S +0.0653%	1h	0.09506	+0.033%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0296%	4h	0.09498	−0.053%	$44.8M	$53.2M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0276%	1h	0.09502	−0.011%	$47K	$18K	25x	as long as short
Extended XPL-USD	−0.0208%	1h	0.09498	−0.052%	$601K	$1.2M	25x	as long as short
Paradex XPL-USD-PERP	−0.0140%	8h	0.09501	−0.024%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAPlong	−0.0095%	4h	0.09503	long leg	$7.6M	$47.2M	50x
Orderly PERP_XPL_USDC	−0.0067%	4h	0.09498	−0.053%	$30K	$196K	10x	as long as short
Gate XPL_USDT	−0.0046%	4h	0.09499	−0.042%	$2.9M	$3.4M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09518	+0.153%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.333%	—	—	—	as long as short
MEXC XPL_USDT	+0.0002%	4h	0.09501	−0.021%	$13.5M	$6.5M	100x	as long as short
Binance XPLUSDT	+0.0003%	4h	0.09501	−0.021%	$43.5M	$96.7M	75x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09507	+0.045%	$72K	—	150x	as long as short
BloFin XPL-USDT	+0.0013%	4h	0.09501	−0.021%	$1.7M	$810K	75x	as long as short
Aevo XPL-PERP	+0.0080%	1h	0.09503	+0.003%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09506	+0.026%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09517	+0.149%	$60.3M	$42.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09510	+0.077%	$253K	$379K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09515	+0.127%	$218K	$45K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09502	−0.011%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09510	+0.074%	$8.9M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09501	−0.021%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09507	+0.042%	$179K	$172K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09506	+0.027%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09508	+0.056%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	+0.179%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09511	+0.084%	$125K	$1.4M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−0.137%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09500	−0.032%	$176	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09485	−0.189%	$132K	$211K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09515	+0.126%	$139K	$5K	10x	as long as short
Phoenix XPL	+0.0166%	1h	0.09508	+0.053%	$192K	$474K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0648%	1h	0.09736	+2.452%	$65K	$95K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.1852%	1h	0.09526	+0.242%	$542K	$984K	10x