Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.5034%/8h= +551.3% APRpaid last 24h +0.353%

Price spread now: Kraken Futures against Orderly+0.554%7-day average +0.120% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.276%+$28 on $10k

Price spread, last 3 days (all we have)−0.567%−$57 · spread now +0.554%, 7d avg +0.120%

Together, before fees−0.291%−$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$151 a day on $10k at the current rate, and Kraken Futures is 0.434% dearer against Orderly than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of +0.120%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.276% in total (about 14.4% 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	Orderly PERP_XPL_USDC	0.09792	0.0036	pay 0.0018% / 4h	1m 18s	$29K	$335K	10x
Short	Kraken Futures PF_XPLUSD	0.09846	0.5070	get 0.0634% / 1h	1m 18s	$568K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.554%Rate

Funding earned: $1,057.24
Price spread: +0.554% → +0.120%: $43.43
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $1,084.67
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 2 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 2 min ago	21.85 bp	29.3 bp −$29	392.8 bp −$3,928	doesn't fit	doesn't fit

Orderly: 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	−0.0536%	1h	0.09779	−0.133%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0360%	1h	0.09790	−0.020%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0149% / S +0.0531%	1h	0.09795	+0.034%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0056%	1h	0.09795	+0.031%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09791	−0.009%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.688%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09797	+0.054%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0018%	8h	0.09798	+0.065%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDClong	+0.0036%	4h	0.09792	long leg	$29K	$335K	10x
Gate XPL_USDT	+0.0048%	4h	0.09796	+0.041%	$3.1M	$4.1M	75x	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	0.09791	−0.010%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09809	+0.171%	$63.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09797	+0.054%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	+0.036%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09791	−0.010%	$44.7M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09793	+0.010%	$47.4M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09791	−0.010%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.327%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09792	0.000%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09790	−0.020%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09800	+0.082%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09793	+0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09806	+0.143%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09787	−0.049%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.242%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+0.082%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09802	+0.106%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.225%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.020%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09797	+0.051%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09791	−0.006%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09799	+0.067%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09782	−0.102%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09790	−0.020%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09804	+0.123%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.5070%	1h	0.09846	+0.554%	$568K	$1.0M	10x