XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.4836%/8h= +529.6% APRnext payment +$6.05 per $10,000 · paid last 24h +0.324%

Price spread now: Kraken Futures against Phoenix+0.263%7-day average −0.064% · 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−$62as in the Price arb table

costs, in and out, $10k−$950.949% of the position

Long on Phoenix Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.303%−$30 on $10k

Price spread, last 3 days (all we have)−0.478%−$48 · spread now +0.263%, 7d avg −0.064%

Together, before fees−0.781%−$78 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$145 a day on $10k at the current rate, and Kraken Futures is 0.327% dearer against Phoenix than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.064%. Mind the row above: over the last 7 days funding on this pair cost −0.303%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.303% in total (about -15.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$6.05 per $10,000. 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	Phoenix XPL	0.09925	0.0163	pay 0.0020% / 1h	10m 41s	$201K	$655K	10x
Short	Kraken Futures PF_XPLUSD	0.09951	0.4999	get 0.0625% / 1h	10m 41s	$575K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phoenix. 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 PhoenixbpFee Kraken FuturesbpOrdersPrice spread, now +0.263%Rate

Funding earned: $1,015.61
Price spread: +0.263% → −0.064%: $32.7
Slippage, 4 orders: −$77.91
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $953.4
Costs to cover: 0.949%
Break-even: 0.4 days

Slippage from Phoenix: live order book, 62 min ago; Kraken Futures: live order book, 3 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 Phoenix live order book, 62 min ago	1.03 bp	14.9 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	20.58 bp	36.9 bp −$37	403.8 bp −$4,038	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	−0.0208%	1h	0.09895	−0.302%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0173% / S +0.0547%	1h	0.09904	−0.207%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0053%	1h	0.09904	−0.212%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09923	−0.021%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.722%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09904	−0.207%	$77K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09915	−0.101%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0019%	4h	0.09899	−0.262%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09933	+0.084%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0085%	4h	0.09917	−0.081%	$8.8M	$56.1M	50x	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	0.09902	−0.227%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09922	−0.034%	$257K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09932	+0.072%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09928	+0.033%	$45.4M	$109.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09925	0.000%	$48.2M	$56.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.554%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09921	−0.040%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09922	−0.030%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09925	0.000%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09927	+0.020%	$8.9M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09921	−0.040%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09902	−0.232%	$185K	$254K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09896	−0.294%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09903	−0.221%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09940	+0.151%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09910	−0.155%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09880	−0.453%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	−0.252%	$498	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09913	−0.121%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09920	−0.048%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09900	−0.252%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0163%	1h	0.09925	long leg	$201K	$655K	10x
Hyperliquid XPL	+0.0190%	1h	0.09947	+0.219%	$64.5M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09898	−0.272%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.554%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.4999%	1h	0.09951	+0.263%	$575K	$1.0M	10x