Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.3011%/8h= +329.7% APRpaid last 24h +0.549%

Price spread now: Kraken Futures against BingX+0.327%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$980.977% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.323%+$32 on $10k

Price spread, last 4 days (all we have)−0.463%−$46 · spread now +0.327%, 7d avg +0.125%

Together, before fees−0.139%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$90 a day on $10k at the current rate, and Kraken Futures is 0.202% dearer against BingX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.125%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.323% in total (about 16.9% 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	BingX XPL-USDT	0.09649	0.0100	pay 0.0050% / 4h	3h 22m	—	$7.8M	—
Short	Kraken Futures PF_XPLUSD	0.09681	0.3111	get 0.0389% / 1h	22m 00s	$550K	$990K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.327%Rate

Funding earned: $632.36
Price spread: +0.327% → +0.125%: $20.21
Slippage, 4 orders: −$77.66
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $554.92
Costs to cover: 0.977%
Break-even: 0.9 days

Slippage from BingX: live order book, 1 min ago; Kraken Futures: live order book, 26 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 BingX live order book, 1 min ago	5.70 bp	14.8 bp −$15	24.0 bp −$240	84.3 bp −$8,432	doesn't fit
Sell Kraken Futures live order book, 26 min ago	27.78 bp	35.1 bp −$35	481.3 bp −$4,813	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	−0.0376%	1h	0.09634	−0.155%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09656	+0.074%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09651	+0.021%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0114%	1h	0.09654	+0.052%	$176K	$189K	10x	as long as short
Bybit XPLUSDT	−0.0028%	4h	0.09646	−0.031%	$45.7M	$54.0M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09649	−0.003%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.537%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09658	+0.098%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09649	0.000%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09640	−0.095%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0072%	1h	0.09642	−0.073%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09648	−0.010%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09667	+0.181%	$61.3M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09657	+0.084%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09648	−0.007%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09648	−0.015%	$43.8M	$100.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09647	−0.021%	$8.2M	$48.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09656	+0.073%	$141K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09649	0.000%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09651	+0.021%	$12.7M	$7.1M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09657	+0.083%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09661	+0.124%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09649	long leg	—	$7.8M	—
Variational Omni XPL	+0.0100%	4h	0.09668	+0.194%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09666	+0.177%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.321%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09661	+0.122%	$128K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.093%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.010%	$199	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09657	+0.083%	$141K	$186K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09646	−0.033%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09646	−0.029%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09682	+0.342%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09658	+0.093%	$1.7M	$961K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09685	+0.373%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3111%	1h	0.09681	+0.327%	$550K	$990K	10x