Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2626%/8h= +287.5% APRpaid last 24h +0.691%

Price spread now: Kraken Futures against Bitget+0.072%7-day average +0.074% · 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−$118as in the Price arb table

costs, in and out, $10k−$1181.176% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.528%+$53 on $10k

Price spread, last 4 days (all we have)−0.544%−$54 · spread now +0.072%, 7d avg +0.074%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.074%, so right now this pair is about funding alone: +$79 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.528% in total (about 27.5% 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	Bitget XPLUSDT	0.09508	0.0100	pay 0.0050% / 4h	3h 29m	$9.0M	$9.9M	75x
Short	Kraken Futures PF_XPLUSD	0.09515	0.2726	get 0.0341% / 1h	29m 51s	$540K	$957K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.072%Rate

Funding earned: $551.45
Price spread: +0.072% → +0.074%: −$0.25
Slippage, 4 orders: −$95.6
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $433.59
Costs to cover: 1.176%
Break-even: 1.5 days

Slippage from Bitget: live order book, 4 min ago; Kraken Futures: live order book, 63 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 Bitget live order book, 4 min ago	2.11 bp	14.0 bp −$14	30.7 bp −$307	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 63 min ago	28.69 bp	57.5 bp −$58	344.8 bp −$3,448	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
Lighter XPL	−0.1216%	1h	0.09480	−0.294%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0463%	4h	0.09502	−0.063%	$45.1M	$54.3M	75x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09472	−0.379%	$551	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0382%	1h	0.09490	−0.189%	$45K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09500	−0.086%	$105K	—	100x	as long as short
Gate XPL_USDT	−0.0126%	4h	0.09501	−0.074%	$2.9M	$3.3M	75x	as long as short
Paradex XPL-USD-PERP	−0.0118%	8h	0.09476	−0.337%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0101%	1h	0.09501	−0.074%	$178K	$180K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0047%	4h	0.09501	−0.074%	$7.5M	$47.5M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0031%	4h	0.09485	−0.242%	$30K	$246K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09483	−0.266%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.375%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09501	−0.077%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0080%	1h	0.09496	−0.125%	$613K	$1.2M	25x	as long as short
MEXC XPL_USDT	+0.0098%	4h	0.09499	−0.095%	$12.6M	$6.5M	100x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09504	−0.046%	$43.3M	$98.1M	75x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09509	+0.006%	$60.1M	$45.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09510	+0.019%	$252K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09485	−0.245%	$217K	$46K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	+0.021%	$139K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09502	−0.063%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09508	long leg	$9.0M	$9.9M	75x
BingX XPL-USDT	+0.0100%	4h	0.09503	−0.053%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09478	−0.316%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09500	−0.084%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09500	−0.084%	$25K	$73K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09478	−0.310%	$1.2M	$2.2M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09488	−0.215%	$124K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09460	−0.505%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09500	−0.084%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09482	−0.273%	$132K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09499	−0.099%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09511	+0.032%	$192K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09482	−0.273%	$1.7M	$935K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.926%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2726%	1h	0.09515	+0.072%	$540K	$957K	10x