Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.3224%/8h= +353.0% APRpaid last 24h +0.417%

Price spread now: Kraken Futures against BloFin+0.459%57s7-day average +0.109% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$870.867% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.209%−$21 on $10k

Price spread, last 4 days (all we have)−0.584%−$58 · spread now +0.459%, 7d avg +0.109%

Together, before fees−0.792%−$79 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$97 a day on $10k at the current rate, and Kraken Futures is 0.350% dearer against BloFin than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of +0.109%. Mind the row above: over the last 7 days funding on this pair cost −0.209%, so the current rate has only just turned in your favour. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.209% in total (about -10.9% 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	BloFin XPL-USDT	0.09601	0.0340	pay 0.0170% / 4h	1h 28m	$1.7M	$1.0M	75x
Short	Kraken Futures PF_XPLUSD	0.09645	0.3564	get 0.0445% / 1h	28m 04s	$547K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.459%Rate

Funding earned: $677.04
Price spread: +0.459% → +0.109%: $35.02
Slippage, 4 orders: −$64.71
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $625.35
Costs to cover: 0.867%
Break-even: 0.5 days

Slippage from BloFin: live order book, 5 min ago; Kraken Futures: live order book, just now.

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 BloFin live order book, 5 min ago	1.04 bp	9.1 bp −$9	16.3 bp −$163	63.3 bp −$6,335	doesn't fit
Sell Kraken Futures live order book, just now	18.66 bp	36.2 bp −$36	203.9 bp −$2,039	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
Backpack XPL_USDC_PERP	−0.0419%	1h	0.09602	+0.010%	$181K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09592	−0.094%	$558	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0256% / S +0.0581%	1h	0.09610	+0.092%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0020%	4h	0.09590	−0.115%	$45.4M	$56.7M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0003%	4h	0.09601	0.000%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09601	0.000%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.148%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09604	+0.031%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09608	+0.072%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0049%	4h	0.09599	−0.021%	$8.2M	$52.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0060%	8h	0.09603	+0.022%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0070%	4h	0.09599	−0.021%	$3.0M	$3.8M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09594	−0.073%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09599	−0.021%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09611	+0.102%	$60.3M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09603	+0.019%	$244K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09608	+0.069%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09598	−0.032%	$43.4M	$108.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09598	−0.031%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09604	+0.031%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09604	+0.031%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09595	−0.062%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09609	+0.078%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09615	+0.147%	$256K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.406%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09613	+0.127%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.219%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09600	−0.010%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09605	+0.042%	$144K	$264K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09615	+0.146%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09595	−0.058%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09600	−0.010%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09628	+0.281%	$195K	$629K	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09601	long leg	$1.7M	$1.0M	75x
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.406%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3564%	1h	0.09645	+0.459%	$547K	$1.0M	10x