Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2760%/8h= +302.3% APRpaid last 24h +0.600%

Price spread now: Kraken Futures against Bybit+0.459%55s7-day average +0.137% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as 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−$790.789% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.462%+$46 on $10k

Price spread, last 4 days (all we have)−0.569%−$57 · spread now +0.459%, 7d avg +0.137%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$83 a day on $10k at the current rate, and Kraken Futures is 0.322% dearer against Bybit than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.137%. The two prices were read 55 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 0.462% in total (about 24.1% 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	Bybit XPLUSDT	0.09675	0.0100	pay 0.0050% / 4h	2h 01m	$45.9M	$53.6M	75x
Short	Kraken Futures PF_XPLUSD	0.09719	0.2860	get 0.0358% / 1h	1m 26s	$552K	$953K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.459%Rate

Funding earned: $579.67
Price spread: +0.459% → +0.137%: $32.22
Slippage, 4 orders: −$57.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $532.98
Costs to cover: 0.789%
Break-even: 0.6 days

Slippage from Bybit: live order book, 2 min ago; Kraken Futures: live order book, 42 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 Bybit live order book, 2 min ago	0.52 bp	12.0 bp −$12	40.3 bp −$403	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 42 min ago	11.46 bp	29.6 bp −$30	508.4 bp −$5,084	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
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09685	+0.103%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09677	+0.024%	$107K	—	100x	as long as short
01 Exchange XPLUSD	−0.0256%	1h	0.09667	−0.083%	$562	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09688	+0.135%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.747%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09678	+0.031%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09674	−0.010%	$29K	$284K	10x	as long as short
Lighter XPL	+0.0056%	1h	0.09677	+0.021%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09678	+0.028%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09671	−0.039%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09689	+0.146%	$61.3M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09682	+0.075%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09686	+0.110%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	−0.052%	$43.8M	$98.3M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09675	long leg	$45.9M	$53.6M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09673	−0.021%	$8.0M	$48.7M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09675	0.000%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09671	−0.041%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09681	+0.062%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09686	+0.114%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	−0.041%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09690	+0.155%	$176K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09685	+0.101%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09681	+0.063%	$256K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.052%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09681	+0.064%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.155%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.052%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09681	+0.062%	$138K	$187K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09676	+0.010%	$141K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09669	−0.061%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	0.000%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09691	+0.165%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09681	+0.062%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09718	+0.444%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2860%	1h	0.09719	+0.459%	$552K	$953K	10x