Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4925%/8h= −539.3% APRpaid last 24h −0.392%

Price spread now: Bitget against Kraken Futures−0.349%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$135as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1161.159% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.190%−$19 on $10k

Price spread, last 3 days (all we have)+0.500%+$50 · spread now −0.349%, 7d avg −0.053%

Together, before fees+0.311%+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$148 a day on $10k at the current rate, and Bitget is 0.296% cheaper against Kraken Futures than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.190% in total (about -9.9% 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	Kraken Futures PF_XPLUSD	0.09900	0.5025	pay 0.0628% / 1h	30m 59s	$572K	$1.0M	10x
Short	Bitget XPLUSDT	0.09865	0.0100	get 0.0050% / 4h	3h 30m	$8.8M	$11.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.349%Rate

Funding earned: −$1,034.33
Price spread: −0.349% → −0.053%: −$29.62
Slippage, 4 orders: −$93.86
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1,179.82
Costs to cover: 1.159%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Bitget: 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 Kraken Futures live order book, 2 min ago	12.16 bp	55.8 bp −$56	928.8 bp −$9,288	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	2.54 bp	15.3 bp −$15	40.7 bp −$407	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0164% / S +0.0540%	1h	0.09866	−0.337%	$114K	—	100x	as long as short
01 Exchange XPLUSD	−0.0120%	1h	0.09864	−0.359%	$573	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0089%	1h	0.09863	−0.369%	$184K	$273K	10x	as long as short
Lighter XPL	−0.0056%	1h	0.09844	−0.561%	$4.5M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0054%	1h	0.09859	−0.409%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09862	−0.384%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.527%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09867	−0.333%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0029%	4h	0.09857	−0.430%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09860	−0.398%	$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
Nado XPL-PERP	+0.0100%	1h	0.09860	−0.394%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09859	−0.409%	$255K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09867	−0.325%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09869	−0.312%	$45.1M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09871	−0.288%	$47.9M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09869	−0.308%	$8.7M	$55.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−1.357%	$142K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09857	−0.430%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09857	−0.430%	$13.0M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09852	−0.480%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09865	−0.349%	$8.8M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09857	−0.430%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09857	−0.430%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09827	−0.730%	$260K	$840K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	−0.601%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09876	−0.238%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09850	−0.500%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09850	−0.500%	$195	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09841	−0.591%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09854	−0.461%	$666K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09854	−0.456%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09844	−0.561%	$199K	$655K	10x	as long as short
Hyperliquid XPL	+0.0262%	1h	0.09873	−0.271%	$63.9M	$47.3M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09863	−0.369%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09864	−0.359%	$73K	$96K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5025%	1h	0.09900	long leg	$572K	$1.0M	10x