Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.3460%/8h= −378.9% APRpaid last 24h −0.489%

Price spread now: HTX against Kraken Futures−0.472%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$228as in the Funding arb table

Net, price: spread back to 7d avg − costs−$256as in the Price arb table

costs, in and out, $10k−$2202.203% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$7 on $10k

Price spread, last 3 days (all we have)+0.386%+$39 · spread now −0.472%, 7d avg −0.117%

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

Both sides work against this trade now: funding costs −$104 a day on $10k at the current rate, and HTX is 0.355% cheaper against Kraken Futures than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.117%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.075% in total (about -3.9% 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	0.09655	0.3560	pay 0.0445% / 1h	52m 38s	$547K	$1.0M	10x
Short	HTX XPL-USDT	0.09609	0.0100	get 0.0050% / 4h	1h 52m	$144K	$254K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.472%Rate

Funding earned: −$726.7
Price spread: −0.472% → −0.117%: −$35.54
Slippage, 4 orders: −$198.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$982.53
Costs to cover: 2.203%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; HTX: live order book, 9 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, 1 min ago	23.31 bp	61.6 bp −$62	821.4 bp −$8,214	doesn't fit	doesn't fit
Sell HTX live order book, 9 min ago	14.47 bp	69.9 bp −$70	doesn't fit	doesn't fit	doesn't fit

XPL on 35 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	−0.0715%	1h	0.09617	−0.389%	$178K	$241K	10x	as long as short
01 Exchange XPLUSD	−0.0376%	1h	0.09611	−0.452%	$559	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0270%	1h	0.09616	−0.400%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0213% / S +0.0572%	1h	0.09619	−0.367%	$110K	—	100x	as long as short
Lighter XPL	−0.0072%	1h	0.09617	−0.389%	$4.4M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0003%	4h	0.09612	−0.441%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09620	−0.361%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.586%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09619	−0.365%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0039%	4h	0.09622	−0.338%	$8.3M	$53.1M	50x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0045%	8h	0.09623	−0.328%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09600	−0.565%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09626	−0.299%	$61.0M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09621	−0.348%	$245K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09627	−0.284%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09621	−0.348%	$43.6M	$107.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09617	−0.389%	$46.0M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09640	−0.151%	$140K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09622	−0.338%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09622	−0.338%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09611	−0.452%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09620	−0.358%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09617	−0.389%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09669	+0.148%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09642	−0.130%	$259K	$900K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.255%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09615	−0.406%	$131K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.669%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.462%	$2K	$11K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09609	−0.472%	$144K	$254K	20x
Extended XPL-USD	+0.0104%	1h	0.09618	−0.375%	$640K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09612	−0.440%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09603	−0.534%	$194K	$629K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09522	−1.373%	$75K	$90K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3560%	1h	0.09655	long leg	$547K	$1.0M	10x