Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2854%/8h= −312.6% APRpaid last 24h −0.608%

Price spread now: Orderly against Kraken Futures−0.283%7-day average −0.145% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.566%−$57 on $10k

Price spread, last 4 days (all we have)+0.295%+$30 · spread now −0.283%, 7d avg −0.145%

Together, before fees−0.271%−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$86 a day on $10k at the current rate, and Orderly is 0.137% cheaper against Kraken Futures than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.145%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.566% in total (about -29.5% 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	Kraken Futures PF_XPLUSD	0.09714	0.2862	pay 0.0358% / 1h	6m 30s	$552K	$954K	10x
Short	Orderly PERP_XPL_USDC	0.09687	0.0007	get 0.0004% / 4h	2h 06m	$29K	$292K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.283%Rate

Funding earned: −$599.44
Price spread: −0.283% → −0.145%: −$13.73
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$629.17
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 37 min ago; Orderly: no order-book sample. Net counts fees only.

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, 37 min ago	11.46 bp	22.4 bp −$22	241.4 bp −$2,414	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
01 Exchange XPLUSD	−0.0248%	1h	0.09689	−0.262%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09692	−0.232%	$107K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09690	−0.254%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.066%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09691	−0.241%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09692	−0.234%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0007%	4h	0.09687	−0.283%	$29K	$292K	10x
Lighter XPL	+0.0064%	1h	0.09680	−0.355%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0067%	8h	0.09692	−0.229%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09689	−0.262%	$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	0.09699	−0.158%	$61.4M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09698	−0.167%	$255K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09692	−0.236%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09692	−0.227%	$43.9M	$98.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09690	−0.252%	$45.9M	$53.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09685	−0.303%	$8.1M	$48.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09661	−0.548%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09692	−0.231%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09688	−0.272%	$12.6M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09675	−0.406%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09695	−0.200%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09687	−0.283%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09686	−0.293%	$176K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09692	−0.233%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09700	−0.149%	$259K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.046%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09699	−0.163%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.458%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.355%	$200	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09710	−0.046%	$138K	$188K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09686	−0.289%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09685	−0.303%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09718	+0.037%	$197K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09679	−0.365%	$1.7M	$945K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09705	−0.097%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2862%	1h	0.09714	long leg	$552K	$954K	10x