Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.3003%/8h= +328.9% APRpaid last 24h +0.549%

Price spread now: Kraken Futures against MEXC+0.259%7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$730.726% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.343%+$34 on $10k

Price spread, last 4 days (all we have)−0.380%−$38 · spread now +0.259%, 7d avg +0.107%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$90 a day on $10k at the current rate, and Kraken Futures is 0.152% dearer against MEXC than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.107%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.343% in total (about 17.9% 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	MEXC XPL_USDT	0.09680	0.0100	pay 0.0050% / 4h	3h 17m	$12.8M	$7.1M	100x
Short	Kraken Futures PF_XPLUSD	0.09705	0.3103	get 0.0388% / 1h	17m 33s	$552K	$990K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.259%Rate

Funding earned: $630.71
Price spread: +0.259% → +0.107%: $15.17
Slippage, 4 orders: −$62.58
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $573.3
Costs to cover: 0.726%
Break-even: 0.6 days

Slippage from MEXC: live order book, 6 min ago; Kraken Futures: live order book, 31 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 MEXC live order book, 6 min ago	0.52 bp	2.7 bp −$3	8.0 bp −$80	80.9 bp −$8,090	227.2 bp −$113.6K
Sell Kraken Futures live order book, 31 min ago	27.78 bp	35.1 bp −$35	481.3 bp −$4,813	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
01 Exchange XPLUSD	−0.0360%	1h	0.09673	−0.072%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09680	0.000%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0267%	1h	0.09674	−0.062%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0060%	1h	0.09681	+0.010%	$176K	$189K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09688	+0.085%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.789%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09681	+0.006%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09671	−0.093%	$29K	$339K	10x	as long as short
Bybit XPLUSDT	+0.0015%	4h	0.09677	−0.031%	$45.8M	$54.1M	75x	as long as short
Paradex XPL-USD-PERP	+0.0059%	8h	0.09685	+0.047%	$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
Lighter XPL	+0.0064%	1h	0.09679	−0.010%	$4.4M	$3.0M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09672	−0.083%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09703	+0.235%	$61.5M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09690	+0.103%	$253K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09689	+0.097%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09676	−0.039%	$44.0M	$100.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09673	−0.072%	$8.2M	$48.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09656	−0.248%	$141K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09684	+0.041%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09680	long leg	$12.8M	$7.1M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09685	+0.052%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09691	+0.114%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09678	−0.021%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09673	−0.074%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09673	−0.072%	$258K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09690	+0.103%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09687	+0.070%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.310%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.103%	$205	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09693	+0.134%	$142K	$186K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09675	−0.048%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.101%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09662	−0.186%	$196K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09670	−0.103%	$1.7M	$962K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09708	+0.289%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3103%	1h	0.09705	+0.259%	$552K	$990K	10x