Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2843%/8h= +311.3% APRpaid last 24h +0.642%

Price spread now: Kraken Futures against Orderly+0.389%7-day average +0.148% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.597%+$60 on $10k

Price spread, last 4 days (all we have)−0.405%−$41 · spread now +0.389%, 7d avg +0.148%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$85 a day on $10k at the current rate, and Kraken Futures is 0.241% dearer against Orderly than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.148%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.597% in total (about 31.1% 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	Orderly PERP_XPL_USDC	0.09618	−0.0007	get 0.0004% / 4h	1h 23m	$30K	$266K	10x
Short	Kraken Futures PF_XPLUSD	0.09655	0.2836	get 0.0354% / 1h	23m 01s	$547K	$931K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.389%Rate

Funding earned: $596.97
Price spread: +0.389% → +0.148%: $24.12
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $605.09
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 15 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 15 min ago	18.68 bp	36.6 bp −$37	198.8 bp −$1,988	doesn't fit	doesn't fit

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
Lighter XPL	−0.1144%	1h	0.09607	−0.114%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0344%	1h	0.09610	−0.083%	$641	$790	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09625	+0.078%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDClong	−0.0007%	4h	0.09618	long leg	$30K	$266K	10x
dYdX XPL-USD	0.0000%	1h	0.09629	+0.116%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.286%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09625	+0.073%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09626	+0.081%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0063%	8h	0.09625	+0.069%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09622	+0.042%	$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	0.09635	+0.176%	$60.8M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09630	+0.126%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09628	+0.105%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09625	+0.073%	$43.6M	$97.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09622	+0.042%	$45.9M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09624	+0.062%	$7.9M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	−0.551%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09619	+0.010%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09621	+0.031%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09614	−0.042%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09633	+0.156%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09618	0.000%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09623	+0.052%	$177K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09617	−0.012%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09593	−0.265%	$254K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	−0.187%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09628	+0.108%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.187%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.021%	$197	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09619	+0.010%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09623	+0.054%	$605K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09621	+0.027%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09635	+0.177%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09619	+0.010%	$1.7M	$936K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.040%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2836%	1h	0.09655	+0.389%	$547K	$931K	10x