Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2815%/8h= +308.3% APRpaid last 24h +0.715%

Price spread now: Kraken Futures against Paradex+0.435%7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$84 a day on $10k at the current rate, and Kraken Futures is 0.435% dearer against Paradex than usual: you sell high and buy low: +$43 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09571	−0.0117	get 0.0117% / 8h	7h 21m	$12K	$696	5x
Short	Kraken Futures PF_XPLUSD	0.09613	0.2698	get 0.0337% / 1h	21m 02s	$547K	$959K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Paradex. 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 ParadexbpFee Kraken FuturesbpOrdersPrice spread, now +0.435%Rate

Funding earned: $591.19
Price spread: +0.435% → 0.000%: $43.45
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $620.65
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Paradex: no order-book sample; Kraken Futures: live order book, 7 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 Paradex no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 7 min ago	36.19 bp	55.3 bp −$55	760.2 bp −$7,602	doesn't fit	doesn't fit

Paradex: 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	−0.1168%	1h	0.09574	+0.031%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09561	−0.105%	$556	$873	5x	as long as short
Bybit XPLUSDT	−0.0421%	4h	0.09573	+0.020%	$45.4M	$54.2M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0311% / S +0.0615%	1h	0.09590	+0.199%	$106K	—	100x	as long as short
Paradex XPL-USD-PERPlong	−0.0117%	8h	0.09571	long leg	$12K	$696	5x
Deribit XPL_USDC-PERPETUAL	−0.0063%	1h	0.09589	+0.188%	$46K	$17K	25x	as long as short
OKX XPL-USDT-SWAP	−0.0053%	4h	0.09572	+0.010%	$7.6M	$47.7M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0034%	4h	0.09587	+0.167%	$30K	$235K	10x	as long as short
Gate XPL_USDT	−0.0016%	4h	0.09586	+0.156%	$2.9M	$3.3M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09569	−0.026%	$9K	$600	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.900%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09586	+0.152%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0025%	1h	0.09593	+0.229%	$180K	$179K	10x	as long as short
Extended XPL-USD	+0.0056%	1h	0.09582	+0.116%	$619K	$1.2M	25x	as long as short
MEXC XPL_USDT	+0.0090%	4h	0.09586	+0.156%	$13.1M	$6.6M	100x	as long as short
Binance XPLUSDT	+0.0094%	4h	0.09578	+0.070%	$43.8M	$98.2M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09574	+0.026%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09597	+0.270%	$60.7M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09589	+0.185%	$254K	$400K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09570	−0.014%	$219K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−0.959%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09577	+0.062%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09582	+0.114%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09582	+0.114%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09484	−0.913%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09538	−0.345%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.220%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09577	+0.062%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09570	−0.011%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	+0.093%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09580	+0.093%	$133K	$214K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09592	+0.215%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09515	−0.586%	$192K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0334%	4h	0.09576	+0.052%	$1.7M	$952K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.261%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2698%	1h	0.09613	+0.435%	$547K	$959K	10x