Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.4908%/8h= +537.4% APRpaid last 24h +0.392%

Price spread now: Kraken Futures against SunX+0.653%7-day average +0.257% · you sell dearer than you buy

Net, funding: paid 7d − costs−$371as in the Funding arb table

Net, price: spread back to 7d avg − costs−$343as in the Price arb table

costs, in and out, $10k−$3823.822% of the position

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 3 days (all we have)−0.477%−$48 · spread now +0.653%, 7d avg +0.257%

Together, before fees−0.367%−$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$147 a day on $10k at the current rate, and Kraken Futures is 0.396% dearer against SunX than usual: you sell high and buy low: +$40 more if the spread goes back to its 7-day average of +0.257%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.110% in total (about 5.7% 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	SunX XPL-USDT	0.09870	0.0100	pay 0.0050% / 4h	3h 05m	$3K	$2.0M	20x
Short	Kraken Futures PF_XPLUSD	0.09934	0.5008	get 0.0626% / 1h	5m 02s	$574K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against SunX. 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 SunXbpFee Kraken FuturesbpOrdersPrice spread, now +0.653%Rate

Funding earned: $1,030.62
Price spread: +0.653% → +0.257%: $39.56
Slippage, 4 orders: −$364.22
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $687.96
Costs to cover: 3.822%
Break-even: 2.3 days

Slippage from SunX: live order book, 1 min ago; Kraken Futures: live order book, 3 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 SunX live order book, 1 min ago	35.48 bp	166.6 bp −$167	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	20.61 bp	27.6 bp −$28	320.4 bp −$3,204	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	−0.0200%	1h	0.09888	+0.182%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0176% / S +0.0549%	1h	0.09885	+0.148%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0155%	1h	0.09882	+0.122%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09897	+0.275%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.298%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09887	+0.170%	$59K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09873	+0.030%	$4.5M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09880	+0.101%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0051%	8h	0.09885	+0.154%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0075%	4h	0.09878	+0.081%	$8.8M	$55.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09887	+0.172%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09891	+0.212%	$260K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09894	+0.241%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09880	+0.097%	$45.2M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09881	+0.111%	$48.2M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09909	+0.396%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09879	+0.091%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09891	+0.213%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09894	+0.243%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09893	+0.233%	$8.9M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09882	+0.122%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09884	+0.142%	$185K	$243K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09881	+0.108%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09910	+0.405%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09930	+0.608%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09891	+0.211%	$132K	$2.7M	10x	as long as short
SunX XPL-USDTlong	+0.0100%	4h	0.09870	long leg	$3K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09880	+0.101%	$497	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09901	+0.314%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09885	+0.149%	$674K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09881	+0.111%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09897	+0.274%	$200K	$655K	10x	as long as short
Hyperliquid XPL	+0.0177%	1h	0.09900	+0.306%	$64.2M	$47.0M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09889	+0.193%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+1.114%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.5008%	1h	0.09934	+0.653%	$574K	$1.0M	10x