XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2613%/8h= +286.1% APRnext payment +$3.27 per $10,000 · paid last 24h +0.739%

Price spread now: Kraken Futures against Backpack+0.243%7-day average +0.105% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$1131.125% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.434%+$43 on $10k

Price spread, last 4 days (all we have)−0.705%−$71 · spread now +0.243%, 7d avg +0.105%

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

Both sides work for this trade now. Funding pays +$78 a day on $10k at the current rate, and Kraken Futures is 0.139% dearer against Backpack than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.105%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.434% in total (about 22.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.27 per $10,000. 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	Backpack XPL_USDC_PERP	0.09555	0.0095	pay 0.0012% / 1h	44m 59s	$179K	$180K	10x
Short	Kraken Futures PF_XPLUSD	0.09578	0.2708	get 0.0338% / 1h	44m 59s	$543K	$945K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.243%Rate

Funding earned: $548.68
Price spread: +0.243% → +0.105%: $13.85
Slippage, 4 orders: −$92.51
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $450.02
Costs to cover: 1.125%
Break-even: 1.3 days

Slippage from Backpack: live order book, 53 min ago; Kraken Futures: live order book, 48 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 Backpack live order book, 53 min ago	0.52 bp	10.5 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 48 min ago	28.69 bp	57.5 bp −$58	344.8 bp −$3,448	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
Lighter XPL	−0.1360%	1h	0.09536	−0.199%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0483%	1h	0.09548	−0.073%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09539	−0.167%	$555	$873	5x	as long as short
Bybit XPLUSDT	−0.0301%	4h	0.09544	−0.115%	$45.4M	$54.0M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09552	−0.037%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0089%	8h	0.09540	−0.152%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0024%	4h	0.09542	−0.136%	$30K	$269K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0014%	4h	0.09543	−0.126%	$7.6M	$47.5M	50x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09560	+0.051%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.767%	—	—	—	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09552	−0.033%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0086%	4h	0.09544	−0.115%	$2.9M	$3.3M	75x	as long as short
Backpack XPL_USDC_PERPlong	+0.0095%	1h	0.09555	long leg	$179K	$180K	10x
Nado XPL-PERP	+0.0100%	1h	0.09542	−0.131%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09566	+0.118%	$60.5M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09557	+0.021%	$252K	$404K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09554	−0.013%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09546	−0.090%	$43.4M	$97.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09548	−0.073%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09548	−0.073%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09556	+0.010%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09544	−0.115%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09547	−0.085%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09540	−0.155%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.262%	$25K	$74K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09555	0.000%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.262%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.052%	$191	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09558	+0.031%	$132K	$210K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.153%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09545	−0.105%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.105%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09563	+0.084%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09544	−0.115%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.429%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2708%	1h	0.09578	+0.243%	$543K	$945K	10x