Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.1252%/8h= +137.1% APRpaid last 24h +0.764%

Price spread now: Kraken Futures against BingX+0.193%7-day average +0.140% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$134as in the Price arb table

costs, in and out, $10k−$1391.394% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.508%+$51 on $10k

Price spread, last 4 days (all we have)−0.410%−$41 · spread now +0.193%, 7d avg +0.140%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Kraken Futures is 0.053% dearer against BingX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.140%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.508% in total (about 26.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX XPL-USDT	0.09446	0.0100	pay 0.0050% / 4h	1h 51m	—	$7.7M	—
Short	Kraken Futures PF_XPLUSD	0.09464	0.1352	get 0.0169% / 1h	51m 34s	$554K	$999K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.193%Rate

Funding earned: $262.88
Price spread: +0.193% → +0.140%: $5.34
Slippage, 4 orders: −$119.43
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $128.78
Costs to cover: 1.394%
Break-even: 3.6 days

Slippage from BingX: live order book, 4 min ago; Kraken Futures: live order book, 59 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 BingX live order book, 4 min ago	5.82 bp	17.5 bp −$17	28.3 bp −$283	88.8 bp −$8,876	doesn't fit
Sell Kraken Futures live order book, 59 min ago	18.33 bp	56.4 bp −$56	277.6 bp −$2,776	doesn't fit	doesn't fit

XPL on 36 exchanges

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	−0.0648%	1h	0.09429	−0.180%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0616%	1h	0.09434	−0.127%	$548	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0597%	1h	0.09438	−0.085%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0420% / S +0.0679%	1h	0.09442	−0.047%	$104K	—	100x	as long as short
Bybit XPLUSDT	−0.0291%	4h	0.09444	−0.021%	$44.8M	$52.6M	75x	as long as short
Extended XPL-USD	−0.0152%	1h	0.09444	−0.018%	$596K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0124%	8h	0.09452	+0.062%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0090%	4h	0.09433	−0.138%	$30K	$185K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0048%	4h	0.09450	+0.042%	$7.3M	$46.6M	50x	as long as short
Binance XPLUSDT	−0.0032%	4h	0.09445	−0.011%	$43.4M	$95.9M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0032%	4h	0.09447	+0.011%	$13.2M	$6.4M	100x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−19.853%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09452	+0.062%	$71K	—	150x	as long as short
Gate XPL_USDT	+0.0006%	4h	0.09441	−0.053%	$2.9M	$3.2M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0023%	1h	0.09443	−0.032%	$180K	$170K	10x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09432	−0.147%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09448	+0.019%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09459	+0.132%	$59.9M	$41.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09446	−0.003%	$252K	$361K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09444	−0.024%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09444	−0.021%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09448	+0.021%	$8.8M	$9.9M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09446	long leg	—	$7.7M	—
Variational Omni XPL	+0.0100%	4h	0.09453	+0.075%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09447	+0.007%	$258K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09460	+0.148%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09455	+0.090%	$124K	$1.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09420	−0.275%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09430	−0.169%	$180	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09460	+0.148%	$134K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09455	+0.095%	$138K	$5K	10x	as long as short
BloFin XPL-USDT	+0.0213%	4h	0.09450	+0.042%	$1.7M	$825K	75x	as long as short
Phoenix XPL	+0.0252%	1h	0.09456	+0.106%	$191K	$435K	10x	as long as short
dYdX XPL-USD	+0.0474%	1h	0.09449	+0.030%	$9K	$1K	5x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+0.974%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.1352%	1h	0.09464	+0.193%	$554K	$999K	10x