Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2736%/8h= +299.6% APRpaid last 24h +0.634%

Price spread now: Kraken Futures against Bybit+0.384%7-day average +0.140% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$870.865% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.492%+$49 on $10k

Price spread, last 4 days (all we have)−0.478%−$48 · spread now +0.384%, 7d avg +0.140%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$82 a day on $10k at the current rate, and Kraken Futures is 0.245% dearer against Bybit than usual: you sell high and buy low: +$24 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 0.492% in total (about 25.7% 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	Bybit XPLUSDT	0.09617	0.0100	pay 0.0050% / 4h	1h 00m	$45.9M	$53.4M	75x
Short	Kraken Futures PF_XPLUSD	0.09654	0.2836	get 0.0355% / 1h	0m 47s	$548K	$932K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.384%Rate

Funding earned: $574.59
Price spread: +0.384% → +0.140%: $24.47
Slippage, 4 orders: −$65.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $512.54
Costs to cover: 0.865%
Break-even: 0.8 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 38 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 Bybit live order book, 3 min ago	0.52 bp	11.1 bp −$11	35.5 bp −$355	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 38 min ago	18.68 bp	36.6 bp −$37	198.8 bp −$1,988	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	−0.1152%	1h	0.09607	−0.104%	$4.3M	$3.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09625	+0.086%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09613	−0.042%	$559	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09622	+0.052%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0009%	4h	0.09618	+0.010%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09630	+0.131%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.276%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09627	+0.103%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0055%	8h	0.09620	+0.027%	$13K	$696	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09638	+0.219%	$60.9M	$46.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09627	+0.108%	$254K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	+0.136%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09617	0.000%	$43.7M	$97.4M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09617	long leg	$45.9M	$53.4M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09614	−0.031%	$7.8M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	+0.395%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09619	+0.021%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09617	0.000%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09623	+0.062%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09627	+0.104%	$9.0M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09618	+0.010%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09622	+0.052%	$180K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.023%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09617	+0.003%	$262K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+0.343%	$25K	$75K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09622	+0.049%	$1.3M	$2.2M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09628	+0.114%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−0.177%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+0.031%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09607	−0.104%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09614	−0.028%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09620	+0.031%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+0.447%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09618	+0.010%	$1.7M	$934K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.050%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2836%	1h	0.09654	+0.384%	$548K	$932K	10x