XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.1752%/8h= −191.9% APRnext payment −$2.19 per $10,000 · paid last 24h −0.779%

Price spread now: Backpack against Kraken Futures−0.221%7-day average −0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$143as in the Price arb table

costs, in and out, $10k−$1321.322% of the position

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.467%−$47 on $10k

Price spread, last 4 days (all we have)+0.448%+$45 · spread now −0.221%, 7d avg −0.114%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$53 a day on $10k at the current rate, and Backpack is 0.107% cheaper against Kraken Futures than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.114%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.467% in total (about -24.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.19 per $10,000. 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	Kraken Futures PF_XPLUSD	0.09524	0.1852	pay 0.0232% / 1h	19m 03s	$542K	$984K	10x
Short	Backpack XPL_USDC_PERP	0.09503	0.0100	get 0.0013% / 1h	19m 03s	$179K	$172K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.221%Rate

Funding earned: −$367.95
Price spread: −0.221% → −0.114%: −$10.68
Slippage, 4 orders: −$112.2
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$510.83
Costs to cover: 1.322%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 32 min ago; Backpack: live order book, 32 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 Kraken Futures live order book, 32 min ago	18.33 bp	51.4 bp −$51	502.6 bp −$5,026	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	3.15 bp	11.8 bp −$12	doesn't fit	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	−0.0968%	1h	0.09489	−0.368%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0536%	1h	0.09488	−0.378%	$552	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0381%	1h	0.09499	−0.263%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0377% / S +0.0654%	1h	0.09506	−0.195%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0303%	4h	0.09493	−0.326%	$44.8M	$53.2M	75x	as long as short
Extended XPL-USD	−0.0200%	1h	0.09492	−0.333%	$601K	$1.2M	25x	as long as short
Paradex XPL-USD-PERP	−0.0139%	8h	0.09493	−0.327%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0098%	4h	0.09497	−0.284%	$7.6M	$47.1M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0068%	4h	0.09495	−0.305%	$30K	$195K	10x	as long as short
Gate XPL_USDT	−0.0042%	4h	0.09499	−0.263%	$2.9M	$3.4M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09508	−0.167%	$9K	$600	5x	as long as short
MEXC XPL_USDT	0.0000%	4h	0.09495	−0.305%	$13.4M	$6.5M	100x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.510%	—	—	—	as long as short
Binance XPLUSDT	+0.0001%	4h	0.09494	−0.320%	$43.5M	$96.7M	75x	as long as short
BloFin XPL-USDT	+0.0005%	4h	0.09492	−0.336%	$1.7M	$804K	75x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09507	−0.175%	$72K	—	150x	as long as short
Aevo XPL-PERP	+0.0080%	1h	0.09492	−0.335%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09498	−0.273%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09514	−0.106%	$60.3M	$42.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09505	−0.199%	$253K	$379K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09505	−0.199%	$218K	$45K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09507	−0.179%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09505	−0.200%	$8.9M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09498	−0.273%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09503	−0.221%	$179K	$172K	10x
Variational Omni XPL	+0.0100%	4h	0.09496	−0.299%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09508	−0.165%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	−0.147%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09508	−0.168%	$125K	$1.4M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−0.357%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09490	−0.357%	$178	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09503	−0.221%	$132K	$211K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09515	−0.095%	$139K	$5K	10x	as long as short
Phoenix XPL	+0.0166%	1h	0.09508	−0.168%	$192K	$474K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0648%	1h	0.09736	+2.226%	$65K	$95K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.1852%	1h	0.09524	long leg	$542K	$984K	10x