Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.3477%/8h= −380.8% APRpaid last 24h −0.489%

Price spread now: Binance against Kraken Futures−0.406%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1061.060% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.253%−$25 on $10k

Price spread, last 4 days (all we have)+0.816%+$82 · spread now −0.406%, 7d avg −0.096%

Together, before fees+0.563%+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$104 a day on $10k at the current rate, and Binance is 0.311% cheaper against Kraken Futures than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.096%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.253% in total (about -13.2% 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	Kraken Futures PF_XPLUSD	0.09609	0.3577	pay 0.0447% / 1h	6m 15s	$545K	$1.0M	10x
Short	Binance XPLUSDT	0.09570	0.0100	get 0.0050% / 4h	1h 06m	$43.3M	$107.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.406%Rate

Funding earned: −$730.24
Price spread: −0.406% → −0.096%: −$31.07
Slippage, 4 orders: −$85.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$867.29
Costs to cover: 1.060%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Binance: live order book, 7 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, 2 min ago	22.31 bp	30.4 bp −$30	318.7 bp −$3,187	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.52 bp	10.3 bp −$10	22.8 bp −$228	107.1 bp −$10.7K	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	−0.0400%	1h	0.09554	−0.573%	$555	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0284%	1h	0.09581	−0.292%	$178K	$226K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09568	−0.427%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0272% / S +0.0590%	1h	0.09570	−0.402%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0136%	4h	0.09566	−0.448%	$45.3M	$56.3M	75x	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09566	−0.448%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09578	−0.322%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.213%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09574	−0.364%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0055%	4h	0.09568	−0.427%	$8.2M	$51.5M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0060%	8h	0.09569	−0.412%	$12K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09561	−0.500%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09567	−0.432%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09583	−0.272%	$60.1M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09574	−0.369%	$243K	$490K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09579	−0.313%	$219K	$48K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09570	−0.406%	$43.3M	$107.3M	75x
Bulk XPL-USD	+0.0100%	1h	0.09643	+0.358%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09570	−0.406%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09570	−0.406%	$12.4M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09567	−0.437%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09572	−0.385%	$8.5M	$10.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09565	−0.458%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09618	+0.089%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09596	−0.135%	$263K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09600	−0.094%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09577	−0.335%	$127K	$2.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.614%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	−0.510%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09592	−0.177%	$144K	$254K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09565	−0.458%	$634K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09565	−0.458%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09638	+0.301%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09577	−0.333%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.634%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3577%	1h	0.09609	long leg	$545K	$1.0M	10x