Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.2396%/8h= −262.3% APRpaid last 24h −0.580%

Price spread now: BloFin against Kraken Futures−0.473%57s7-day average −0.146% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$840.845% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.508%+$51 · spread now −0.473%, 7d avg −0.146%

Together, before fees+0.528%+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$72 a day on $10k at the current rate, and BloFin is 0.327% cheaper against Kraken Futures than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of −0.146%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.0% 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	0.09588	0.2736	pay 0.0342% / 1h	35m 43s	$544K	$930K	10x
Short	BloFin XPL-USDT	0.09543	0.0340	get 0.0170% / 4h	35m 43s	$1.7M	$923K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.473%Rate

Funding earned: −$503.14
Price spread: −0.473% → −0.146%: −$32.74
Slippage, 4 orders: −$62.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$620.35
Costs to cover: 0.845%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 63 min ago; BloFin: live order book, 2 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, 63 min ago	18.68 bp	25.0 bp −$25	247.1 bp −$2,471	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	1.05 bp	11.9 bp −$12	21.6 bp −$216	61.1 bp −$6,114	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	−0.1416%	1h	0.09527	−0.640%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0504%	1h	0.09516	−0.755%	$553	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09554	−0.357%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09550	−0.400%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0019%	4h	0.09545	−0.453%	$30K	$246K	10x	as long as short
Paradex XPL-USD-PERP	−0.0006%	8h	0.09541	−0.497%	$12K	$696	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09536	−0.545%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.044%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09553	−0.365%	$72K	—	150x	as long as short
Bybit XPLUSDT	+0.0034%	4h	0.09537	−0.536%	$45.5M	$53.9M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0094%	4h	0.09534	−0.567%	$7.7M	$47.6M	50x	as long as short
Extended XPL-USD	+0.0096%	1h	0.09536	−0.551%	$598K	$1.1M	25x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09530	−0.606%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09556	−0.339%	$60.4M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09550	−0.400%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09551	−0.394%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09541	−0.494%	$43.2M	$97.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−0.400%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09545	−0.453%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09542	−0.484%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09549	−0.411%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09551	−0.390%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09534	−0.567%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09548	−0.421%	$179K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09535	−0.561%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	−0.192%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.017%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09539	−0.510%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.609%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.505%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09537	−0.536%	$132K	$212K	20x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09540	−0.505%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09564	−0.254%	$194K	$495K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09543	−0.473%	$1.7M	$923K	75x
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09567	−0.223%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2736%	1h	0.09588	long leg	$544K	$930K	10x