XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3792%/8h= −415.2% APRnext payment −$4.74 per $10,000 · paid last 24h −0.087%

Price spread now: Coinbase International against Kraken Futures−0.340%7-day average +0.635% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$210as in the Price arb table

costs, in and out, $10k−$1131.125% of the position

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+1.135%+$113 · spread now −0.340%, 7d avg +0.635%

Together, before fees+1.100%+$110 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$114 a day on $10k at the current rate, and Coinbase International is 0.975% cheaper against Kraken Futures than usual: you would sell low and buy high (−$97 if the spread goes back to its 7-day average of +0.635%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.034% in total (about -1.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.74 per $10,000. 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	0.09793	0.4584	pay 0.0573% / 1h	6m 02s	$563K	$998K	10x
Short	Coinbase International XPL-PERP-INTX	0.09760	0.0792	get 0.0099% / 1h	6m 02s	$72K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.340%Rate

Funding earned: −$796.29
Price spread: −0.340% → +0.635%: −$97.45
Slippage, 4 orders: −$92.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$1,006.26
Costs to cover: 1.125%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 12 min ago; Coinbase International: live order book, 12 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, 12 min ago	16.91 bp	39.0 bp −$39	974.9 bp −$9,749	doesn't fit	doesn't fit
Sell Coinbase International live order book, 12 min ago	17.51 bp	23.4 bp −$23	166.8 bp −$1,668	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
Backpack XPL_USDC_PERP	−0.0269%	1h	0.09741	−0.534%	$177K	$280K	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09725	−0.697%	$565	$708	5x	as long as short
Lighter XPL	−0.0192%	1h	0.09729	−0.656%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0117% / S +0.0510%	1h	0.09739	−0.555%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	−0.751%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.697%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09743	−0.513%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09742	−0.519%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0070%	4h	0.09740	−0.544%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09723	−0.717%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09725	−0.697%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09752	−0.425%	$63.1M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09744	−0.508%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09727	−0.681%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09728	−0.667%	$44.0M	$107.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09727	−0.677%	$47.9M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09722	−0.728%	$8.9M	$54.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	−0.807%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09734	−0.605%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09725	−0.697%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09731	−0.636%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09731	−0.636%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09734	−0.605%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09707	−0.879%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09725	−0.700%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.544%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09740	−0.548%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.850%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.544%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09716	−0.789%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09723	−0.722%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09743	−0.509%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09719	−0.758%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09727	−0.677%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0792%	1h	0.09760	−0.340%	$72K	$104K	50x
Kraken Futures PF_XPLUSDlong	+0.4584%	1h	0.09793	long leg	$563K	$998K	10x