Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.5056%/8h= −553.7% APRpaid last 24h −0.337%

Price spread now: Gate against Kraken Futures−0.747%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$175as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$1491.487% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.260%−$26 on $10k

Price spread, last 3 days (all we have)+0.881%+$88 · spread now −0.747%, 7d avg −0.074%

Together, before fees+0.621%+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$152 a day on $10k at the current rate, and Gate is 0.673% cheaper against Kraken Futures than usual: you would sell low and buy high (−$67 if the spread goes back to its 7-day average of −0.074%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.260% in total (about -13.6% 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	0.09750	0.5120	pay 0.0640% / 1h	23m 48s	$562K	$1.0M	10x
Short	Gate XPL_USDT	0.09677	0.0064	get 0.0032% / 4h	23m 48s	$3.0M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.747%Rate

Funding earned: −$1,061.84
Price spread: −0.747% → −0.074%: −$67.27
Slippage, 4 orders: −$123.69
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$1,277.8
Costs to cover: 1.487%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Gate: live order book, 4 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, 5 min ago	11.27 bp	82.7 bp −$83	4105.6 bp −$41.1K	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	2.06 bp	23.8 bp −$24	146.1 bp −$1,461	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	−0.0536%	1h	0.09676	−0.757%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0392%	1h	0.09686	−0.654%	$563	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0369%	1h	0.09683	−0.685%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0138% / S +0.0524%	1h	0.09695	−0.562%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	−0.505%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.353%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09696	−0.549%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0020%	8h	0.09701	−0.497%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0050%	4h	0.09685	−0.665%	$29K	$335K	10x	as long as short
Gate XPL_USDTshort	+0.0064%	4h	0.09677	−0.747%	$3.0M	$4.0M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09698	−0.537%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09696	−0.552%	$62.5M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09688	−0.636%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09704	−0.468%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09680	−0.716%	$44.0M	$108.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09680	−0.716%	$47.0M	$55.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09680	−0.716%	$8.7M	$54.2M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09679	−0.726%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09688	−0.634%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09691	−0.603%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09679	−0.726%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09688	−0.634%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09715	−0.353%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.306%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.203%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09702	−0.496%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.819%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.716%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	−0.501%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.513%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09677	−0.747%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09688	−0.630%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09734	−0.162%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	−0.460%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.771%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5120%	1h	0.09750	long leg	$562K	$1.0M	10x