Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.4999%/8h= −547.4% APRpaid last 24h −0.392%

Price spread now: OKX against Kraken Futures−0.616%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$144as in the Funding arb table

Net, price: spread back to 7d avg − costs−$181as in the Price arb table

costs, in and out, $10k−$1271.274% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 3 days (all we have)+0.747%+$75 · spread now −0.616%, 7d avg −0.078%

Together, before fees+0.580%+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$150 a day on $10k at the current rate, and OKX is 0.538% cheaper against Kraken Futures than usual: you would sell low and buy high (−$54 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.167% in total (about -8.7% 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	0.09835	0.5059	pay 0.0632% / 1h	1m 50s	$569K	$1.0M	10x
Short	OKX XPL-USDT-SWAP	0.09774	0.0059	get 0.0030% / 4h	3h 01m	$8.7M	$55.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.616%Rate

Funding earned: −$1,049.88
Price spread: −0.616% → −0.078%: −$53.83
Slippage, 4 orders: −$107.37
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$1,231.08
Costs to cover: 1.274%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; OKX: 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, 1 min ago	18.76 bp	72.2 bp −$72	1138.7 bp −$11.4K	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.51 bp	13.4 bp −$13	39.8 bp −$398	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
Deribit XPL_USDC-PERPETUAL	−0.0363%	1h	0.09789	−0.464%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0200%	1h	0.09786	−0.494%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0178% / S +0.0550%	1h	0.09797	−0.383%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	−0.313%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.021%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09797	−0.380%	$59K	—	150x	as long as short
Lighter XPL	+0.0008%	1h	0.09774	−0.616%	$4.4M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0015%	4h	0.09788	−0.474%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0050%	8h	0.09789	−0.462%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAPshort	+0.0059%	4h	0.09774	−0.616%	$8.7M	$55.4M	50x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09786	−0.489%	$1.3M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09771	−0.644%	$257K	$539K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09813	−0.221%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09778	−0.576%	$44.7M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09778	−0.576%	$47.6M	$56.2M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09909	+0.757%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09768	−0.677%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09773	−0.627%	$13.0M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09776	−0.596%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09790	−0.454%	$8.8M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09780	−0.555%	—	$8.0M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09783	−0.525%	$184K	$237K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09881	+0.468%	$1.8M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09890	+0.560%	$262K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09890	+0.563%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09796	−0.391%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.759%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	−0.555%	$492	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09895	+0.614%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09769	−0.672%	$666K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09785	−0.500%	$29K	$18K	3x	as long as short
Hyperliquid XPL	+0.0149%	1h	0.09796	−0.396%	$63.5M	$47.1M	10x	as long as short
Phoenix XPL	+0.0163%	1h	0.09897	+0.634%	$200K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09821	−0.139%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+1.478%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.5059%	1h	0.09835	long leg	$569K	$1.0M	10x