Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2836%/8h= −310.6% APRpaid last 24h −0.642%

Price spread now: Orderly against Kraken Futures−0.431%7-day average −0.148% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.597%−$60 on $10k

Price spread, last 4 days (all we have)+0.447%+$45 · spread now −0.431%, 7d avg −0.148%

Together, before fees−0.150%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$85 a day on $10k at the current rate, and Orderly is 0.283% cheaper against Kraken Futures than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.148%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.597% in total (about -31.1% 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	0.09652	0.2837	pay 0.0355% / 1h	46m 50s	$548K	$935K	10x
Short	Orderly PERP_XPL_USDC	0.09610	0.0000	get 0.0000% / 4h	1h 46m	$30K	$280K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.431%Rate

Funding earned: −$595.66
Price spread: −0.431% → −0.148%: −$28.28
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$639.94
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 56 min ago; Orderly: no order-book sample. Net counts fees only.

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, 56 min ago	11.46 bp	22.4 bp −$22	241.4 bp −$2,414	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0880%	1h	0.09599	−0.545%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09612	−0.410%	$559	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09617	−0.361%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0166%	1h	0.09613	−0.400%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09627	−0.254%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.558%	—	—	—	as long as short
Orderly PERP_XPL_USDCshort	0.0000%	4h	0.09610	−0.431%	$30K	$280K	10x
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09616	−0.364%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0051%	8h	0.09613	−0.402%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	+0.0060%	1h	0.09613	−0.400%	$177K	$189K	10x	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	0.09614	−0.384%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09624	−0.289%	$60.8M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09617	−0.362%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09621	−0.314%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09605	−0.478%	$43.5M	$97.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09608	−0.452%	$45.5M	$52.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09606	−0.473%	$8.0M	$47.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09620	−0.327%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09609	−0.441%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09604	−0.493%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09601	−0.524%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09617	−0.359%	$8.9M	$9.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09607	−0.462%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09621	−0.318%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09627	−0.257%	$263K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.224%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09623	−0.292%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.638%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−0.431%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09621	−0.317%	$133K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09605	−0.484%	$606K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09610	−0.431%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09628	−0.245%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09614	−0.390%	$1.7M	$938K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.688%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2837%	1h	0.09652	long leg	$548K	$935K	10x