XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.1106%/8h= −121.1% APRnext payment −$1.38 per $10,000 · paid last 24h −0.706%

Price spread now: Phoenix against Kraken Futures−0.147%49s7-day average +0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as 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−$820.816% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 4 days (all we have)+0.451%+$45 · spread now −0.147%, 7d avg +0.032%

Together, before fees+0.359%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Phoenix is 0.178% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.032%). Swap the legs. The two prices were read 49 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 -0.092% in total (about -4.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.38 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XPLUSD	0.09421	0.1358	pay 0.0170% / 1h	7m 28s	$554K	$1.0M	10x
Short	Phoenix XPL	0.09407	0.0252	get 0.0032% / 1h	7m 28s	$190K	$435K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$232.21
Price spread: −0.147% → +0.032%: −$17.82
Slippage, 4 orders: −$64.62
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$331.66
Costs to cover: 0.816%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Phoenix: live order book, 38 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, 4 min ago	18.59 bp	25.2 bp −$25	906.6 bp −$9,066	doesn't fit	doesn't fit
Sell Phoenix live order book, 38 min ago	1.06 bp	14.5 bp −$15	48.2 bp −$482	doesn't fit	doesn't fit

XPL on 36 exchanges

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
01 Exchange XPLUSD	−0.0768%	1h	0.09380	−0.433%	$545	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0475% / S +0.0710%	1h	0.09394	−0.287%	$104K	—	100x	as long as short
Bybit XPLUSDT	−0.0356%	4h	0.09388	−0.348%	$44.0M	$54.9M	75x	as long as short
Lighter XPL	−0.0320%	1h	0.09385	−0.380%	$4.3M	$3.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0282%	1h	0.09393	−0.295%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0130%	4h	0.09390	−0.327%	$30K	$112K	10x	as long as short
Paradex XPL-USD-PERP	−0.0090%	8h	0.09387	−0.354%	$12K	$696	5x	as long as short
Binance XPLUSDT	−0.0060%	4h	0.09388	−0.345%	$43.1M	$98.7M	75x	as long as short
MEXC XPL_USDT	−0.0058%	4h	0.09390	−0.327%	$12.7M	$6.7M	100x	as long as short
OKX XPL-USDT-SWAP	−0.0010%	4h	0.09390	−0.327%	$7.1M	$48.1M	50x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−19.642%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09399	−0.236%	$71K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0020%	1h	0.09398	−0.242%	$184K	$173K	10x	as long as short
Extended XPL-USD	+0.0048%	1h	0.09386	−0.364%	$592K	$1.1M	25x	as long as short
Gate XPL_USDT	+0.0058%	4h	0.09392	−0.306%	$2.8M	$3.3M	75x	as long as short
Aevo XPL-PERP	+0.0064%	1h	0.09390	−0.327%	$28K	$18K	3x	as long as short
dYdX XPL-USD	+0.0074%	1h	0.09414	−0.073%	$9K	$1K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09389	−0.335%	$1.2M	$2.3M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09408	−0.140%	$59.0M	$42.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09392	−0.308%	$242K	$380K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09398	−0.240%	$209K	$52K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09390	−0.327%	$137K	$5K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09389	−0.338%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09399	−0.231%	$8.8M	$10.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09388	−0.348%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09387	−0.358%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09402	−0.201%	$251K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09440	+0.204%	$25K	$67K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09391	−0.316%	$37K	$1.3M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09380	−0.433%	$2K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09390	−0.327%	$177	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09400	−0.221%	$132K	$218K	20x	as long as short
BloFin XPL-USDT	+0.0177%	4h	0.09424	+0.034%	$1.7M	$862K	75x	as long as short
Phoenix XPLshort	+0.0252%	1h	0.09407	−0.147%	$190K	$435K	10x
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09455	+0.363%	$63K	$86K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.1358%	1h	0.09421	long leg	$554K	$1.0M	10x