Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2732%/8h= −299.2% APRpaid last 24h −0.625%

Price spread now: SunX against Kraken Futures−0.601%7-day average −0.280% · you buy dearer than you sell

Net, funding: paid 7d − costs−$396as in the Funding arb table

Net, price: spread back to 7d avg − costs−$390as in the Price arb table

costs, in and out, $10k−$3583.578% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.382%−$38 on $10k

Price spread, last 4 days (all we have)+0.425%+$42 · spread now −0.601%, 7d avg −0.280%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$82 a day on $10k at the current rate, and SunX is 0.321% cheaper against Kraken Futures than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.280%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.382% in total (about -19.9% 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	0.09668	0.2832	pay 0.0354% / 1h	19m 00s	$548K	$930K	10x
Short	SunX XPL-USDT	0.09610	0.0100	get 0.0050% / 4h	1h 19m	$2K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.601%Rate

Funding earned: −$573.71
Price spread: −0.601% → −0.280%: −$32.12
Slippage, 4 orders: −$339.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$963.67
Costs to cover: 3.578%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 19 min ago; SunX: live order book, 6 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, 19 min ago	18.68 bp	25.0 bp −$25	247.1 bp −$2,471	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	31.25 bp	139.2 bp −$139	doesn't fit	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	−0.1136%	1h	0.09619	−0.508%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0344%	1h	0.09634	−0.353%	$560	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09635	−0.339%	$106K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0007%	4h	0.09628	−0.415%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09637	−0.323%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.694%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09633	−0.363%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09641	−0.282%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0063%	8h	0.09636	−0.330%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09631	−0.384%	$1.3M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09650	−0.190%	$60.9M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09640	−0.287%	$254K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09639	−0.302%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09631	−0.386%	$43.6M	$97.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09628	−0.415%	$46.0M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09627	−0.425%	$7.9M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	−0.394%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09633	−0.363%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09635	−0.342%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09628	−0.415%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09640	−0.290%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09631	−0.384%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09637	−0.321%	$178K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09630	−0.396%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09620	−0.497%	$254K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.187%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	−0.219%	$126K	$1.8M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09610	−0.601%	$2K	$1.6M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09630	−0.394%	$199	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09640	−0.290%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09629	−0.403%	$605K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09630	−0.394%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09638	−0.311%	$195K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09633	−0.363%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.516%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2832%	1h	0.09668	long leg	$548K	$930K	10x