Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.3230%/8h= +353.7% APRpaid last 24h +0.518%

Price spread now: Kraken Futures against MEXC+0.530%7-day average +0.104% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$790.788% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.291%+$29 on $10k

Price spread, last 4 days (all we have)−0.725%−$73 · spread now +0.530%, 7d avg +0.104%

Together, before fees−0.434%−$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$97 a day on $10k at the current rate, and Kraken Futures is 0.425% dearer against MEXC than usual: you sell high and buy low: +$43 more if the spread goes back to its 7-day average of +0.104%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.291% in total (about 15.2% 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	MEXC XPL_USDT	0.09529	0.0100	pay 0.0050% / 4h	38m 37s	$12.2M	$7.7M	100x
Short	Kraken Futures PF_XPLUSD	0.09579	0.3330	get 0.0416% / 1h	38m 37s	$543K	$975K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against MEXC. 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 MEXCbpFee Kraken FuturesbpOrdersPrice spread, now +0.530%Rate

Funding earned: $678.32
Price spread: +0.530% → +0.104%: $42.53
Slippage, 4 orders: −$68.79
Fee MEXC: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $642.06
Costs to cover: 0.788%
Break-even: 0.4 days

Slippage from MEXC: live order book, 5 min ago; Kraken Futures: live order book, 15 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 MEXC live order book, 5 min ago	0.52 bp	3.3 bp −$3	8.6 bp −$86	79.3 bp −$7,927	227.3 bp −$113.6K
Sell Kraken Futures live order book, 15 min ago	29.70 bp	37.0 bp −$37	237.3 bp −$2,373	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
01 Exchange XPLUSD	−0.0344%	1h	0.09528	−0.010%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0298% / S +0.0607%	1h	0.09549	+0.212%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0169%	1h	0.09542	+0.136%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0092%	4h	0.09526	−0.031%	$45.1M	$54.8M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09532	+0.033%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.551%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09548	+0.201%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0009%	4h	0.09538	+0.094%	$29K	$339K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0038%	1h	0.09537	+0.084%	$178K	$222K	10x	as long as short
Paradex XPL-USD-PERP	+0.0076%	8h	0.09530	+0.008%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09527	−0.021%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09544	+0.152%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09548	+0.194%	$59.8M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09538	+0.090%	$240K	$463K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09535	+0.067%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09528	−0.010%	$43.2M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09531	+0.021%	$8.3M	$49.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09530	+0.010%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09528	−0.010%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09529	long leg	$12.2M	$7.7M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09536	+0.073%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09538	+0.094%	$8.5M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09531	+0.021%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	+0.165%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09574	+0.469%	$256K	$962K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.430%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09553	+0.253%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.094%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	+0.115%	$191	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09579	+0.525%	$140K	$217K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09529	+0.004%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09538	+0.094%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09570	+0.430%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09545	+0.168%	$1.7M	$976K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09583	+0.567%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.3330%	1h	0.09579	+0.530%	$543K	$975K	10x