Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.2762%/8h= +302.4% APRpaid last 24h +0.670%

Price spread now: Kraken Futures against Orderly+0.293%7-day average +0.152% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.633%+$63 on $10k

Price spread, last 4 days (all we have)−0.306%−$31 · spread now +0.293%, 7d avg +0.152%

Together, before fees+0.327%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$83 a day on $10k at the current rate, and Kraken Futures is 0.141% dearer against Orderly than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.152%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.633% in total (about 33.0% 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	Orderly PERP_XPL_USDC	0.09565	−0.0027	get 0.0014% / 4h	12m 49s	$30K	$277K	10x
Short	Kraken Futures PF_XPLUSD	0.09593	0.2735	get 0.0342% / 1h	12m 49s	$541K	$939K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.293%Rate

Funding earned: $580.03
Price spread: +0.293% → +0.152%: $14.13
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $578.15
Costs to cover: 0.160%
Break-even: 0.0 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 21 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 21 min ago	28.69 bp	57.5 bp −$58	344.8 bp −$3,448	doesn't fit	doesn't fit

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	−0.1424%	1h	0.09551	−0.146%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0480%	1h	0.09568	+0.031%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09552	−0.138%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0034%	8h	0.09572	+0.072%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDClong	−0.0027%	4h	0.09565	long leg	$30K	$277K	10x
Bybit XPLUSDT	−0.0025%	4h	0.09567	+0.021%	$45.5M	$53.9M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09569	+0.039%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.849%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09570	+0.052%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09572	+0.069%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0052%	4h	0.09569	+0.042%	$7.7M	$47.7M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09563	−0.021%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09588	+0.237%	$60.5M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09576	+0.116%	$253K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09571	+0.061%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09571	+0.063%	$43.3M	$97.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09568	+0.031%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09569	+0.042%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09570	+0.052%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09574	+0.094%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09570	+0.052%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09569	+0.042%	$179K	$181K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.209%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09560	−0.052%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	−0.157%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09580	+0.153%	$126K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.157%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09570	+0.052%	$197	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	0.000%	$132K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	−0.105%	$139K	$0	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09566	+0.012%	$595K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09570	+0.052%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09563	−0.021%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09565	0.000%	$1.7M	$925K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09570	+0.052%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.2735%	1h	0.09593	+0.293%	$541K	$939K	10x