Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1260%/8h= −138.0% APRpaid last 24h −0.119%

Price spread now: Lighter against Aster−0.177%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.510%−$51 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now −0.177%, 7d avg −0.099%

Together, before fees−0.463%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and Lighter is 0.078% cheaper against Aster than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.099%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.510% in total (about -26.6% 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	Aster XPLUSDT	0.09587	0.0100	pay 0.0050% / 4h	59m 08s	$253K	$420K	20x
Short	Lighter XPL	0.09570	−0.1160	pay 0.0145% / 1h	59m 08s	$4.3M	$3.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$264.6
Price spread: −0.177% → −0.099%: −$7.82
Slippage, 4 orders: −$40.24
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$320.66
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Aster: live order book, 43 min ago; Lighter: live order book, 4 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 Aster live order book, 43 min ago	5.72 bp	19.7 bp −$20	167.4 bp −$1,674	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	2.60 bp	5.9 bp −$6	37.6 bp −$376	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 XPLshort	−0.1160%	1h	0.09570	−0.177%	$4.3M	$3.1M	10x
Deribit XPL_USDC-PERPETUAL	−0.0584%	1h	0.09584	−0.031%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0464%	1h	0.09600	+0.135%	$558	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09588	+0.006%	$106K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0186%	1h	0.09576	−0.115%	$179K	$187K	10x	as long as short
Orderly PERP_XPL_USDC	−0.0010%	4h	0.09581	−0.063%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09621	+0.352%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.030%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09588	+0.005%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0040%	8h	0.09603	+0.166%	$12K	$696	5x	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	0.09588	+0.005%	$1.2M	$2.2M	10x	as long as short
Aster XPLUSDTlong	+0.0100%	4h	0.09587	long leg	$253K	$420K	20x
Pacifica XPL	+0.0100%	1h	0.09615	+0.289%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09580	−0.073%	$43.5M	$97.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09576	−0.115%	$45.7M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09578	−0.094%	$7.8M	$47.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09614	+0.282%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09578	−0.094%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09585	−0.021%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09580	−0.073%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09589	+0.021%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09578	−0.094%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	+0.290%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09618	+0.325%	$262K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	+0.448%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09613	+0.275%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.282%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.073%	$193	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09616	+0.302%	$133K	$213K	20x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09597	+0.107%	$60.7M	$46.1M	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09581	−0.064%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09585	−0.021%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09637	+0.521%	$195K	$489K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09583	−0.042%	$1.7M	$931K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+1.366%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2726%	1h	0.09623	+0.373%	$546K	$932K	10x	as long as short