XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0082%/8h= −9.0% APRnext payment −$0.10 per $10,000 · paid last 24h −0.127%

Price spread now: Lighter against Backpack−0.133%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$460.459% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.593%−$59 on $10k

Price spread, last 4 days (all we have)−0.675%−$68 · spread now −0.133%, 7d avg −0.073%

Together, before fees−1.268%+ Points / potential airdropLighter: Season 3 · farm board−$127 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter is 0.060% cheaper against Backpack than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09755	−0.0006	get 0.0001% / 1h	16m 07s	$178K	$283K	10x
Short	Lighter XPL	0.09742	−0.0088	pay 0.0011% / 1h	16m 07s	$4.4M	$4.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$17.19
Price spread: −0.133% → −0.073%: −$6.04
Slippage, 4 orders: −$35.94
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$69.16
Costs to cover: 0.459%
Break-even: never at this rate

Slippage from Backpack: live order book, 7 min ago; Lighter: 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 Backpack live order book, 7 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	2.55 bp	19.7 bp −$20	35.5 bp −$355	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
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09755	0.000%	$47K	$18K	25x	as long as short
Lighter XPLshort	−0.0088%	1h	0.09742	−0.133%	$4.4M	$4.3M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0083% / S +0.0488%	1h	0.09756	+0.011%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09753	−0.021%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERPlong	−0.0006%	1h	0.09755	long leg	$178K	$283K	10x
dYdX XPL-USD	0.0000%	1h	0.09759	+0.040%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.393%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09758	+0.029%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09751	−0.041%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09751	−0.042%	$13K	$2K	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	0.09753	−0.018%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09764	+0.095%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09760	+0.049%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09759	+0.039%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09750	−0.055%	$44.0M	$105.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09751	−0.041%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09750	−0.051%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.615%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09749	−0.062%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09749	−0.062%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09748	−0.072%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09758	+0.031%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09750	−0.051%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09808	+0.548%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09796	+0.417%	$265K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.564%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09764	+0.091%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.154%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.051%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	−0.021%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09749	−0.067%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09755	−0.003%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09754	−0.010%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.830%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09805	+0.513%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3485%	1h	0.09812	+0.580%	$517K	$942K	10x	as long as short