Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.150%

Price spread now: Lighter against Binance−0.093%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.506%−$51 on $10k

Price spread, last 7 days+0.201%+$20 · spread now −0.093%, 7d avg −0.030%

Together, before fees−0.305%+ Points / potential airdropLighter: Season 3 · farm board−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Lighter is 0.063% cheaper against Binance than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09716	0.0100	pay 0.0050% / 4h	1h 12m	$43.9M	$107.0M	75x
Short	Lighter XPL	0.09707	−0.0208	pay 0.0026% / 1h	12m 03s	$4.4M	$4.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$64.68
Price spread: −0.093% → −0.030%: −$6.28
Slippage, 4 orders: −$27.17
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$108.12
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from Binance: live order book, 1 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 Binance live order book, 1 min ago	0.51 bp	7.5 bp −$7	22.8 bp −$228	128.1 bp −$12.8K	doesn't fit
Sell Lighter live order book, 6 min ago	3.09 bp	16.2 bp −$16	32.6 bp −$326	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
Backpack XPL_USDC_PERP	−0.0294%	1h	0.09719	+0.031%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09712	−0.041%	$565	$708	5x	as long as short
Lighter XPLshort	−0.0208%	1h	0.09707	−0.093%	$4.4M	$4.1M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0115% / S +0.0508%	1h	0.09716	+0.004%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09718	+0.024%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.082%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09724	+0.082%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	+0.032%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09717	+0.010%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09709	−0.069%	$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	0.09712	−0.046%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09731	+0.153%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09720	+0.042%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09717	+0.009%	$221K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09716	long leg	$43.9M	$107.0M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09719	+0.031%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09719	+0.031%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09725	+0.088%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09713	−0.031%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09719	+0.031%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09717	+0.010%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09721	+0.051%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09714	−0.021%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09719	+0.034%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.036%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.144%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09726	+0.103%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.165%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.041%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09720	+0.041%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09720	+0.041%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09723	+0.068%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	−0.124%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09730	+0.144%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.453%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4590%	1h	0.09780	+0.656%	$561K	$995K	10x	as long as short