Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.221%

Price spread now: Lighter against BloFin−0.212%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.968%−$97 on $10k

Price spread, last 3 days (all we have)+0.198%+$20 · spread now −0.212%, 7d avg −0.037%

Together, before fees−0.770%+ Points / potential airdropLighter: Season 3 · farm board−$77 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.175% cheaper against BloFin than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09925	0.0340	pay 0.0170% / 4h	3h 12m	$1.8M	$1.2M	75x
Short	Lighter XPL	0.09904	0	get 0.0000% / 1h	12m 38s	$4.5M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.212%Rate

Funding earned: −$71.4
Price spread: −0.212% → −0.037%: −$17.45
Slippage, 4 orders: −$41.6
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$142.45
Costs to cover: 0.536%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Lighter: live order book, 5 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 BloFin live order book, 5 min ago	1.51 bp	12.1 bp −$12	23.2 bp −$232	78.1 bp −$7,812	doesn't fit
Sell Lighter live order book, 5 min ago	4.05 bp	6.6 bp −$7	22.5 bp −$225	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	−0.0254%	1h	0.09924	−0.010%	$48K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0200%	1h	0.09903	−0.222%	$576	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0172% / S +0.0546%	1h	0.09929	+0.045%	$114K	—	100x	as long as short
Lighter XPLshort	0.0000%	1h	0.09904	−0.212%	$4.5M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09915	−0.097%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.723%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09929	+0.035%	$79K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0020%	4h	0.09921	−0.040%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0044%	8h	0.09915	−0.096%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0088%	4h	0.09908	−0.171%	$8.8M	$56.2M	50x	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	0.09920	−0.055%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09918	−0.074%	$256K	$537K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09922	−0.033%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09913	−0.122%	$45.4M	$109.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09913	−0.121%	$48.2M	$56.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.554%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09921	−0.040%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09912	−0.131%	$13.2M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09910	−0.151%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09917	−0.081%	$8.9M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09910	−0.151%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09914	−0.111%	$185K	$254K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09912	−0.131%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09905	−0.206%	$263K	$844K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09940	+0.151%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09929	+0.037%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09910	−0.151%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09910	−0.151%	$498	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09929	+0.040%	$144K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09910	−0.148%	$673K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09926	+0.014%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09925	0.000%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0190%	1h	0.09931	+0.064%	$64.5M	$47.1M	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09925	long leg	$1.8M	$1.2M	75x
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.554%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4992%	1h	0.09965	+0.404%	$576K	$1.0M	10x	as long as short