Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.148%

Price spread now: Lighter against Bybit−0.062%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$90as in the Funding arb table

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

costs, in and out, $10k−$470.474% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.430%−$43 on $10k

Price spread, last 7 days+0.156%+$16 · spread now −0.062%, 7d avg −0.015%

Together, before fees−0.274%+ Points / potential airdropLighter: Season 3 · farm board−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Lighter is 0.047% cheaper against Bybit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09708	0.0100	pay 0.0050% / 4h	2h 02m	$47.3M	$53.7M	75x
Short	Lighter XPL	0.09702	−0.0072	pay 0.0009% / 1h	2m 35s	$4.4M	$4.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.062%Rate

Funding earned: −$36.12
Price spread: −0.062% → −0.015%: −$4.7
Slippage, 4 orders: −$36.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$88.26
Costs to cover: 0.474%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 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 Bybit live order book, 1 min ago	0.51 bp	14.6 bp −$15	38.8 bp −$388	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	3.62 bp	7.6 bp −$8	24.5 bp −$245	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	−0.0104%	1h	0.09717	+0.093%	$177K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0090% / S +0.0492%	1h	0.09720	+0.122%	$112K	—	100x	as long as short
Lighter XPLshort	−0.0072%	1h	0.09702	−0.062%	$4.4M	$4.3M	10x
01 Exchange XPLUSD	−0.0072%	1h	0.09722	+0.144%	$565	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	+0.118%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.018%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09717	+0.093%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09719	+0.113%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09710	+0.021%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09705	−0.033%	$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	0.09718	+0.100%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	+0.207%	$62.4M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09717	+0.097%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09715	+0.071%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09708	−0.002%	$43.7M	$105.5M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09708	long leg	$47.3M	$53.7M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09700	−0.082%	$9.0M	$53.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09708	0.000%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09713	+0.052%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09718	+0.103%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09708	0.000%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09700	−0.082%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09662	−0.473%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09698	−0.102%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.021%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09729	+0.220%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.185%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.021%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09710	+0.021%	$137K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.134%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09703	−0.056%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.072%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09711	+0.031%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09705	−0.031%	$196K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09731	+0.237%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3505%	1h	0.09757	+0.509%	$514K	$948K	10x	as long as short