Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0736%/8h= −80.6% APRpaid last 24h −0.147%

Price spread now: Lighter against Gate−0.186%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 7 days+0.263%+$26 · spread now −0.186%, 7d avg −0.050%

Together, before fees−0.062%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Lighter is 0.135% cheaper against Gate than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.326% in total (about -17.0% 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	Gate XPL_USDT	0.09703	0.0080	pay 0.0040% / 4h	32m 11s	$3.0M	$4.0M	75x
Short	Lighter XPL	0.09685	−0.0656	pay 0.0082% / 1h	32m 11s	$4.4M	$4.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.186%Rate

Funding earned: −$154.56
Price spread: −0.186% → −0.050%: −$13.51
Slippage, 4 orders: −$50.03
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$233.1
Costs to cover: 0.650%
Break-even: never at this rate

Slippage from Gate: 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 Gate live order book, 1 min ago	3.09 bp	28.0 bp −$28	148.8 bp −$1,488	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	3.61 bp	10.1 bp −$10	24.4 bp −$244	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	−0.0656%	1h	0.09685	−0.186%	$4.4M	$4.1M	10x
01 Exchange XPLUSD	−0.0408%	1h	0.09700	−0.031%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09704	+0.010%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0134% / S +0.0521%	1h	0.09711	+0.085%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	+0.077%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.979%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09712	+0.089%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0023%	8h	0.09703	+0.002%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09703	0.000%	$29K	$335K	10x	as long as short
Gate XPL_USDTlong	+0.0080%	4h	0.09703	long leg	$3.0M	$4.0M	75x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09706	+0.036%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09720	+0.177%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09713	+0.101%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09717	+0.142%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09697	−0.062%	$44.1M	$108.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09697	−0.062%	$47.2M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09698	−0.052%	$8.7M	$54.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09740	+0.383%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	−0.052%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09706	+0.031%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09706	+0.031%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09700	−0.031%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09698	−0.052%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09708	+0.055%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09715	+0.126%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.175%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09717	+0.143%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.237%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.031%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09711	+0.082%	$138K	$233K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09699	−0.038%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09700	−0.031%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09751	+0.495%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09705	+0.021%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.257%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5117%	1h	0.09756	+0.545%	$563K	$1.0M	10x	as long as short