XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1110%/8h= −121.5% APRnext payment −$1.39 per $10,000 · paid last 24h −0.069%

Price spread now: Lighter against GMX−0.296%7-day average −0.071% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.278%−$28 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.296%, 7d avg −0.071%

Together, before fees−0.131%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Lighter is 0.226% cheaper against GMX than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.278% in total (about -29.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.39 per $10,000. 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	GMX XPL/USD [WBTC.b-USDC]	0.09579	L −0.0234% / S +0.0570%	get 0.0029% / 1h	0m 20s	$106K	—	100x
Short	Lighter XPL	0.09551	−0.1344	pay 0.0168% / 1h	0m 20s	$4.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GMX. 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 GMXbpFee LighterbpOrdersPrice spread, now −0.296%Rate

Funding earned: −$233
Price spread: −0.296% → −0.071%: −$22.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$267.58
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Lighter: live order book, 2 min ago. Net counts fees only.

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 GMX no order-book sample	—	—	—	—	—
Sell Lighter live order book, 2 min ago	2.62 bp	11.5 bp −$11	32.4 bp −$324	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1344%	1h	0.09551	−0.296%	$4.3M	$3.2M	10x
01 Exchange XPLUSD	−0.0448%	1h	0.09559	−0.213%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0234% / S +0.0570%	1h	0.09579	long leg	$106K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0167%	1h	0.09579	−0.004%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0059%	4h	0.09556	−0.244%	$45.5M	$53.9M	75x	as long as short
Paradex XPL-USD-PERP	−0.0050%	8h	0.09564	−0.158%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09559	−0.213%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09571	−0.087%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.968%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09580	+0.004%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0015%	4h	0.09555	−0.255%	$7.7M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09561	−0.189%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09581	+0.011%	$60.6M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09569	−0.109%	$253K	$406K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09570	−0.098%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09557	−0.234%	$43.3M	$97.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09563	−0.169%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09569	−0.109%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09557	−0.234%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09561	−0.192%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09570	−0.098%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09557	−0.234%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09579	−0.004%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09567	−0.127%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09571	−0.088%	$257K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.006%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09571	−0.082%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.307%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09570	−0.098%	$194	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	−0.150%	$132K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09561	−0.195%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09553	−0.277%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09583	+0.038%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09571	−0.088%	$1.7M	$931K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09596	+0.173%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2734%	1h	0.09596	+0.175%	$542K	$940K	10x	as long as short