Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.145%

Price spread now: Lighter against HTX−0.135%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$160as in the Price arb table

costs, in and out, $10k−$1501.497% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.676%−$68 on $10k

Price spread, last 4 days (all we have)+1.148%+$115 · spread now −0.135%, 7d avg −0.029%

Together, before fees+0.472%+ Points / potential airdropLighter: Season 3 · farm board+$47 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.106% cheaper against HTX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09659	0.0100	pay 0.0050% / 4h	1h 16m	$145K	$263K	20x
Short	Lighter XPL	0.09646	0.0096	get 0.0012% / 1h	16m 14s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$0.84
Price spread: −0.135% → −0.029%: −$10.56
Slippage, 4 orders: −$137.71
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$161.11
Costs to cover: 1.497%
Break-even: never at this rate

Slippage from HTX: live order book, 45 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 HTX live order book, 45 min ago	14.47 bp	58.2 bp −$58	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	3.63 bp	9.7 bp −$10	28.7 bp −$287	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
01 Exchange XPLUSD	−0.0376%	1h	0.09648	−0.114%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0278%	1h	0.09657	−0.021%	$182K	$230K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0265% / S +0.0586%	1h	0.09658	−0.006%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0082%	4h	0.09644	−0.155%	$45.7M	$56.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09658	−0.014%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.620%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09656	−0.031%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09651	−0.083%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09658	−0.005%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0062%	4h	0.09649	−0.104%	$8.3M	$52.7M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0064%	8h	0.09656	−0.031%	$13K	$2K	5x	as long as short
Lighter XPLshort	+0.0096%	1h	0.09646	−0.135%	$4.4M	$4.2M	10x
Gate XPL_USDT	+0.0098%	4h	0.09658	−0.010%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09655	−0.039%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09670	+0.117%	$60.7M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09660	+0.010%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09658	−0.006%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09651	−0.082%	$43.7M	$108.5M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.507%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09651	−0.083%	$12.6M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	−0.135%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09659	0.000%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09653	−0.062%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09649	−0.106%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09638	−0.214%	$261K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.010%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09664	+0.050%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.300%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.093%	$2K	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09659	long leg	$145K	$263K	20x
Extended XPL-USD	+0.0104%	1h	0.09650	−0.089%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09655	−0.041%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+0.010%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09649	−0.104%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.114%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3547%	1h	0.09692	+0.344%	$550K	$1.0M	10x	as long as short