XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.194%

Price spread now: Lighter against Hyperliquid−0.106%7-day average −0.131% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$460.456% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.601%−$60 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.106%, 7d avg −0.131%

Together, before fees−0.570%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$57 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 0.025% dearer against Hyperliquid than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.131%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09571	0.0100	pay 0.0013% / 1h	54m 21s	$60.0M	$47.1M	10x
Short	Lighter XPL	0.09561	0.0096	get 0.0012% / 1h	54m 21s	$4.3M	$3.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Hyperliquid. 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 HyperliquidbpFee LighterbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$0.84
Price spread: −0.106% → −0.131%: $2.51
Slippage, 4 orders: −$36.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$43.93
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; Lighter: live order book, 3 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 Hyperliquid live order book, 9 min ago	0.94 bp	10.1 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	3.14 bp	16.1 bp −$16	34.8 bp −$348	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	−0.0392%	1h	0.09552	−0.200%	$555	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0322%	1h	0.09549	−0.231%	$177K	$227K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0288% / S +0.0599%	1h	0.09556	−0.155%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0274%	1h	0.09540	−0.325%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0130%	4h	0.09544	−0.283%	$45.2M	$56.1M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09570	−0.015%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.901%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09545	−0.273%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09558	−0.140%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0068%	8h	0.09560	−0.120%	$12K	$2K	5x	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	+0.0084%	4h	0.09550	−0.220%	$8.2M	$50.2M	50x	as long as short
Lighter XPLshort	+0.0096%	1h	0.09561	−0.106%	$4.3M	$3.3M	10x
Nado XPL-PERP	+0.0100%	1h	0.09559	−0.126%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09571	long leg	$60.0M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09563	−0.083%	$242K	$488K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09570	−0.010%	$218K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09555	−0.168%	$43.3M	$106.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09556	−0.158%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09558	−0.137%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09565	−0.064%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09563	−0.085%	$8.5M	$10.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09555	−0.168%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.367%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	−0.063%	$262K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	−0.011%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09566	−0.051%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.534%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	−0.325%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	−0.189%	$143K	$240K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	−0.064%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09557	−0.145%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09545	−0.273%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09576	+0.051%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09530	−0.429%	$1.7M	$993K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.365%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3333%	1h	0.09572	+0.012%	$542K	$978K	10x	as long as short