XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.3942%/8h= −431.6% APRnext payment −$4.93 per $10,000 · paid last 24h −0.743%

Price spread now: Lighter against Kraken Futures−0.423%7-day average −0.162% · you buy dearer than you sell

Net, funding: paid 7d − costs−$163as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.891%−$89 on $10k

Price spread, last 4 days (all we have)+0.451%+$45 · spread now −0.423%, 7d avg −0.162%

Together, before fees−0.441%+ Points / potential airdropLighter: Season 3 · farm board−$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$118 a day on $10k at the current rate, and Lighter is 0.261% cheaper against Kraken Futures than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.162%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.891% in total (about -46.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$4.93 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	Kraken Futures PF_XPLUSD	0.09676	0.2830	pay 0.0354% / 1h	6m 19s	$549K	$932K	10x
Short	Lighter XPL	0.09635	−0.1112	pay 0.0139% / 1h	6m 19s	$4.4M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.423%Rate

Funding earned: −$827.75
Price spread: −0.423% → −0.162%: −$26.11
Slippage, 4 orders: −$63.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$927.56
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 32 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 Kraken Futures live order book, 32 min ago	18.68 bp	25.0 bp −$25	247.1 bp −$2,471	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	2.60 bp	8.5 bp −$8	41.7 bp −$417	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	−0.1112%	1h	0.09635	−0.423%	$4.4M	$3.2M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09657	−0.200%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0304%	1h	0.09650	−0.268%	$561	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09645	−0.320%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0006%	4h	0.09646	−0.310%	$30K	$257K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09656	−0.211%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.756%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09653	−0.239%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0068%	8h	0.09652	−0.247%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09653	−0.237%	$1.3M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09671	−0.050%	$61.1M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09659	−0.174%	$255K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09659	−0.178%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09647	−0.301%	$43.9M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09650	−0.268%	$46.0M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09642	−0.351%	$7.9M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	−0.217%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09653	−0.237%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09652	−0.248%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09651	−0.258%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09655	−0.217%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09647	−0.299%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09659	−0.175%	$181K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09660	−0.168%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09640	−0.374%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.268%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09663	−0.135%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.475%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.268%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09644	−0.330%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09645	−0.322%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	−0.320%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09671	−0.051%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09625	−0.527%	$1.7M	$935K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.435%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2830%	1h	0.09676	long leg	$549K	$932K	10x