Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0540%/8h= −59.1% APRpaid last 24h −0.147%

Price spread now: Lighter against KuCoin−0.133%7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$840.839% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.534%−$53 on $10k

Price spread, last 7 days+0.193%+$19 · spread now −0.133%, 7d avg −0.047%

Together, before fees−0.341%+ Points / potential airdropLighter: Season 3 · farm board−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Lighter is 0.086% cheaper against KuCoin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.047%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09792	0.0100	pay 0.0050% / 4h	3h 56m	$2.4M	$1.5M	50x
Short	Lighter XPL	0.09779	−0.0440	pay 0.0055% / 1h	56m 47s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$113.4
Price spread: −0.133% → −0.047%: −$8.62
Slippage, 4 orders: −$71.86
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$205.88
Costs to cover: 0.839%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; Lighter: live order book, 11 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 KuCoin live order book, 10 min ago	11.27 bp	25.4 bp −$25	123.8 bp −$1,238	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	5.13 bp	7.4 bp −$7	31.8 bp −$318	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	−0.0440%	1h	0.09779	−0.133%	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0168%	1h	0.09792	0.000%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0158%	1h	0.09793	+0.010%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0151% / S +0.0532%	1h	0.09803	+0.115%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09791	−0.014%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.688%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09805	+0.131%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0024%	8h	0.09798	+0.066%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0035%	4h	0.09789	−0.031%	$29K	$335K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09796	+0.036%	$1.4M	$2.6M	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	0.09802	+0.098%	$63.2M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09797	+0.051%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09791	−0.010%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09784	−0.082%	$44.6M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09786	−0.061%	$47.5M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09783	−0.092%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	+0.036%	$143K	$4K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09789	−0.031%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09786	−0.061%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09792	long leg	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09793	+0.010%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09786	−0.061%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09792	0.000%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09787	−0.049%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09788	−0.036%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+0.082%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09809	+0.176%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.327%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.020%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09797	+0.051%	$142K	$241K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09783	−0.096%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09796	+0.043%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09811	+0.194%	$199K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09791	−0.010%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.235%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5055%	1h	0.09842	+0.509%	$569K	$1.0M	10x	as long as short