Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.148%

Price spread now: Aster against Lighter+0.145%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$640.643% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.536%+$54 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now +0.145%, 7d avg +0.096%

Together, before fees+0.518%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Aster is 0.049% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09735	−0.0096	get 0.0012% / 1h	14m 38s	$4.4M	$4.3M	10x
Short	Aster XPLUSDT	0.09749	0.0100	get 0.0050% / 4h	2h 14m	$252K	$527K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.145%Rate

Funding earned: $41.16
Price spread: +0.145% → +0.096%: $4.87
Slippage, 4 orders: −$56.35
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$18.31
Costs to cover: 0.643%
Break-even: 10.1 days

Slippage from Lighter: live order book, 8 min ago; Aster: live order book, 8 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 Lighter live order book, 8 min ago	2.55 bp	3.5 bp −$4	31.5 bp −$315	doesn't fit	doesn't fit
Sell Aster live order book, 8 min ago	7.13 bp	18.3 bp −$18	126.2 bp −$1,262	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
Deribit XPL_USDC-PERPETUAL	−0.0159%	1h	0.09765	+0.308%	$47K	$18K	25x	as long as short
Lighter XPLlong	−0.0096%	1h	0.09735	long leg	$4.4M	$4.3M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0084% / S +0.0488%	1h	0.09742	+0.075%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09747	+0.123%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0022%	1h	0.09756	+0.216%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	+0.150%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.233%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09746	+0.111%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09741	+0.062%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09744	+0.089%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09747	+0.126%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09757	+0.227%	$62.7M	$47.2M	10x	as long as short
Aster XPLUSDTshort	+0.0100%	4h	0.09749	+0.145%	$252K	$527K	20x
Pacifica XPL	+0.0100%	1h	0.09749	+0.144%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09747	+0.123%	$44.0M	$105.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09749	+0.144%	$47.5M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09748	+0.134%	$9.0M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.822%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	+0.051%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09744	+0.092%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09748	+0.134%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09749	+0.144%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09745	+0.103%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.144%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.160%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09770	+0.360%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09749	+0.143%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	−0.154%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09760	+0.257%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	+0.185%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09744	+0.093%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09766	+0.323%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09764	+0.298%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	+0.370%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.493%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3484%	1h	0.09815	+0.827%	$517K	$944K	10x	as long as short