XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0042%/8h= +4.6% APRnext payment +$0.05 per $10,000 · paid last 24h +0.127%

Price spread now: Backpack against Lighter+0.134%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.593%+$59 on $10k

Price spread, last 4 days (all we have)+0.674%+$67 · spread now +0.134%, 7d avg +0.073%

Together, before fees+1.267%+ Points / potential airdropLighter: Season 3 · farm board+$127 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.061% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09700	−0.0088	get 0.0011% / 1h	13m 03s	$4.4M	$4.3M	10x
Short	Backpack XPL_USDC_PERP	0.09713	−0.0046	pay 0.0006% / 1h	13m 03s	$177K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.134%Rate

Funding earned: $8.74
Price spread: +0.134% → +0.073%: $6.11
Slippage, 4 orders: −$43.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.27
Costs to cover: 0.531%
Break-even: 37.6 days

Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, 10 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, 5 min ago	3.59 bp	10.4 bp −$10	29.3 bp −$293	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	1.02 bp	7.9 bp −$8	doesn't fit	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	−0.0367%	1h	0.09712	+0.124%	$47K	$18K	25x	as long as short
Lighter XPLlong	−0.0088%	1h	0.09700	long leg	$4.4M	$4.3M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0085% / S +0.0489%	1h	0.09717	+0.170%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09723	+0.237%	$565	$582	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0046%	1h	0.09713	+0.134%	$177K	$283K	10x
dYdX XPL-USD	0.0000%	1h	0.09739	+0.405%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.954%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09718	+0.181%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09710	+0.103%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09725	+0.259%	$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	0.09721	+0.216%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09721	+0.216%	$62.4M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09716	+0.164%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09732	+0.333%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09723	+0.237%	$43.9M	$105.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09720	+0.206%	$47.4M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09709	+0.093%	$9.0M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+1.186%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09711	+0.113%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09714	+0.144%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09706	+0.062%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09727	+0.278%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	+0.247%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09749	+0.506%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+0.521%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.515%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09732	+0.330%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	+0.103%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.103%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09691	−0.093%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09705	+0.050%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09713	+0.130%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09723	+0.237%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	+0.732%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.856%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3503%	1h	0.09761	+0.633%	$514K	$944K	10x	as long as short