Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0268%/8h= +29.3% APRpaid last 24h +0.148%

Price spread now: Binance against Lighter+0.226%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.507%+$51 on $10k

Price spread, last 7 days−0.330%−$33 · spread now +0.226%, 7d avg +0.029%

Together, before fees+0.177%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Binance is 0.197% dearer against Lighter than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09752	−0.0168	get 0.0021% / 1h	37m 27s	$4.4M	$4.3M	10x
Short	Binance XPLUSDT	0.09774	0.0100	get 0.0050% / 4h	2h 37m	$44.2M	$104.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.226%Rate

Funding earned: $56.28
Price spread: +0.226% → +0.029%: $19.74
Slippage, 4 orders: −$39.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: $26.61
Costs to cover: 0.494%
Break-even: 3.7 days

Slippage from Lighter: live order book, 5 min ago; Binance: live order book, 5 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	4.59 bp	10.1 bp −$10	33.1 bp −$331	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.51 bp	11.2 bp −$11	28.1 bp −$281	130.8 bp −$13.1K	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 XPLlong	−0.0168%	1h	0.09752	long leg	$4.4M	$4.3M	10x
Deribit XPL_USDC-PERPETUAL	−0.0160%	1h	0.09751	−0.010%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0073% / S +0.0481%	1h	0.09750	−0.025%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0026%	1h	0.09754	+0.021%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	−0.020%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.369%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09750	−0.020%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09772	+0.205%	$568	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09752	0.000%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09762	+0.107%	$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	0.09768	+0.162%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09784	+0.331%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09762	+0.104%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09763	+0.112%	$221K	$45K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09774	+0.226%	$44.2M	$104.3M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09774	+0.226%	$47.7M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09776	+0.246%	$9.0M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.723%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09754	+0.021%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09760	+0.082%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09760	+0.082%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09780	+0.287%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09768	+0.164%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.482%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.377%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.390%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09784	+0.329%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.226%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.021%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09775	+0.236%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09763	+0.113%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09751	−0.006%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09750	−0.021%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09766	+0.144%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.943%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3493%	1h	0.09790	+0.392%	$515K	$939K	10x	as long as short