Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0396%/8h= +43.4% APRpaid last 24h +0.148%

Price spread now: BingX against Lighter+0.092%7-day average +0.027% · 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−$48as in the Price arb table

costs, in and out, $10k−$540.543% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.531%+$53 on $10k

Price spread, last 7 days−0.200%−$20 · spread now +0.092%, 7d avg +0.027%

Together, before fees+0.330%+ Points / potential airdropLighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and BingX is 0.065% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09772	−0.0296	get 0.0037% / 1h	46m 16s	$4.4M	$4.3M	10x
Short	BingX XPL-USDT	0.09781	0.0100	get 0.0050% / 4h	2h 46m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.092%Rate

Funding earned: $83.16
Price spread: +0.092% → +0.027%: $6.54
Slippage, 4 orders: −$44.34
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $35.36
Costs to cover: 0.543%
Break-even: 4.0 days

Slippage from Lighter: live order book, 6 min ago; BingX: live order book, 7 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, 6 min ago	3.60 bp	5.5 bp −$6	27.5 bp −$275	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	5.66 bp	15.9 bp −$16	34.8 bp −$348	88.9 bp −$8,889	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	−0.0363%	1h	0.09785	+0.133%	$47K	$18K	25x	as long as short
Lighter XPLlong	−0.0296%	1h	0.09772	long leg	$4.4M	$4.3M	10x
Backpack XPL_USDC_PERP	−0.0162%	1h	0.09819	+0.481%	$181K	$281K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0069% / S +0.0478%	1h	0.09785	+0.138%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09802	+0.307%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.525%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09787	+0.153%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09786	+0.143%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09797	+0.252%	$13K	$2K	5x	as long as short
01 Exchange XPLUSD	+0.0096%	1h	0.09777	+0.051%	$568	$582	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	0.09777	+0.051%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09787	+0.153%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09787	+0.157%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09801	+0.293%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09785	+0.133%	$44.3M	$104.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09782	+0.102%	$47.5M	$52.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09785	+0.133%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09778	+0.061%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09784	+0.123%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09779	+0.072%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09787	+0.153%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09781	+0.092%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.09735	−0.383%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.532%	$264K	$769K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.327%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09785	+0.132%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.020%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.082%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09740	−0.327%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	−0.430%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09783	+0.112%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09788	+0.162%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09812	+0.409%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09731	−0.420%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.737%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3480%	1h	0.09827	+0.567%	$517K	$939K	10x	as long as short