Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.148%

Price spread now: Bitget against Lighter+0.143%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$670.670% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.446%+$45 on $10k

Price spread, last 7 days−0.235%−$24 · spread now +0.143%, 7d avg +0.054%

Together, before fees+0.211%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bitget is 0.089% dearer against Lighter than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09765	0.0048	pay 0.0006% / 1h	55m 07s	$4.4M	$4.1M	10x
Short	Bitget XPLUSDT	0.09779	0.0100	get 0.0050% / 4h	1h 55m	$8.6M	$11.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.143%Rate

Funding earned: $10.92
Price spread: +0.143% → +0.054%: $8.89
Slippage, 4 orders: −$54.99
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$47.18
Costs to cover: 0.670%
Break-even: 37.2 days

Slippage from Lighter: live order book, 2 min ago; Bitget: live order book, 3 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, 2 min ago	3.59 bp	4.6 bp −$5	36.7 bp −$367	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	6.18 bp	18.1 bp −$18	47.7 bp −$477	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	0.09777	+0.123%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0096%	1h	0.09776	+0.113%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0094% / S +0.0495%	1h	0.09781	+0.169%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09782	+0.170%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.471%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09779	+0.143%	$72K	—	150x	as long as short
Lighter XPLlong	+0.0048%	1h	0.09765	long leg	$4.4M	$4.1M	10x
Orderly PERP_XPL_USDC	+0.0081%	4h	0.09774	+0.092%	$29K	$335K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0089%	1h	0.09780	+0.154%	$178K	$282K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09776	+0.111%	$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	0.09781	+0.159%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09783	+0.187%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09780	+0.155%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09776	+0.116%	$43.9M	$105.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09775	+0.102%	$47.7M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09772	+0.072%	$9.0M	$53.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.664%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09774	+0.092%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09779	+0.143%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09774	+0.092%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDTshort	+0.0100%	4h	0.09779	+0.143%	$8.6M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09774	+0.092%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09767	+0.022%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	−0.146%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	−0.154%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+0.272%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.051%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	+0.051%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09771	+0.061%	$139K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09770	+0.053%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09778	+0.136%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0116%	1h	0.09789	+0.246%	$63.0M	$47.5M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09770	+0.051%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	−0.399%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09794	+0.297%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4573%	1h	0.09817	+0.537%	$518K	$952K	10x	as long as short