Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1684%/8h= +184.4% APRpaid last 24h +0.201%

Price spread now: BloFin against Lighter+0.230%60s7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs+$58as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$380.382% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.960%+$96 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.230%, 7d avg +0.017%

Together, before fees+0.760%+ Points / potential airdropLighter: Season 3 · farm board+$76 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$51 a day on $10k at the current rate, and BloFin is 0.213% dearer against Lighter than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.017%. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.960% in total (about 50.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09549	−0.1344	get 0.0168% / 1h	0m 04s	$4.3M	$3.2M	10x
Short	BloFin XPL-USDT	0.09571	0.0340	get 0.0170% / 4h	0m 04s	$1.7M	$931K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.230%Rate

Funding earned: $353.64
Price spread: +0.230% → +0.017%: $21.32
Slippage, 4 orders: −$26.17
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $336.79
Costs to cover: 0.382%
Break-even: 0.3 days

Slippage from Lighter: live order book, 3 min ago; BloFin: 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, 3 min ago	2.62 bp	3.5 bp −$4	18.2 bp −$182	doesn't fit	doesn't fit
Sell BloFin live order book, 8 min ago	1.57 bp	13.4 bp −$13	24.7 bp −$247	70.8 bp −$7,078	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	−0.1344%	1h	0.09549	long leg	$4.3M	$3.2M	10x
Deribit XPL_USDC-PERPETUAL	−0.0482%	1h	0.09561	+0.126%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0448%	1h	0.09559	+0.105%	$556	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09565	+0.172%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0059%	4h	0.09558	+0.094%	$45.5M	$53.8M	75x	as long as short
Paradex XPL-USD-PERP	−0.0050%	8h	0.09564	+0.159%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09559	+0.105%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09571	+0.231%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.717%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09567	+0.187%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0015%	4h	0.09554	+0.052%	$7.7M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09561	+0.128%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09582	+0.343%	$60.6M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09571	+0.232%	$253K	$406K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09570	+0.220%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09558	+0.098%	$43.3M	$97.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09563	+0.149%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09561	+0.126%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09561	+0.126%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09559	+0.105%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09569	+0.209%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09561	+0.126%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09567	+0.189%	$179K	$180K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09567	+0.191%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09571	+0.230%	$257K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09580	+0.325%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09571	+0.236%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.094%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	+0.115%	$194	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09525	−0.251%	$131K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09555	+0.060%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09553	+0.041%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09583	+0.356%	$194K	$495K	10x	as long as short
BloFin XPL-USDTshort	+0.0340%	4h	0.09571	+0.230%	$1.7M	$931K	75x
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09596	+0.492%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2736%	1h	0.09588	+0.404%	$541K	$940K	10x	as long as short