XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRnext payment +$0.13 per $10,000 · paid last 24h +0.149%

Price spread now: Bulk against Lighter+0.284%7-day average +0.081% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Lighter Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.228%+$23 on $10k

Price spread, last 4 days (all we have)−0.270%−$27 · spread now +0.284%, 7d avg +0.081%

Together, before fees−0.042%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bulk is 0.203% dearer against Lighter than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.081%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09842	0	get 0.0000% / 1h	18m 24s	$4.5M	$4.2M	10x
Short	Bulk XPL-USD	0.09870	0.0100	get 0.0013% / 1h	18m 24s	$144K	$2K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.284%Rate

Funding earned: $21
Price spread: +0.284% → +0.081%: $20.31
Slippage, 4 orders: −$34.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $0.19
Costs to cover: 0.411%
Break-even: 6.9 days

Slippage from Lighter: live order book, 4 min ago; Bulk: live order book, 55 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, 4 min ago	3.53 bp	15.7 bp −$16	39.2 bp −$392	doesn't fit	doesn't fit
Sell Bulk live order book, 55 min ago	5.15 bp	10.3 bp −$10	20.5 bp −$205	49.1 bp −$4,909	231.3 bp −$115.7K

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
01 Exchange XPLUSD	−0.0176%	1h	0.09867	+0.254%	$574	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0170% / S +0.0545%	1h	0.09889	+0.473%	$114K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0154%	1h	0.09895	+0.539%	$47K	$18K	25x	as long as short
Lighter XPLlong	0.0000%	1h	0.09842	long leg	$4.5M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09848	+0.061%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.081%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09889	+0.479%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0022%	4h	0.09890	+0.488%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0046%	8h	0.09844	+0.025%	$13K	$2K	5x	as long as short
Backpack XPL_USDC_PERP	+0.0095%	1h	0.09862	+0.203%	$185K	$271K	10x	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	0.09874	+0.323%	$1.5M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09870	+0.284%	$255K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09850	+0.081%	$224K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09892	+0.508%	$45.3M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09894	+0.528%	$48.1M	$56.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09891	+0.498%	$8.8M	$56.1M	50x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09870	+0.284%	$144K	$2K	10x
Gate XPL_USDT	+0.0100%	4h	0.09889	+0.478%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09872	+0.305%	$13.0M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09879	+0.376%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09903	+0.620%	$8.8M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09887	+0.457%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09915	+0.740%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09920	+0.793%	$266K	$835K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09920	+0.793%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09885	+0.441%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09840	−0.020%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	+0.589%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09882	+0.406%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09891	+0.503%	$669K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09920	+0.793%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09941	+1.006%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0208%	1h	0.09892	+0.509%	$64.2M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09892	+0.508%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+1.402%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5003%	1h	0.09945	+1.043%	$575K	$1.0M	10x	as long as short