Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0292%/8h= +32.0% APRpaid last 24h +0.148%

Price spread now: Bybit against Lighter+0.123%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$610.605% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.430%+$43 on $10k

Price spread, last 7 days−0.218%−$22 · spread now +0.123%, 7d avg +0.015%

Together, before fees+0.212%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Bybit is 0.109% dearer against Lighter than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09735	−0.0192	get 0.0024% / 1h	38m 25s	$4.4M	$4.3M	10x
Short	Bybit XPLUSDT	0.09747	0.0100	get 0.0050% / 4h	2h 38m	$47.6M	$53.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.123%Rate

Funding earned: $61.32
Price spread: +0.123% → +0.015%: $10.85
Slippage, 4 orders: −$49.54
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $11.63
Costs to cover: 0.605%
Break-even: 5.7 days

Slippage from Lighter: live order book, 4 min ago; Bybit: live order book, 6 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	4.59 bp	10.1 bp −$10	33.1 bp −$331	doesn't fit	doesn't fit
Sell Bybit live order book, 6 min ago	0.51 bp	12.2 bp −$12	51.3 bp −$513	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	−0.0571%	1h	0.09737	+0.021%	$47K	$18K	25x	as long as short
Lighter XPLlong	−0.0192%	1h	0.09735	long leg	$4.4M	$4.3M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0073% / S +0.0481%	1h	0.09750	+0.150%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0002%	1h	0.09743	+0.082%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	+0.154%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.234%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09750	+0.155%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09742	+0.072%	$566	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09752	+0.175%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09748	+0.129%	$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	0.09747	+0.121%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09763	+0.289%	$62.7M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09747	+0.124%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	+0.154%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09749	+0.139%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09747	+0.123%	$47.6M	$53.2M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09748	+0.134%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.898%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09744	+0.092%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09751	+0.164%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09748	+0.134%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09755	+0.205%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09745	+0.103%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.658%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.553%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.565%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09759	+0.242%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.051%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.051%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09775	+0.411%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09746	+0.113%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09751	+0.168%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09750	+0.154%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09815	+0.822%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+1.120%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3495%	1h	0.09785	+0.514%	$515K	$939K	10x	as long as short