XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0960%/8h= +105.1% APRnext payment +$1.20 per $10,000 · paid last 24h +0.350%

Price spread now: Coinbase International against Lighter+0.165%7-day average +0.770% · you sell dearer than you buy

Net, funding: paid 7d − costs−$83as in the Funding arb table

Net, price: spread back to 7d avg − costs−$193as in the Price arb table

costs, in and out, $10k−$1331.325% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.496%+$50 on $10k

Price spread, last 3 days (all we have)+0.529%+$53 · spread now +0.165%, 7d avg +0.770%

Together, before fees+1.025%+ Points / potential airdropLighter: Season 3 · farm board+$103 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.605% cheaper against Lighter than usual: you would sell low and buy high (spread +0.165% now, against its 7-day average of +0.770%). If the spread goes back, that is −$61 on $10k: about 2.1 days of funding at the current rate (+$29 a day). At the pace of the last 7 days (+0.496% in total) that is about 8.6 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.496% in total (about 25.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.20 per $10,000. 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	0.09718	−0.0168	get 0.0021% / 1h	42m 42s	$4.4M	$4.1M	10x
Short	Coinbase International XPL-PERP-INTX	0.09734	0.0792	get 0.0099% / 1h	42m 42s	$72K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.165%Rate

Funding earned: $201.6
Price spread: +0.165% → +0.770%: −$60.54
Slippage, 4 orders: −$122.53
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $8.53
Costs to cover: 1.325%
Break-even: 6.7 days

Slippage from Lighter: live order book, 5 min ago; Coinbase International: live order book, 40 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, 5 min ago	3.61 bp	13.1 bp −$13	35.0 bp −$350	doesn't fit	doesn't fit
Sell Coinbase International live order book, 40 min ago	38.25 bp	61.5 bp −$62	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0340%	1h	0.09732	+0.144%	$177K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09738	+0.206%	$566	$708	5x	as long as short
Lighter XPLlong	−0.0168%	1h	0.09718	long leg	$4.4M	$4.1M	10x
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09726	+0.082%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0099% / S +0.0498%	1h	0.09725	+0.068%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09733	+0.159%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.096%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09727	+0.091%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09720	+0.021%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09734	+0.168%	$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	0.09738	+0.206%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09748	+0.307%	$62.8M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09736	+0.181%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09730	+0.127%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09728	+0.103%	$43.7M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09730	+0.123%	$47.4M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09727	+0.093%	$8.9M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.237%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09734	+0.165%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09729	+0.113%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09727	+0.093%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09741	+0.237%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09736	+0.185%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09719	+0.006%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09736	+0.186%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	+0.226%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09750	+0.331%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	+0.123%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.021%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09730	+0.123%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09731	+0.137%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09723	+0.048%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09740	+0.226%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09751	+0.340%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXshort	+0.0792%	1h	0.09734	+0.165%	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4595%	1h	0.09769	+0.524%	$514K	$951K	10x	as long as short