Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.148%

Price spread now: Gate against Lighter+0.164%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$770.769% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.328%+$33 on $10k

Price spread, last 7 days−0.264%−$26 · spread now +0.164%, 7d avg +0.049%

Together, before fees+0.064%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Gate is 0.115% dearer against Lighter than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09737	−0.0224	get 0.0028% / 1h	39m 29s	$4.4M	$4.3M	10x
Short	Gate XPL_USDT	0.09753	0.0100	get 0.0050% / 4h	2h 39m	$3.0M	$4.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.164%Rate

Funding earned: $68.04
Price spread: +0.164% → +0.049%: $11.52
Slippage, 4 orders: −$61.91
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $2.65
Costs to cover: 0.769%
Break-even: 6.7 days

Slippage from Lighter: live order book, 3 min ago; Gate: live order book, 4 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	4.59 bp	10.1 bp −$10	33.1 bp −$331	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	5.11 bp	27.3 bp −$27	153.3 bp −$1,533	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	−0.0467%	1h	0.09752	+0.154%	$47K	$18K	25x	as long as short
Lighter XPLlong	−0.0224%	1h	0.09737	long leg	$4.4M	$4.3M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0072% / S +0.0480%	1h	0.09767	+0.307%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09758	+0.218%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.250%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09753	+0.165%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0016%	1h	0.09747	+0.103%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	+0.0025%	1h	0.09758	+0.216%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09754	+0.175%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09761	+0.243%	$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	0.09756	+0.198%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09762	+0.255%	$62.7M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09751	+0.146%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09758	+0.219%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09750	+0.138%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09748	+0.113%	$47.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09748	+0.113%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.878%	$142K	$11K	10x	as long as short
Gate XPL_USDTshort	+0.0100%	4h	0.09753	+0.164%	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09748	+0.113%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09756	+0.195%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09755	+0.185%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09753	+0.164%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.637%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.532%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.544%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09759	+0.224%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	+0.236%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	+0.134%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09775	+0.390%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09754	+0.172%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	+0.163%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09780	+0.442%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09815	+0.801%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+1.099%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	+0.677%	$516K	$939K	10x	as long as short