Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.129%

Price spread now: GRVT against Lighter+0.313%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$123as in the Price arb table

costs, in and out, $10k−$1511.514% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days+0.515%+$51 on $10k

Price spread, last 3 days (all we have)−0.095%−$9 · spread now +0.313%, 7d avg +0.030%

Together, before fees+0.420%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$42 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 GRVT is 0.284% dearer against Lighter than usual: you sell high and buy low: +$28 more if the spread goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09889	0	get 0.0000% / 1h	17m 03s	$4.5M	$4.2M	10x
Short	GRVT XPL_USDT_Perp	0.09920	0.0100	get 0.0050% / 4h	3h 17m	$266K	$835K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.313%Rate

Funding earned: $21
Price spread: +0.313% → +0.030%: $28.36
Slippage, 4 orders: −$142.36
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$102
Costs to cover: 1.514%
Break-even: 41.0 days

Slippage from Lighter: live order book, 6 min ago; GRVT: live order book, 56 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, 6 min ago	3.53 bp	15.7 bp −$16	39.2 bp −$392	doesn't fit	doesn't fit
Sell GRVT live order book, 56 min ago	5.15 bp	63.7 bp −$64	94.1 bp −$941	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	−0.0255%	1h	0.09899	+0.101%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0176%	1h	0.09891	+0.020%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0171% / S +0.0545%	1h	0.09897	+0.082%	$114K	—	100x	as long as short
Lighter XPLlong	0.0000%	1h	0.09889	long leg	$4.5M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09910	+0.213%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.446%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09899	+0.100%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0022%	4h	0.09895	+0.061%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09907	+0.182%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09903	+0.144%	$1.5M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09905	+0.157%	$256K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09910	+0.212%	$225K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09910	+0.212%	$45.3M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09912	+0.233%	$48.2M	$56.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09910	+0.212%	$8.8M	$56.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.192%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09898	+0.091%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09899	+0.101%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09900	+0.111%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09912	+0.233%	$8.8M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09907	+0.182%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09906	+0.172%	$186K	$263K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09915	+0.262%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perpshort	+0.0100%	4h	0.09920	+0.313%	$266K	$835K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09920	+0.313%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09914	+0.250%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09890	+0.010%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	+0.111%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09878	−0.111%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09892	+0.034%	$669K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09910	+0.212%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09918	+0.293%	$201K	$655K	10x	as long as short
Hyperliquid XPL	+0.0202%	1h	0.09925	+0.367%	$64.4M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09897	+0.081%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.920%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5001%	1h	0.09949	+0.604%	$575K	$1.0M	10x	as long as short