Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.145%

Price spread now: HTX against Lighter−0.345%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$145as in the Price arb table

costs, in and out, $10k−$1071.074% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.669%+$67 on $10k

Price spread, last 4 days (all we have)−0.018%−$2 · spread now −0.345%, 7d avg +0.031%

Together, before fees+0.651%+ Points / potential airdropLighter: Season 3 · farm board+$65 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.376% cheaper against Lighter than usual: you would sell low and buy high, −$38 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09553	0.0096	pay 0.0012% / 1h	43m 26s	$4.3M	$3.3M	10x
Short	HTX XPL-USDT	0.09520	0.0100	get 0.0050% / 4h	43m 26s	$139K	$229K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.345%Rate

Funding earned: $0.84
Price spread: −0.345% → +0.031%: −$37.65
Slippage, 4 orders: −$95.42
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$144.23
Costs to cover: 1.074%
Break-even: 1208.9 days

Slippage from Lighter: live order book, 9 min ago; HTX: live order book, 13 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, 9 min ago	4.73 bp	16.3 bp −$16	46.6 bp −$466	doesn't fit	doesn't fit
Sell HTX live order book, 13 min ago	11.53 bp	54.9 bp −$55	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
01 Exchange XPLUSD	−0.0344%	1h	0.09542	−0.115%	$555	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0293% / S +0.0604%	1h	0.09569	+0.163%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0168%	1h	0.09565	+0.126%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0094%	4h	0.09545	−0.084%	$45.2M	$55.2M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0067%	1h	0.09572	+0.199%	$178K	$225K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09570	+0.174%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.751%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0005%	4h	0.09566	+0.136%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09555	+0.021%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0074%	8h	0.09557	+0.039%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPLlong	+0.0096%	1h	0.09553	long leg	$4.3M	$3.3M	10x
Nado XPL-PERP	+0.0100%	1h	0.09554	+0.008%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09566	+0.131%	$59.9M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09567	+0.145%	$244K	$485K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09568	+0.159%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09549	−0.042%	$43.3M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09550	−0.031%	$8.2M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09530	−0.241%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09555	+0.021%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09552	−0.010%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09542	−0.115%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09557	+0.042%	$8.5M	$10.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09549	−0.042%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.181%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09530	−0.241%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−0.345%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09560	+0.073%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.136%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	+0.073%	$192	$12K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09520	−0.345%	$139K	$229K	20x
Extended XPL-USD	+0.0104%	1h	0.09553	−0.005%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09562	+0.096%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09551	−0.021%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09513	−0.419%	$1.7M	$980K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09557	+0.042%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3326%	1h	0.09591	+0.396%	$544K	$977K	10x	as long as short