Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0540%/8h= +59.1% APRpaid last 24h +0.147%

Price spread now: KuCoin against Lighter+0.164%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$840.839% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.534%+$53 on $10k

Price spread, last 7 days−0.223%−$22 · spread now +0.164%, 7d avg +0.047%

Together, before fees+0.310%+ Points / potential airdropLighter: Season 3 · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and KuCoin is 0.117% dearer against Lighter than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09776	−0.0440	get 0.0055% / 1h	56m 33s	$4.4M	$4.2M	10x
Short	KuCoin XPLUSDTM	0.09792	0.0100	get 0.0050% / 4h	3h 56m	$2.4M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.164%Rate

Funding earned: $113.4
Price spread: +0.164% → +0.047%: $11.71
Slippage, 4 orders: −$71.86
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $41.26
Costs to cover: 0.839%
Break-even: 4.5 days

Slippage from Lighter: live order book, 11 min ago; KuCoin: live order book, 10 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, 11 min ago	5.13 bp	13.1 bp −$13	34.2 bp −$342	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	11.27 bp	38.0 bp −$38	154.4 bp −$1,544	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
Lighter XPLlong	−0.0440%	1h	0.09776	long leg	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0184%	1h	0.09774	−0.020%	$568	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0158%	1h	0.09793	+0.174%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0151% / S +0.0532%	1h	0.09803	+0.279%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09788	+0.127%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.561%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09805	+0.295%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0024%	8h	0.09789	+0.128%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0035%	4h	0.09789	+0.133%	$29K	$335K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09796	+0.199%	$1.4M	$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
Hyperliquid XPL	+0.0100%	1h	0.09802	+0.262%	$63.2M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09794	+0.180%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09792	+0.163%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09781	+0.051%	$44.6M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09783	+0.072%	$47.4M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09780	+0.041%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	+0.200%	$143K	$4K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09789	+0.133%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09784	+0.082%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTMshort	+0.0100%	4h	0.09792	+0.164%	$2.4M	$1.5M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09789	+0.133%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09781	+0.051%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09792	+0.164%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09787	+0.114%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09788	+0.128%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+0.245%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09809	+0.340%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.164%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+0.143%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09797	+0.215%	$142K	$241K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09778	+0.022%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09796	+0.207%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09811	+0.358%	$199K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09791	+0.153%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.399%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5055%	1h	0.09842	+0.673%	$569K	$1.0M	10x	as long as short