Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.145%

Price spread now: MEXC against Lighter−0.021%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$310.315% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.501%+$50 on $10k

Price spread, last 7 days+0.012%+$1 · spread now −0.021%, 7d avg +0.035%

Together, before fees+0.513%+ Points / potential airdropLighter: Season 3 · farm board+$51 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: MEXC is 0.056% cheaper against Lighter than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09662	0.0096	pay 0.0012% / 1h	24m 48s	$4.4M	$4.2M	10x
Short	MEXC XPL_USDT	0.09660	0.0100	get 0.0050% / 4h	2h 24m	$12.7M	$7.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.021%Rate

Funding earned: $0.84
Price spread: −0.021% → +0.035%: −$5.61
Slippage, 4 orders: −$31.46
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$36.23
Costs to cover: 0.315%
Break-even: 308.9 days

Slippage from Lighter: live order book, 3 min ago; MEXC: 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	3.61 bp	15.2 bp −$15	39.3 bp −$393	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.51 bp	3.6 bp −$4	20.4 bp −$204	104.8 bp −$10.5K	238.2 bp −$119.1K

XPL on 35 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	−0.0232%	1h	0.09663	+0.010%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0197% / S +0.0562%	1h	0.09671	+0.097%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09670	+0.083%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0115%	1h	0.09668	+0.062%	$179K	$245K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09672	+0.099%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.643%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09668	+0.062%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09671	+0.094%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0054%	4h	0.09653	−0.093%	$8.4M	$54.8M	50x	as long as short
Paradex XPL-USD-PERP	+0.0060%	8h	0.09670	+0.081%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPLlong	+0.0096%	1h	0.09662	long leg	$4.4M	$4.2M	10x
Nado XPL-PERP	+0.0100%	1h	0.09666	+0.047%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09671	+0.094%	$61.7M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09672	+0.108%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09671	+0.093%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09669	+0.072%	$44.0M	$110.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09654	−0.083%	$46.5M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	+0.138%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09664	+0.021%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDTshort	+0.0100%	4h	0.09660	−0.021%	$12.7M	$7.9M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09667	+0.052%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09662	0.000%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09670	+0.083%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09672	+0.103%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09674	+0.129%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.393%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09676	+0.145%	$129K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.021%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.021%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09669	+0.072%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09666	+0.043%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	+0.083%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09701	+0.404%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.076%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4404%	1h	0.09712	+0.516%	$551K	$1.0M	10x	as long as short