XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1492%/8h= +163.4% APRnext payment +$1.86 per $10,000 · paid last 24h +0.130%

Price spread now: Nado against Lighter+0.036%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on Lighter Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.241%+$24 on $10k

Price spread, last 7 days+0.165%+$17 · spread now +0.036%, 7d avg +0.086%

Together, before fees+0.407%+ Points / potential airdropLighter: Season 3 · Nado: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.050% cheaper against Lighter than usual: you would sell low and buy high (spread +0.036% now, against its 7-day average of +0.086%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$45 a day). At the pace of the last 4 days (+0.241% in total) that is about 17 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.241% in total (about 25.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.86 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09596	−0.1392	get 0.0174% / 1h	41m 53s	$4.3M	$3.1M	10x
Short	Nado XPL-PERP	0.09599	0.0100	get 0.0012% / 1h	41m 53s	$1.3M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.036%Rate

Funding earned: $313.32
Price spread: +0.036% → +0.086%: −$5
Slippage, 4 orders: −$18.96
Fee Lighter: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $282.36
Costs to cover: 0.260%
Break-even: 0.7 days

Slippage from Lighter: live order book, 6 min ago; Nado: live order book, 2 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	2.60 bp	2.6 bp −$3	19.2 bp −$192	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	1.04 bp	6.6 bp −$7	22.9 bp −$229	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	−0.1392%	1h	0.09596	long leg	$4.3M	$3.1M	10x
01 Exchange XPLUSD	−0.0472%	1h	0.09588	−0.083%	$557	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09616	+0.208%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0270%	1h	0.09615	+0.198%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0016%	4h	0.09612	+0.167%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09600	+0.043%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.105%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09615	+0.199%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0011%	8h	0.09595	−0.007%	$12K	$696	5x	as long as short
Bybit XPLUSDT	+0.0062%	4h	0.09605	+0.094%	$45.8M	$53.7M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERPshort	+0.0100%	1h	0.09599	+0.036%	$1.3M	$2.2M	10x
Hyperliquid XPL	+0.0100%	1h	0.09627	+0.323%	$60.8M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09618	+0.224%	$254K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09606	+0.105%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09608	+0.125%	$43.5M	$97.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09605	+0.094%	$7.8M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09577	−0.197%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09612	+0.167%	$3.0M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09606	+0.104%	$12.6M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09610	+0.146%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09614	+0.188%	$9.1M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09607	+0.115%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09615	+0.198%	$180K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09607	+0.111%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09606	+0.108%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09610	+0.146%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09617	+0.218%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09590	−0.063%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	+0.146%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09588	−0.083%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09602	+0.067%	$601K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09615	+0.198%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09622	+0.271%	$195K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09600	+0.042%	$1.7M	$929K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09718	+1.271%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2720%	1h	0.09645	+0.508%	$547K	$930K	10x	as long as short