Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.145%

Price spread now: OKX against Lighter−0.031%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.469%+$47 on $10k

Price spread, last 7 days+0.083%+$8 · spread now −0.031%, 7d avg +0.042%

Together, before fees+0.553%+ Points / potential airdropLighter: Season 3 · farm board+$55 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: OKX is 0.074% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09587	0.0024	pay 0.0003% / 1h	38m 25s	$4.3M	$4.2M	10x
Short	OKX XPL-USDT-SWAP	0.09584	0.0031	get 0.0016% / 4h	1h 38m	$8.2M	$52.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.031%Rate

Funding earned: $1.57
Price spread: −0.031% → +0.042%: −$7.35
Slippage, 4 orders: −$38.23
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$54.02
Costs to cover: 0.482%
Break-even: 248.0 days

Slippage from Lighter: live order book, 9 min ago; OKX: live order book, 5 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	4.72 bp	16.4 bp −$16	42.3 bp −$423	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.52 bp	13.1 bp −$13	39.8 bp −$398	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
Backpack XPL_USDC_PERP	−0.0609%	1h	0.09584	−0.031%	$180K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0432%	1h	0.09579	−0.083%	$557	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09577	−0.104%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0249% / S +0.0577%	1h	0.09589	+0.020%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0005%	4h	0.09581	−0.063%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09598	+0.110%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.031%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09589	+0.026%	$72K	—	150x	as long as short
Lighter XPLlong	+0.0024%	1h	0.09587	long leg	$4.3M	$4.2M	10x
OKX XPL-USDT-SWAPshort	+0.0031%	4h	0.09584	−0.031%	$8.2M	$52.9M	50x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0053%	8h	0.09592	+0.054%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0080%	4h	0.09585	−0.021%	$2.9M	$3.7M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09585	−0.021%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09597	+0.102%	$60.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09594	+0.070%	$244K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09600	+0.135%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09584	−0.029%	$43.4M	$108.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09576	−0.115%	$45.4M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09540	−0.490%	$139K	$7K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09585	−0.021%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09594	+0.073%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09588	+0.010%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09581	−0.063%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09587	−0.004%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09616	+0.301%	$260K	$901K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	+0.344%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09592	+0.052%	$127K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09560	−0.282%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	−0.073%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09580	−0.073%	$144K	$264K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09579	−0.080%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09583	−0.040%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09608	+0.219%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09576	−0.115%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09640	+0.553%	$74K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3573%	1h	0.09620	+0.343%	$546K	$1.0M	10x	as long as short