Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0572%/8h= +62.7% APRpaid last 24h +0.131%

Price spread now: Orderly against Lighter−0.010%7-day average +0.013% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.310%+$31 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now −0.010%, 7d avg +0.013%

Together, before fees+0.274%+ Points / potential airdropLighter: Season 3 · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.024% cheaper against Lighter than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.013%). If the spread goes back, that is −$2 on $10k: about 3 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.310% in total) that is about 13 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.310% in total (about 16.2% a year). A funding rate is set anew for every payment. 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	0.09788	−0.0536	get 0.0067% / 1h	2m 49s	$4.4M	$4.2M	10x
Short	Orderly PERP_XPL_USDC	0.09787	0.0036	get 0.0018% / 4h	2m 49s	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.010%Rate

Funding earned: $120.19
Price spread: −0.010% → +0.013%: −$2.35
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $111.84
Costs to cover: 0.060%
Break-even: 0.5 days

Slippage unknown: Lighter: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	5.13 bp	13.1 bp −$13	34.2 bp −$342	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0536%	1h	0.09788	long leg	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0368%	1h	0.09786	−0.020%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0148% / S +0.0530%	1h	0.09794	+0.058%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09800	+0.120%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.657%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09792	+0.041%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09793	+0.054%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0014%	8h	0.09782	−0.056%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDCshort	+0.0036%	4h	0.09787	−0.010%	$29K	$335K	10x
Gate XPL_USDT	+0.0040%	4h	0.09797	+0.092%	$3.1M	$4.1M	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-PERP	+0.0100%	1h	0.09792	+0.036%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09817	+0.300%	$63.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09802	+0.147%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09806	+0.185%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09800	+0.123%	$44.7M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09798	+0.102%	$47.5M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09799	+0.112%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.286%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09800	+0.123%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09795	+0.072%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09805	+0.174%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09799	+0.112%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09795	+0.072%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09760	−0.284%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.201%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.082%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09802	+0.141%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.184%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+0.020%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09768	−0.204%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09795	+0.073%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09786	−0.025%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09782	−0.061%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09788	0.000%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09804	+0.163%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5077%	1h	0.09834	+0.466%	$568K	$1.0M	10x	as long as short