Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0023%/8h= −2.5% APRpaid last 24h +0.136%

Price spread now: Paradex against Lighter+0.232%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Paradex is 0.232% dearer against Lighter than usual: you sell high and buy low (spread +0.232% now, against zero (this spread has no 7-day history yet)): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 34 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09524	0.0096	pay 0.0012% / 1h	46m 20s	$4.3M	$3.3M	10x
Short	Paradex XPL-USD-PERP	0.09546	0.0073	get 0.0073% / 8h	4h 46m	$12K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.232%Rate

Funding earned: −$4.8
Price spread: +0.232% → 0.000%: $23.2
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: $14.4
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Paradex: 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, 6 min ago	4.73 bp	16.3 bp −$16	46.6 bp −$466	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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
01 Exchange XPLUSD	−0.0328%	1h	0.09532	+0.084%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0292% / S +0.0603%	1h	0.09539	+0.159%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0108%	4h	0.09537	+0.136%	$45.2M	$55.6M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0094%	1h	0.09542	+0.189%	$176K	$226K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09543	+0.199%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09537	+0.139%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.509%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09541	+0.178%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09541	+0.174%	$72K	—	150x	as long as short
Paradex XPL-USD-PERPshort	+0.0073%	8h	0.09546	+0.232%	$12K	$2K	5x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPLlong	+0.0096%	1h	0.09524	long leg	$4.3M	$3.3M	10x
Nado XPL-PERP	+0.0100%	1h	0.09539	+0.163%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09549	+0.261%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09550	+0.276%	$243K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09545	+0.217%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09535	+0.117%	$43.3M	$104.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09545	+0.220%	$8.2M	$49.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09537	+0.136%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09535	+0.115%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09531	+0.073%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09548	+0.252%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09535	+0.115%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.065%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09510	−0.147%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	−0.147%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09550	+0.273%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	+0.063%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	+0.168%	$193	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	+0.210%	$140K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.430%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09540	+0.173%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09543	+0.198%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09540	+0.168%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09537	+0.136%	$1.7M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09557	+0.346%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09569	+0.477%	$542K	$977K	10x	as long as short