XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0238%/8h= +26.1% APRnext payment +$0.30 per $10,000 · paid last 24h +0.212%

Price spread now: Phoenix against Lighter+0.166%7-day average +0.217% · you sell dearer than you buy

Net, funding: paid 7d − costs+$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.933%+$93 on $10k

Price spread, last 4 days (all we have)+0.339%+$34 · spread now +0.166%, 7d avg +0.217%

Together, before fees+1.272%+ Points / potential airdropLighter: Season 3 · farm board+$127 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.052% cheaper against Lighter than usual: you would sell low and buy high (spread +0.166% now, against its 7-day average of +0.217%). If the spread goes back, that is −$5 on $10k: about 17 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09654	0.0096	pay 0.0012% / 1h	2m 53s	$4.4M	$3.3M	10x
Short	Phoenix XPL	0.09670	0.0334	get 0.0042% / 1h	2m 53s	$196K	$617K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.166%Rate

Funding earned: $49.96
Price spread: +0.166% → +0.217%: −$5.17
Slippage, 4 orders: −$49.29
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$11.5
Costs to cover: 0.563%
Break-even: 8.6 days

Slippage from Lighter: live order book, 5 min ago; Phoenix: live order book, 55 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, 5 min ago	3.63 bp	14.5 bp −$14	35.6 bp −$356	doesn't fit	doesn't fit
Sell Phoenix live order book, 55 min ago	1.05 bp	15.0 bp −$15	48.1 bp −$481	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
01 Exchange XPLUSD	−0.0384%	1h	0.09647	−0.073%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09665	+0.117%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09662	+0.083%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0147%	1h	0.09664	+0.104%	$178K	$224K	10x	as long as short
Bybit XPLUSDT	−0.0098%	4h	0.09648	−0.062%	$45.7M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09662	+0.079%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.577%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	+0.108%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09658	+0.041%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0061%	8h	0.09654	−0.005%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate XPL_USDT	+0.0082%	4h	0.09659	+0.052%	$3.0M	$3.6M	75x	as long as short
Lighter XPLlong	+0.0096%	1h	0.09654	long leg	$4.4M	$3.3M	10x
Nado XPL-PERP	+0.0100%	1h	0.09653	−0.005%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09674	+0.208%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.164%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09661	+0.074%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09655	+0.007%	$43.8M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09650	−0.041%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.235%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09662	+0.083%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09653	−0.010%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09661	+0.073%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09654	0.000%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	−0.116%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09651	−0.031%	$260K	$993K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.145%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09668	+0.145%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.145%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.062%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.155%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09657	+0.034%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.062%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0334%	1h	0.09670	+0.166%	$196K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09655	+0.010%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.456%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3290%	1h	0.09697	+0.445%	$550K	$977K	10x	as long as short