Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.150%

Price spread now: SunX against Lighter−0.041%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$280as in the Funding arb table

Net, price: spread back to 7d avg − costs−$326as in the Price arb table

costs, in and out, $10k−$3343.336% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.535%+$54 on $10k

Price spread, last 3 days (all we have)−0.287%−$29 · spread now −0.041%, 7d avg −0.117%

Together, before fees+0.248%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and SunX is 0.076% dearer against Lighter than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.117%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09684	−0.0184	get 0.0023% / 1h	35m 47s	$4.4M	$4.1M	10x
Short	SunX XPL-USDT	0.09680	0.0100	get 0.0050% / 4h	1h 35m	$2K	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.041%Rate

Funding earned: $59.64
Price spread: −0.041% → −0.117%: $7.56
Slippage, 4 orders: −$325.58
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$266.38
Costs to cover: 3.336%
Break-even: 38.3 days

Slippage from Lighter: live order book, 7 min ago; SunX: live order book, 10 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, 7 min ago	2.57 bp	4.6 bp −$5	29.8 bp −$298	doesn't fit	doesn't fit
Sell SunX live order book, 10 min ago	36.03 bp	150.8 bp −$151	doesn't fit	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	−0.0360%	1h	0.09691	+0.072%	$177K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09694	+0.103%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09691	+0.072%	$563	$708	5x	as long as short
Lighter XPLlong	−0.0184%	1h	0.09684	long leg	$4.4M	$4.1M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0103% / S +0.0501%	1h	0.09703	+0.192%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09700	+0.163%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.827%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09703	+0.199%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0077%	4h	0.09693	+0.093%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09691	+0.074%	$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
Nado XPL-PERP	+0.0100%	1h	0.09702	+0.181%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09710	+0.265%	$62.6M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09700	+0.162%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09701	+0.175%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09695	+0.114%	$43.6M	$106.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09699	+0.155%	$47.2M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09697	+0.134%	$8.9M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.679%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09689	+0.052%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09692	+0.083%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09698	+0.145%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09699	+0.155%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09693	+0.093%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09747	+0.654%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09740	+0.579%	$262K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.682%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09707	+0.234%	$129K	$2.7M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09680	−0.041%	$2K	$2.0M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09690	+0.062%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09689	+0.052%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09692	+0.086%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09695	+0.112%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09716	+0.330%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09762	+0.805%	$198K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.785%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4609%	1h	0.09739	+0.571%	$509K	$956K	10x	as long as short