Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1228%/8h= −134.5% APRpaid last 24h −0.119%

Price spread now: Lighter against MEXC−0.126%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.486%−$49 on $10k

Price spread, last 7 days+0.004%$0 · spread now −0.126%, 7d avg −0.038%

Together, before fees−0.482%+ Points / potential airdropLighter: Season 3 · farm board−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$37 a day on $10k at the current rate, and Lighter is 0.088% cheaper against MEXC than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.486% in total (about -25.3% 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	MEXC XPL_USDT	0.09557	0.0100	pay 0.0050% / 4h	1h 35m	$12.5M	$6.8M	100x
Short	Lighter XPL	0.09545	−0.1128	pay 0.0141% / 1h	35m 14s	$4.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$257.88
Price spread: −0.126% → −0.038%: −$8.75
Slippage, 4 orders: −$19.53
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$286.17
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Lighter: live order book, 7 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 MEXC live order book, 3 min ago	2.08 bp	2.6 bp −$3	9.1 bp −$91	90.9 bp −$9,089	231.0 bp −$115.5K
Sell Lighter live order book, 7 min ago	4.17 bp	6.5 bp −$7	45.5 bp −$455	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
Lighter XPLshort	−0.1128%	1h	0.09545	−0.126%	$4.3M	$3.2M	10x
01 Exchange XPLUSD	−0.0368%	1h	0.09557	0.000%	$556	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09564	+0.078%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0273%	1h	0.09562	+0.052%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09556	−0.010%	$30K	$272K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09569	+0.129%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.785%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09558	+0.007%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0054%	8h	0.09564	+0.069%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09562	+0.047%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09574	+0.176%	$60.5M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09566	+0.098%	$252K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09570	+0.136%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09558	+0.010%	$43.2M	$97.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09556	−0.010%	$45.5M	$53.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09561	+0.042%	$7.9M	$47.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09595	+0.398%	$140K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09558	+0.010%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDTlong	+0.0100%	4h	0.09557	long leg	$12.5M	$6.8M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09566	+0.094%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09567	+0.105%	$8.8M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09559	+0.021%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09562	+0.052%	$176K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09540	−0.180%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09580	+0.241%	$256K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.345%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09569	+0.126%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09540	−0.178%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09560	+0.031%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09577	+0.209%	$132K	$215K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09557	0.000%	$603K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09560	+0.031%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09570	+0.136%	$194K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09556	−0.010%	$1.7M	$931K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.685%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2855%	1h	0.09591	+0.353%	$543K	$935K	10x	as long as short