Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0160%/8h= −17.6% APRpaid last 24h −0.145%

Price spread now: Lighter against OKX+0.010%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$490.493% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.473%−$47 on $10k

Price spread, last 7 days+0.038%+$4 · spread now +0.010%, 7d avg −0.039%

Together, before fees−0.435%+ Points / potential airdropLighter: Season 3 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.049% dearer against OKX than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.039%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX XPL-USDT-SWAP	0.09697	0.0048	pay 0.0024% / 4h	2h 49m	$8.4M	$55.9M	50x
Short	Lighter XPL	0.09698	−0.0112	pay 0.0014% / 1h	49m 29s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$33.67
Price spread: +0.010% → −0.039%: $4.94
Slippage, 4 orders: −$39.32
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$78.05
Costs to cover: 0.493%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Lighter: live order book, 13 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 OKX live order book, 4 min ago	0.52 bp	12.0 bp −$12	35.7 bp −$357	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	4.60 bp	5.6 bp −$6	25.0 bp −$250	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	−0.0288%	1h	0.09708	+0.113%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0185% / S +0.0554%	1h	0.09698	+0.013%	$112K	—	100x	as long as short
Lighter XPLshort	−0.0112%	1h	0.09698	+0.010%	$4.4M	$4.2M	10x
Backpack XPL_USDC_PERP	−0.0105%	1h	0.09730	+0.340%	$180K	$241K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09714	+0.178%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.928%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09727	+0.309%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09700	+0.035%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09697	0.000%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAPlong	+0.0048%	4h	0.09697	long leg	$8.4M	$55.9M	50x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09712	+0.152%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0068%	1h	0.09705	+0.088%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09722	+0.255%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09723	+0.268%	$246K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09712	+0.157%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09696	−0.010%	$44.1M	$110.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09697	0.000%	$46.8M	$58.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09705	+0.082%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	+0.103%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09701	+0.041%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09708	+0.113%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09695	−0.021%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.041%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.037%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.134%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09715	+0.184%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09720	+0.237%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.340%	$201	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09726	+0.299%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.598%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	+0.118%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09730	+0.340%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.557%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	+0.072%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.505%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4379%	1h	0.09767	+0.718%	$553K	$1.0M	10x	as long as short