Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0573%/8h= −62.7% APRpaid last 24h −0.131%

Price spread now: Lighter against Orderly−0.082%7-day average −0.013% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.310%−$31 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.082%, 7d avg −0.013%

Together, before fees−0.182%+ Points / potential airdropLighter: Season 3 · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Lighter is 0.069% cheaper against Orderly than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.310% in total (about -16.2% 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	Orderly PERP_XPL_USDC	0.09770	0.0037	pay 0.0018% / 4h	4m 47s	$29K	$335K	10x
Short	Lighter XPL	0.09762	−0.0536	pay 0.0067% / 1h	4m 47s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$120.26
Price spread: −0.082% → −0.013%: −$6.86
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$133.12
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 8 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 8 min ago	2.58 bp	5.4 bp −$5	21.5 bp −$215	doesn't fit	doesn't fit

Orderly: 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
Lighter XPLshort	−0.0536%	1h	0.09762	−0.082%	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0376%	1h	0.09767	−0.031%	$568	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0159%	1h	0.09773	+0.031%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0147% / S +0.0530%	1h	0.09778	+0.082%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09779	+0.088%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.514%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09778	+0.085%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0012%	8h	0.09774	+0.041%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDClong	+0.0037%	4h	0.09770	long leg	$29K	$335K	10x
Gate XPL_USDT	+0.0040%	4h	0.09771	+0.010%	$3.1M	$4.1M	75x	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	0.09766	−0.041%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09788	+0.185%	$63.1M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09778	+0.086%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09781	+0.115%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09778	+0.082%	$44.6M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09776	+0.061%	$47.4M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09777	+0.072%	$8.7M	$55.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.102%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09772	+0.020%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09771	+0.010%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09781	+0.113%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09771	+0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09773	+0.031%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09760	−0.100%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.205%	$258K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09770	0.000%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09786	+0.160%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.205%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	0.000%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09768	−0.020%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09772	+0.016%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09775	+0.047%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09782	+0.123%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09766	−0.041%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09735	−0.358%	$72K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5085%	1h	0.09818	+0.490%	$567K	$1.0M	10x	as long as short