XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0163%/8h= −17.9% APRnext payment −$0.20 per $10,000 · paid last 24h −0.217%

Price spread now: Lighter against Phoenix−0.141%7-day average −0.217% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

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

costs, in and out, $10k−$520.519% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.947%−$95 on $10k

Price spread, last 3 days (all we have)−0.214%−$21 · spread now −0.141%, 7d avg −0.217%

Together, before fees−1.161%+ Points / potential airdropLighter: Season 3 · farm board−$116 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.076% dearer against Phoenix than usual: you sell high and buy low (spread −0.141% now, against its 7-day average of −0.217%): +$8 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 37 hours. At the pace of the last 7 days (−0.947% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09918	0.0163	pay 0.0020% / 1h	16m 43s	$201K	$655K	10x
Short	Lighter XPL	0.09904	0	get 0.0000% / 1h	16m 43s	$4.5M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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 PhoenixbpFee LighterbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$34.25
Price spread: −0.141% → −0.217%: $7.61
Slippage, 4 orders: −$44.92
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$78.56
Costs to cover: 0.519%
Break-even: never at this rate

Slippage from Phoenix: live order book, 56 min ago; Lighter: live order book, 6 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 Phoenix live order book, 56 min ago	1.03 bp	14.9 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	3.53 bp	6.5 bp −$6	27.3 bp −$273	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
Deribit XPL_USDC-PERPETUAL	−0.0255%	1h	0.09899	−0.192%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0176%	1h	0.09891	−0.272%	$575	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0171% / S +0.0545%	1h	0.09897	−0.211%	$114K	—	100x	as long as short
Lighter XPLshort	0.0000%	1h	0.09904	−0.141%	$4.5M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09917	−0.011%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.670%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09899	−0.192%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0022%	4h	0.09895	−0.232%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09907	−0.111%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09903	−0.149%	$1.5M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09922	+0.044%	$257K	$534K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09920	+0.019%	$226K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09913	−0.050%	$45.4M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09915	−0.030%	$48.2M	$56.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09911	−0.071%	$8.8M	$56.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09870	−0.484%	$144K	$2K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09914	−0.040%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09912	−0.060%	$13.1M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09911	−0.071%	$2.5M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09918	0.000%	$8.8M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09917	−0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09906	−0.121%	$186K	$263K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09915	−0.032%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09920	+0.020%	$266K	$835K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09920	+0.020%	$26K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09914	−0.043%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09890	−0.282%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09900	−0.181%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09878	−0.403%	$143K	$243K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09909	−0.087%	$669K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09910	−0.081%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0163%	1h	0.09918	long leg	$201K	$655K	10x
Hyperliquid XPL	+0.0200%	1h	0.09928	+0.098%	$64.4M	$47.1M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09897	−0.212%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09980	+0.625%	$74K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5001%	1h	0.09949	+0.310%	$575K	$1.0M	10x	as long as short