XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.145%

Price spread now: Lighter against Polymarket Perps−0.098%7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$410.407% of the position

Long on Polymarket Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.472%−$47 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.098%, 7d avg −0.133%

Together, before fees−0.394%+ Points / potential airdropLighter: Season 3 · farm board−$39 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.035% dearer against Polymarket Perps than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.133%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09685	0.0100	pay 0.0013% / 1h	1m 14s	$126K	$2.0M	10x
Short	Lighter XPL	0.09675	0.0096	get 0.0012% / 1h	1m 14s	$4.4M	$3.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Polymarket Perps. 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 Polymarket PerpsbpFee LighterbpOrdersPrice spread, now −0.098%Rate

Funding earned: −$0.84
Price spread: −0.098% → −0.133%: $3.46
Slippage, 4 orders: −$32.75
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$38.13
Costs to cover: 0.407%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 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 Polymarket Perps live order book, 2 min ago	1.65 bp	5.7 bp −$6	6.0 bp −$60	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	3.63 bp	11.7 bp −$12	27.0 bp −$270	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	−0.0384%	1h	0.09668	−0.170%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09676	−0.089%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09674	−0.108%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0151%	1h	0.09677	−0.077%	$179K	$223K	10x	as long as short
Bybit XPLUSDT	−0.0089%	4h	0.09669	−0.160%	$45.8M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09679	−0.055%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.824%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09676	−0.086%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09669	−0.160%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09677	−0.076%	$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
Gate XPL_USDT	+0.0088%	4h	0.09671	−0.139%	$3.0M	$3.6M	75x	as long as short
Lighter XPLshort	+0.0096%	1h	0.09675	−0.098%	$4.4M	$3.3M	10x
Hyperliquid XPL	+0.0100%	1h	0.09688	+0.031%	$61.1M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09682	−0.029%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09680	−0.046%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09678	−0.071%	$43.9M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09671	−0.139%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.549%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09674	−0.108%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09666	−0.191%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09679	−0.057%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09672	−0.129%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09643	−0.430%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09656	−0.293%	$258K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	−0.150%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09674	−0.108%	$1.2M	$2.6M	10x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09685	long leg	$126K	$2.0M	10x
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.253%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.150%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09652	−0.336%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09669	−0.163%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.148%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	−0.150%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09670	−0.150%	$1.8M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.139%	$75K	$84K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3283%	1h	0.09716	+0.321%	$551K	$977K	10x	as long as short