Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h —

Price spread now: Lighter against Reya+25.933%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Lighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 25.933% dearer against Reya than usual: you sell high and buy low: +$2,593 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	46m 02s	—	—	—
Short	Lighter XPL	0.09534	0.0096	get 0.0012% / 1h	46m 02s	$4.3M	$3.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Reya. 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 ReyabpFee LighterbpOrdersPrice spread, now +25.933%Rate

Funding earned: $20.16
Price spread: +25.933% → 0.000%: $2,593.29
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $2,607.45
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Lighter: live order book, 7 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 Reya no order-book sample	—	—	—	—	—
Sell Lighter live order book, 7 min ago	4.73 bp	7.8 bp −$8	30.6 bp −$306	doesn't fit	doesn't fit

Reya: 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
01 Exchange XPLUSD	−0.0328%	1h	0.09532	+25.906%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0292% / S +0.0603%	1h	0.09539	+26.000%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0108%	4h	0.09532	+25.906%	$45.1M	$55.7M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0085%	1h	0.09546	+26.091%	$176K	$224K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09543	+26.052%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09537	+25.976%	$8K	—	5x	as long as short
Reya XPLRUSDPERPlong	0.0000%	1h	0.07571	long leg	—	—	—
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09541	+26.025%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09541	+26.020%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0073%	8h	0.09546	+26.093%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPLshort	+0.0096%	1h	0.09534	+25.933%	$4.3M	$3.3M	10x
Nado XPL-PERP	+0.0100%	1h	0.09539	+26.006%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09557	+26.242%	$59.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09547	+26.108%	$243K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09545	+26.074%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09535	+25.945%	$43.3M	$104.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09536	+25.959%	$8.2M	$49.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09542	+26.039%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09535	+25.946%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09529	+25.867%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09545	+26.078%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09543	+26.052%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	+25.956%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09510	+25.616%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	+25.616%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09550	+26.144%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	+25.880%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	+26.012%	$193	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	+26.065%	$140K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+26.342%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09533	+25.919%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09543	+26.050%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09540	+26.012%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09537	+25.972%	$1.7M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09557	+26.237%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09569	+26.401%	$542K	$977K	10x	as long as short