Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.145%

Price spread now: Lighter against Aster−0.055%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$600.596% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.530%−$53 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.055%, 7d avg −0.097%

Together, before fees−0.591%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.042% dearer against Aster than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.097%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.1 days. At the pace of the last 7 days (−0.530% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster XPLUSDT	0.09658	0.0100	pay 0.0050% / 4h	2h 04m	$246K	$500K	20x
Short	Lighter XPL	0.09653	0.0032	get 0.0004% / 1h	4m 28s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$14.28
Price spread: −0.055% → −0.097%: $4.23
Slippage, 4 orders: −$51.61
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$69.67
Costs to cover: 0.596%
Break-even: never at this rate

Slippage from Aster: live order book, 63 min ago; Lighter: live order book, 3 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 Aster live order book, 63 min ago	3.53 bp	22.4 bp −$22	174.7 bp −$1,747	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	2.59 bp	13.0 bp −$13	31.6 bp −$316	doesn't fit	doesn't fit

XPL on 35 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	−0.0475%	1h	0.09644	−0.148%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0304%	1h	0.09656	−0.024%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0215%	1h	0.09648	−0.107%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0208% / S +0.0568%	1h	0.09669	+0.107%	$111K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09647	−0.117%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09662	+0.036%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.617%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09670	+0.120%	$60K	—	150x	as long as short
Lighter XPLshort	+0.0032%	1h	0.09653	−0.055%	$4.4M	$4.2M	10x
OKX XPL-USDT-SWAP	+0.0042%	4h	0.09665	+0.069%	$8.4M	$53.6M	50x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0043%	8h	0.09650	−0.087%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09665	+0.074%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09676	+0.180%	$61.5M	$47.5M	10x	as long as short
Aster XPLUSDTlong	+0.0100%	4h	0.09658	long leg	$246K	$500K	20x
Pacifica XPL	+0.0100%	1h	0.09660	+0.017%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09665	+0.070%	$43.8M	$108.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09663	+0.048%	$46.5M	$56.4M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09659	+0.007%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09666	+0.080%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09657	−0.014%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09667	+0.090%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09664	+0.059%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09664	+0.062%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	+0.070%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.224%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09675	+0.170%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.293%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.190%	$195	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09671	+0.131%	$144K	$249K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	+0.017%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09665	+0.072%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09644	−0.150%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09674	+0.162%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.115%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4414%	1h	0.09689	+0.320%	$549K	$1.0M	10x	as long as short