XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0268%/8h= −29.3% APRnext payment −$0.33 per $10,000 · paid last 24h −0.145%

Price spread now: Lighter against Bulk−0.269%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on Bulk Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.229%−$23 on $10k

Price spread, last 4 days (all we have)+0.261%+$26 · spread now −0.269%, 7d avg −0.100%

Together, before fees+0.031%+ Points / potential airdropLighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter is 0.169% cheaper against Bulk than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.100%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09660	0.0100	pay 0.0013% / 1h	58m 18s	$141K	$7K	10x
Short	Lighter XPL	0.09634	−0.0168	pay 0.0021% / 1h	58m 18s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bulk. 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 BulkbpFee LighterbpOrdersPrice spread, now −0.269%Rate

Funding earned: −$56.28
Price spread: −0.269% → −0.100%: −$16.93
Slippage, 4 orders: −$36.98
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$117.2
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from Bulk: live order book, 6 min ago; Lighter: live order book, 4 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 Bulk live order book, 6 min ago	5.18 bp	8.7 bp −$9	16.9 bp −$169	52.5 bp −$5,253	doesn't fit
Sell Lighter live order book, 4 min ago	3.62 bp	14.2 bp −$14	27.8 bp −$278	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
01 Exchange XPLUSD	−0.0408%	1h	0.09637	−0.238%	$560	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0245%	1h	0.09668	+0.083%	$179K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0211% / S +0.0570%	1h	0.09648	−0.127%	$111K	—	100x	as long as short
Lighter XPLshort	−0.0168%	1h	0.09634	−0.269%	$4.4M	$4.2M	10x
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09643	−0.176%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09640	−0.207%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09650	−0.108%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.629%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09650	−0.106%	$59K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0037%	4h	0.09623	−0.383%	$8.3M	$53.1M	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	+0.0045%	8h	0.09649	−0.117%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09642	−0.189%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09656	−0.042%	$61.3M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09650	−0.100%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09652	−0.087%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09627	−0.341%	$43.6M	$107.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09621	−0.404%	$46.3M	$55.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09648	−0.124%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09650	−0.104%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09648	−0.124%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09641	−0.197%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09641	−0.197%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	+0.102%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.146%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.207%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09662	+0.017%	$131K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.311%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.207%	$195	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	+0.052%	$143K	$250K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09660	long leg	$141K	$7K	10x
Extended XPL-USD	+0.0104%	1h	0.09635	−0.257%	$651K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09638	−0.229%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	+0.072%	$196K	$620K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09766	+1.097%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3551%	1h	0.09682	+0.225%	$549K	$1.0M	10x	as long as short