Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1426%/8h= −156.1% APRpaid last 24h −0.120%

Price spread now: Lighter against Bybit−0.168%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.411%−$41 on $10k

Price spread, last 7 days+0.066%+$7 · spread now −0.168%, 7d avg −0.019%

Together, before fees−0.345%+ Points / potential airdropLighter: Season 3 · farm board−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and Lighter is 0.148% cheaper against Bybit than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.411% in total (about -21.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09551	−0.0022	get 0.0011% / 4h	15m 48s	$45.5M	$54.0M	75x
Short	Lighter XPL	0.09535	−0.1448	pay 0.0181% / 1h	15m 48s	$4.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.168%Rate

Funding earned: −$299.46
Price spread: −0.168% → −0.019%: −$14.84
Slippage, 4 orders: −$23.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$348.8
Costs to cover: 0.345%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 7 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 Bybit live order book, 3 min ago	0.52 bp	9.8 bp −$10	40.6 bp −$406	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	2.10 bp	10.6 bp −$11	39.9 bp −$399	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
Lighter XPLshort	−0.1448%	1h	0.09535	−0.168%	$4.3M	$3.2M	10x
01 Exchange XPLUSD	−0.0488%	1h	0.09545	−0.063%	$555	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09553	+0.026%	$105K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09552	+0.010%	$46K	$18K	25x	as long as short
Paradex XPL-USD-PERP	−0.0039%	8h	0.09548	−0.035%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0028%	4h	0.09545	−0.063%	$30K	$277K	10x	as long as short
Bybit XPLUSDTlong	−0.0022%	4h	0.09551	long leg	$45.5M	$54.0M	75x
dYdX XPL-USD	0.0000%	1h	0.09558	+0.074%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.733%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09552	+0.016%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09552	+0.010%	$7.7M	$47.7M	50x	as long as short
Extended XPL-USD	+0.0080%	1h	0.09545	−0.060%	$595K	$1.2M	25x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09546	−0.047%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09570	+0.194%	$60.4M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09558	+0.077%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09556	+0.055%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09553	+0.021%	$43.2M	$97.9M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09553	+0.021%	$2.9M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09551	0.000%	$12.4M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09549	−0.021%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09561	+0.105%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09553	+0.021%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09554	+0.031%	$179K	$184K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09545	−0.063%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09547	−0.045%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09560	+0.094%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09557	+0.065%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.325%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09550	−0.010%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	−0.073%	$132K	$212K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09555	+0.042%	$139K	$0	10x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09550	−0.010%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09563	+0.126%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09548	−0.031%	$1.7M	$923K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09620	+0.722%	$65K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2738%	1h	0.09580	+0.307%	$541K	$939K	10x	as long as short