Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0204%/8h= −22.3% APRpaid last 24h −0.146%

Price spread now: Lighter against Gate−0.112%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$700.698% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.359%−$36 on $10k

Price spread, last 7 days+0.170%+$17 · spread now −0.112%, 7d avg −0.050%

Together, before fees−0.189%+ Points / potential airdropLighter: Season 3 · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.062% cheaper against Gate than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09834	0.0100	pay 0.0050% / 4h	3h 34m	$3.1M	$4.0M	75x
Short	Lighter XPL	0.09823	−0.0104	pay 0.0013% / 1h	34m 56s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$42.84
Price spread: −0.112% → −0.050%: −$6.2
Slippage, 4 orders: −$54.83
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$118.86
Costs to cover: 0.698%
Break-even: never at this rate

Slippage from Gate: live order book, 3 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 Gate live order book, 3 min ago	1.02 bp	23.7 bp −$24	147.6 bp −$1,476	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	3.57 bp	11.1 bp −$11	23.6 bp −$236	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0162% / S +0.0539%	1h	0.09833	−0.009%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0146%	1h	0.09835	+0.010%	$182K	$272K	10x	as long as short
01 Exchange XPLUSD	−0.0144%	1h	0.09839	+0.051%	$572	$708	5x	as long as short
Lighter XPLshort	−0.0104%	1h	0.09823	−0.112%	$4.4M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09829	−0.049%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.018%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09835	+0.010%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09832	−0.016%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09830	−0.041%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0041%	8h	0.09835	+0.008%	$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
Nado XPL-PERP	+0.0100%	1h	0.09838	+0.046%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09841	+0.071%	$254K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09839	+0.052%	$224K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09835	+0.007%	$44.9M	$108.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09832	−0.020%	$47.6M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09828	−0.061%	$8.7M	$55.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09765	−0.699%	$142K	$2K	10x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09834	long leg	$3.1M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09834	0.000%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09834	0.000%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09840	+0.061%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09833	−0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09825	−0.092%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.674%	$258K	$840K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09820	−0.142%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09843	+0.094%	$132K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	−0.142%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	−0.041%	$198	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09790	−0.447%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09833	−0.015%	$665K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09831	−0.036%	$29K	$18K	3x	as long as short
Hyperliquid XPL	+0.0154%	1h	0.09855	+0.218%	$63.7M	$47.2M	10x	as long as short
Phoenix XPL	+0.0163%	1h	0.09823	−0.112%	$199K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09830	−0.041%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09845	+0.112%	$73K	$96K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5040%	1h	0.09871	+0.376%	$572K	$1.0M	10x	as long as short