Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.145%

Price spread now: Lighter against HTX+0.382%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$193as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$1251.247% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.680%−$68 on $10k

Price spread, last 3 days (all we have)−0.293%−$29 · spread now +0.382%, 7d avg −0.029%

Together, before fees−0.973%+ Points / potential airdropLighter: Season 3 · farm board−$97 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.411% dearer against HTX than usual: you sell high and buy low (spread +0.382% now, against its 7-day average of −0.029%): +$41 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.680% in total) that is about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09676	0.0100	pay 0.0050% / 4h	2h 43m	$141K	$255K	20x
Short	Lighter XPL	0.09713	−0.0024	pay 0.0003% / 1h	43m 54s	$4.4M	$4.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now +0.382%Rate

Funding earned: −$26.04
Price spread: +0.382% → −0.029%: $41.14
Slippage, 4 orders: −$112.72
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$109.62
Costs to cover: 1.247%
Break-even: never at this rate

Slippage from HTX: live order book, 23 min ago; Lighter: live order book, 9 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 HTX live order book, 23 min ago	13.68 bp	20.4 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	4.65 bp	13.8 bp −$14	26.8 bp −$268	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
01 Exchange XPLUSD	−0.0232%	1h	0.09690	+0.145%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0188% / S +0.0555%	1h	0.09698	+0.230%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0114%	1h	0.09730	+0.558%	$180K	$242K	10x	as long as short
Lighter XPLshort	−0.0024%	1h	0.09713	+0.382%	$4.4M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09677	+0.011%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.758%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09704	+0.289%	$78K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09708	+0.331%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0056%	8h	0.09682	+0.061%	$13K	$2K	5x	as long as short
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09723	+0.486%	$8.5M	$56.2M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit XPL_USDC-PERPETUAL	+0.0059%	1h	0.09716	+0.413%	$47K	$18K	25x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09692	+0.163%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09740	+0.661%	$63.1M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09726	+0.519%	$247K	$550K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09683	+0.072%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09727	+0.528%	$44.3M	$110.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09722	+0.475%	$46.8M	$58.2M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09721	+0.465%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09723	+0.486%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09716	+0.413%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09725	+0.506%	$8.6M	$11.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	+0.496%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09678	+0.021%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.442%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.455%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09702	+0.271%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.062%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.455%	$203	$11K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09676	long leg	$141K	$255K	20x
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.355%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09722	+0.476%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.399%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09693	+0.176%	$196K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.310%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09692	+0.165%	$79K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4389%	1h	0.09745	+0.716%	$552K	$1.0M	10x	as long as short