XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2790%/8h= −305.5% APRnext payment −$3.49 per $10,000 · paid last 24h −0.710%

Price spread now: Lighter against Kraken Futures−0.510%7-day average −0.159% · you buy dearer than you sell

Net, funding: paid 7d − costs−$165as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$790.789% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.864%−$86 on $10k

Price spread, last 4 days (all we have)+0.570%+$57 · spread now −0.510%, 7d avg −0.159%

Together, before fees−0.294%+ Points / potential airdropLighter: Season 3 · farm board−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$84 a day on $10k at the current rate, and Lighter is 0.352% cheaper against Kraken Futures than usual: you would sell low and buy high (−$35 if the spread goes back to its 7-day average of −0.159%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.864% in total (about -45.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.49 per $10,000. 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	Kraken Futures PF_XPLUSD	0.09715	0.2862	pay 0.0358% / 1h	4m 23s	$552K	$954K	10x
Short	Lighter XPL	0.09665	0.0072	get 0.0009% / 1h	4m 23s	$4.4M	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.510%Rate

Funding earned: −$585.85
Price spread: −0.510% → −0.159%: −$35.18
Slippage, 4 orders: −$68.94
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$699.97
Costs to cover: 0.789%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 39 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 Kraken Futures live order book, 39 min ago	11.46 bp	22.4 bp −$22	241.4 bp −$2,414	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	2.07 bp	2.9 bp −$3	21.8 bp −$218	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 −0.0313% / S +0.0615%	1h	0.09671	−0.447%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0267%	1h	0.09675	−0.407%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0248%	1h	0.09666	−0.500%	$562	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09679	−0.371%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.067%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09675	−0.408%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09666	−0.500%	$29K	$292K	10x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09666	−0.501%	$13K	$696	5x	as long as short
Lighter XPLshort	+0.0072%	1h	0.09665	−0.510%	$4.4M	$3.0M	10x
Nado XPL-PERP	+0.0100%	1h	0.09666	−0.500%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09685	−0.308%	$61.3M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09676	−0.397%	$254K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09676	−0.400%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09666	−0.500%	$43.8M	$98.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09662	−0.541%	$45.8M	$53.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09664	−0.521%	$8.0M	$48.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09661	−0.549%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09669	−0.469%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09666	−0.500%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09665	−0.510%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09676	−0.397%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09665	−0.510%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09680	−0.356%	$176K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09685	−0.307%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09679	−0.361%	$260K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09690	−0.253%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09678	−0.377%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.459%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.459%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09682	−0.335%	$138K	$187K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09662	−0.539%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09673	−0.431%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09695	−0.202%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09677	−0.387%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09718	+0.035%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.2862%	1h	0.09715	long leg	$552K	$954K	10x