Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0332%/8h= −36.4% APRpaid last 24h −0.150%

Price spread now: Lighter against KuCoin−0.082%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$124as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$700.703% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.535%−$54 on $10k

Price spread, last 7 days+0.184%+$18 · spread now −0.082%, 7d avg −0.046%

Together, before fees−0.351%+ Points / potential airdropLighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.036% cheaper against KuCoin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin XPLUSDTM	0.09741	0.0100	pay 0.0050% / 4h	1h 23m	$2.4M	$1.4M	50x
Short	Lighter XPL	0.09733	−0.0232	pay 0.0029% / 1h	23m 31s	$4.4M	$4.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$69.72
Price spread: −0.082% → −0.046%: −$3.6
Slippage, 4 orders: −$58.26
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$143.58
Costs to cover: 0.703%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	4.13 bp	29.0 bp −$29	120.5 bp −$1,205	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	3.10 bp	10.3 bp −$10	27.8 bp −$278	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
Backpack XPL_USDC_PERP	−0.0310%	1h	0.09748	+0.072%	$177K	$282K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0263%	1h	0.09744	+0.031%	$47K	$18K	25x	as long as short
Lighter XPLshort	−0.0232%	1h	0.09733	−0.082%	$4.4M	$4.1M	10x
01 Exchange XPLUSD	−0.0216%	1h	0.09739	−0.021%	$566	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0109% / S +0.0505%	1h	0.09757	+0.164%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09747	+0.060%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.282%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09743	+0.023%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09740	−0.010%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09742	+0.011%	$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	0.09742	+0.005%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09755	+0.139%	$63.1M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09749	+0.082%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	+0.084%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09743	+0.021%	$44.0M	$106.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09746	+0.051%	$48.1M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09742	+0.010%	$9.0M	$54.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.543%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	−0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09736	−0.051%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTMlong	+0.0100%	4h	0.09741	long leg	$2.4M	$1.4M	50x
Bitget XPLUSDT	+0.0100%	4h	0.09744	+0.031%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09741	0.000%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	−0.531%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.256%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.400%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.109%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.010%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.010%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09763	+0.226%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09740	−0.009%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09741	+0.004%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09764	+0.236%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09703	−0.390%	$196K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.195%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4582%	1h	0.09798	+0.585%	$562K	$995K	10x	as long as short