Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0596%/8h= +65.3% APRpaid last 24h +0.147%

Price spread now: BingX against Lighter+0.124%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.528%+$53 on $10k

Price spread, last 7 days−0.220%−$22 · spread now +0.124%, 7d avg +0.028%

Together, before fees+0.308%+ Points / potential airdropLighter: Season 3 · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and BingX is 0.096% dearer against Lighter than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09691	−0.0496	get 0.0062% / 1h	20m 48s	$4.4M	$4.2M	10x
Short	BingX XPL-USDT	0.09703	0.0100	get 0.0050% / 4h	20m 48s	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now +0.124%Rate

Funding earned: $125.16
Price spread: +0.124% → +0.028%: $9.6
Slippage, 4 orders: −$36.36
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $88.39
Costs to cover: 0.464%
Break-even: 2.1 days

Slippage from Lighter: live order book, 7 min ago; BingX: live order book, 2 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 Lighter live order book, 7 min ago	2.57 bp	3.8 bp −$4	17.2 bp −$172	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	5.67 bp	14.2 bp −$14	26.5 bp −$265	81.3 bp −$8,134	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 XPLlong	−0.0496%	1h	0.09691	long leg	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0392%	1h	0.09698	+0.072%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09694	+0.031%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0139% / S +0.0524%	1h	0.09704	+0.135%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09698	+0.076%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.882%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09701	+0.107%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0019%	8h	0.09699	+0.079%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0049%	4h	0.09690	−0.010%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0058%	4h	0.09696	+0.052%	$3.0M	$4.0M	75x	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	0.09701	+0.108%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09713	+0.227%	$62.6M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09706	+0.158%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09708	+0.172%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09696	+0.052%	$44.1M	$108.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09697	+0.062%	$47.1M	$55.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09695	+0.041%	$8.7M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09699	+0.083%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09701	+0.103%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09706	+0.155%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09703	+0.124%	—	$7.9M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09700	+0.093%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09700	+0.095%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09701	+0.104%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.196%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09712	+0.220%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.114%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.010%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09700	+0.093%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	+0.091%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09700	+0.089%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09702	+0.108%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09722	+0.320%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09690	−0.010%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.383%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5120%	1h	0.09750	+0.608%	$562K	$1.0M	10x	as long as short