Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0580%/8h= +63.5% APRpaid last 24h +0.147%

Price spread now: HTX against Lighter+0.010%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$930.935% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.708%+$71 on $10k

Price spread, last 3 days (all we have)−0.157%−$16 · spread now +0.010%, 7d avg +0.026%

Together, before fees+0.551%+ Points / potential airdropLighter: Season 3 · farm board+$55 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09704	−0.0480	get 0.0060% / 1h	14m 36s	$4.4M	$4.2M	10x
Short	HTX XPL-USDT	0.09705	0.0100	get 0.0050% / 4h	14m 36s	$138K	$235K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.010%Rate

Funding earned: $121.8
Price spread: +0.010% → +0.026%: −$1.54
Slippage, 4 orders: −$81.46
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $26.8
Costs to cover: 0.935%
Break-even: 5.5 days

Slippage from Lighter: live order book, 3 min ago; HTX: live order book, 62 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, 3 min ago	3.10 bp	16.2 bp −$16	34.8 bp −$348	doesn't fit	doesn't fit
Sell HTX live order book, 62 min ago	26.28 bp	38.8 bp −$39	doesn't fit	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
Lighter XPLlong	−0.0480%	1h	0.09704	long leg	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0392%	1h	0.09707	+0.031%	$564	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0368%	1h	0.09703	−0.010%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0142% / S +0.0526%	1h	0.09706	+0.023%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09726	+0.228%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.987%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09705	+0.014%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0012%	8h	0.09719	+0.153%	$13K	$2K	5x	as long as short
Gate XPL_USDT	+0.0038%	4h	0.09710	+0.062%	$3.0M	$4.1M	75x	as long as short
Orderly PERP_XPL_USDC	+0.0045%	4h	0.09698	−0.062%	$29K	$335K	10x	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	0.09708	+0.041%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09734	+0.312%	$62.8M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09718	+0.149%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09723	+0.192%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09702	−0.016%	$44.2M	$108.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09703	−0.010%	$47.0M	$55.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09699	−0.052%	$8.7M	$54.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09711	+0.073%	$141K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09710	+0.062%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09719	+0.155%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09711	+0.072%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09705	+0.010%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09706	+0.021%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09704	+0.001%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09709	+0.049%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.062%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09713	+0.090%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.247%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.041%	$204	$10K	10x	as long as short
HTX XPL-USDTshort	+0.0100%	4h	0.09705	+0.010%	$138K	$235K	20x
Extended XPL-USD	+0.0104%	1h	0.09706	+0.022%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09700	−0.041%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09731	+0.278%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09700	−0.041%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.247%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5120%	1h	0.09751	+0.482%	$563K	$1.0M	10x	as long as short