Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0002%/8h= +0.3% APRpaid last 24h +0.150%

Price spread now: Paradex against Lighter+0.101%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.101% dearer against Lighter than usual: you sell high and buy low, +$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09964	0.0096	pay 0.0012% / 1h	32m 02s	$4.5M	$4.2M	10x
Short	Paradex XPL-USD-PERP	0.09974	0.0098	get 0.0098% / 8h	3h 32m	$13K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0.49
Price spread: +0.101% → 0.000%: $10.12
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: $6.61
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Paradex: no order-book sample. Net counts fees only.

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, 6 min ago	3.49 bp	6.4 bp −$6	33.1 bp −$331	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
dYdX XPL-USD	0.0000%	1h	0.09973	+0.089%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−24.019%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09967	+0.030%	$50K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09964	+0.003%	$73K	—	150x	as long as short
01 Exchange XPLUSD	+0.0064%	1h	0.09969	+0.050%	$580	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0076%	4h	0.09967	+0.030%	$28K	$333K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0086%	1h	0.09962	−0.020%	$186K	$286K	10x	as long as short
Lighter XPLlong	+0.0096%	1h	0.09964	long leg	$4.5M	$4.2M	10x
Paradex XPL-USD-PERPshort	+0.0098%	8h	0.09974	+0.101%	$13K	$2K	5x
Nado XPL-PERP	+0.0100%	1h	0.09969	+0.053%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09975	+0.109%	$262K	$509K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09982	+0.185%	$226K	$17K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09964	0.000%	$45.5M	$102.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09958	−0.060%	$48.3M	$51.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09958	−0.060%	$9.5M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09980	+0.161%	$144K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09967	+0.030%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09963	−0.010%	$13.7M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09959	−0.050%	$2.5M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09966	+0.020%	$8.7M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09958	−0.060%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09999	+0.348%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09991	+0.269%	$262K	$711K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.1003	+0.662%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09976	+0.116%	$135K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09960	−0.040%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09970	+0.060%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09963	−0.010%	$141K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09965	+0.007%	$720K	$983K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09978	+0.144%	$39K	$5K	3x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L +0.0204% / S +0.0037%	1h	0.09963	−0.008%	$140K	—	100x	as long as short
Phoenix XPL	+0.0318%	1h	0.1002	+0.532%	$205K	$640K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09982	+0.181%	$1.8M	$1.2M	75x	as long as short
Hyperliquid XPL	+0.0608%	1h	0.09978	+0.136%	$66.1M	$44.8M	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.1013	+1.666%	$77K	$108K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3348%	1h	0.1001	+0.480%	$298K	$704K	10x	as long as short