XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0152%/8h= +16.6% APRnext payment +$0.19 per $10,000 · paid last 24h +0.194%

Price spread now: Phoenix against Lighter+0.518%7-day average +0.216% · you sell dearer than you buy

Net, funding: paid 7d − costs+$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.929%+$93 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.518%, 7d avg +0.216%

Together, before fees+0.859%+ Points / potential airdropLighter: Season 3 · farm board+$86 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Phoenix is 0.302% dearer against Lighter than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of +0.216%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09655	0.0096	pay 0.0012% / 1h	24m 34s	$4.4M	$3.0M	10x
Short	Phoenix XPL	0.09705	0.0248	get 0.0031% / 1h	24m 34s	$196K	$573K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.518%Rate

Funding earned: $31.88
Price spread: +0.518% → +0.216%: $30.21
Slippage, 4 orders: −$40.56
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $14.54
Costs to cover: 0.476%
Break-even: 3.8 days

Slippage from Lighter: live order book, 3 min ago; Phoenix: live order book, 28 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	2.59 bp	10.4 bp −$10	36.3 bp −$363	doesn't fit	doesn't fit
Sell Phoenix live order book, 28 min ago	1.03 bp	14.8 bp −$15	48.1 bp −$481	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
01 Exchange XPLUSD	−0.0368%	1h	0.09657	+0.021%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09669	+0.142%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09664	+0.093%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0094%	1h	0.09669	+0.145%	$176K	$188K	10x	as long as short
Bybit XPLUSDT	−0.0027%	4h	0.09661	+0.062%	$45.8M	$54.1M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09670	+0.157%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.587%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09670	+0.154%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09661	+0.062%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0059%	8h	0.09660	+0.048%	$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
Lighter XPLlong	+0.0096%	1h	0.09655	long leg	$4.4M	$3.0M	10x
Nado XPL-PERP	+0.0100%	1h	0.09663	+0.083%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09675	+0.203%	$61.3M	$46.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09672	+0.178%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09668	+0.134%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09660	+0.054%	$43.9M	$100.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09661	+0.062%	$8.2M	$48.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09662	+0.073%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09661	+0.062%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	+0.052%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09672	+0.176%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09663	+0.083%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09668	+0.132%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	+0.361%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.259%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09672	+0.175%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.052%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.052%	$200	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09663	+0.083%	$141K	$188K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	+0.259%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09659	+0.044%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.052%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0248%	1h	0.09705	+0.518%	$196K	$573K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09659	+0.041%	$1.7M	$961K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.694%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3106%	1h	0.09697	+0.438%	$551K	$990K	10x	as long as short