XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0292%/8h= +32.0% APRnext payment +$0.36 per $10,000 · paid last 24h +0.150%

Price spread now: Polymarket Perps against Lighter+0.118%7-day average +0.147% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.487%+$49 on $10k

Price spread, last 3 days (all we have)+0.239%+$24 · spread now +0.118%, 7d avg +0.147%

Together, before fees+0.727%+ Points / potential airdropLighter: Season 3 · farm board+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.029% cheaper against Lighter than usual: you would sell low and buy high (spread +0.118% now, against its 7-day average of +0.147%). If the spread goes back, that is −$3 on $10k: about 8 hours of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09713	−0.0192	get 0.0024% / 1h	8m 24s	$4.4M	$4.1M	10x
Short	Polymarket Perps XPL-USD	0.09724	0.0100	get 0.0013% / 1h	8m 24s	$129K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.118%Rate

Funding earned: $61.32
Price spread: +0.118% → +0.147%: −$2.85
Slippage, 4 orders: −$29.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $21.32
Costs to cover: 0.371%
Break-even: 4.6 days

Slippage from Lighter: live order book, 4 min ago; Polymarket Perps: live order book, 6 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, 4 min ago	3.09 bp	5.0 bp −$5	21.8 bp −$218	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 6 min ago	4.53 bp	8.8 bp −$9	8.9 bp −$89	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	−0.0281%	1h	0.09728	+0.154%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09717	+0.041%	$565	$708	5x	as long as short
Lighter XPLlong	−0.0192%	1h	0.09713	long leg	$4.4M	$4.1M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0116% / S +0.0509%	1h	0.09726	+0.130%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09721	+0.079%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.058%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09727	+0.144%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09712	−0.009%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0071%	4h	0.09723	+0.103%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0086%	8h	0.09724	+0.109%	$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	0.09715	+0.021%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09727	+0.146%	$62.9M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09728	+0.159%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09729	+0.168%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09718	+0.048%	$43.9M	$107.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	+0.010%	$47.8M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09708	−0.051%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09714	+0.013%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09721	+0.082%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09712	−0.010%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09711	−0.021%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09717	+0.041%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09720	+0.072%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09707	−0.060%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09717	+0.040%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.072%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09724	+0.118%	$129K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.031%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.072%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09720	+0.072%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09719	+0.057%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09727	+0.143%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09722	+0.093%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09727	+0.144%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.484%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4590%	1h	0.09780	+0.686%	$561K	$995K	10x	as long as short