Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.119%

Price spread now: SunX against Lighter−0.155%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$278as in the Funding arb table

Net, price: spread back to 7d avg − costs−$333as in the Price arb table

costs, in and out, $10k−$3293.291% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.513%+$51 on $10k

Price spread, last 4 days (all we have)−0.091%−$9 · spread now −0.155%, 7d avg −0.116%

Together, before fees+0.422%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.039% cheaper against Lighter than usual: you would sell low and buy high (spread −0.155% now, against its 7-day average of −0.116%). If the spread goes back, that is −$4 on $10k: about 3.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.513% in total) that is about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09675	0.0064	pay 0.0008% / 1h	8m 43s	$4.4M	$3.0M	10x
Short	SunX XPL-USDT	0.09660	0.0100	get 0.0050% / 4h	2h 08m	$3K	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.155%Rate

Funding earned: $7.56
Price spread: −0.155% → −0.116%: −$3.86
Slippage, 4 orders: −$321.14
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$325.44
Costs to cover: 3.291%
Break-even: 308.3 days

Slippage from Lighter: live order book, 4 min ago; SunX: live order book, 7 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	5.18 bp	18.2 bp −$18	36.0 bp −$360	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	31.15 bp	138.8 bp −$139	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
01 Exchange XPLUSD	−0.0256%	1h	0.09680	+0.052%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09702	+0.283%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09686	+0.114%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09681	+0.065%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.748%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09697	+0.232%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09688	+0.134%	$29K	$295K	10x	as long as short
Lighter XPLlong	+0.0064%	1h	0.09675	long leg	$4.4M	$3.0M	10x
Paradex XPL-USD-PERP	+0.0068%	8h	0.09682	+0.069%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09700	+0.258%	$1.2M	$2.3M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09685	+0.101%	$61.3M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09689	+0.144%	$255K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09680	+0.052%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09681	+0.062%	$43.9M	$98.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09678	+0.031%	$45.9M	$53.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09678	+0.031%	$8.1M	$48.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09661	−0.142%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09683	+0.083%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09683	+0.083%	$12.6M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09674	−0.010%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09686	+0.114%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09679	+0.041%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09676	+0.010%	$176K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09692	+0.174%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09700	+0.258%	$259K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.362%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09712	+0.382%	$127K	$1.8M	10x	as long as short
SunX XPL-USDTshort	+0.0100%	4h	0.09660	−0.155%	$3K	$1.7M	20x
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.052%	$205	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09710	+0.362%	$138K	$188K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09676	+0.012%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09684	+0.094%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09718	+0.444%	$197K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09699	+0.248%	$1.7M	$950K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09692	+0.176%	$66K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2860%	1h	0.09722	+0.487%	$552K	$954K	10x	as long as short