Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1162%/8h= −127.2% APRpaid last 24h −0.110%

Price spread now: Lighter against Paradex−0.177%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Lighter

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 airdropParadex: Active · Lighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$35 a day on $10k at the current rate, and Lighter is 0.177% cheaper against Paradex than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex XPL-USD-PERP	0.09655	0.0066	pay 0.0066% / 8h	1h 09m	$13K	$696	5x
Short	Lighter XPL	0.09638	−0.1096	pay 0.0137% / 1h	9m 59s	$4.4M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now −0.177%Rate

Funding earned: −$244
Price spread: −0.177% → 0.000%: −$17.71
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$265.71
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Lighter: live order book, 3 min ago. 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 Paradex no order-book sample	—	—	—	—	—
Sell Lighter live order book, 3 min ago	2.60 bp	8.5 bp −$8	41.7 bp −$417	doesn't fit	doesn't fit

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
Lighter XPLshort	−0.1096%	1h	0.09638	−0.177%	$4.4M	$3.2M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09653	−0.025%	$107K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09648	−0.074%	$561	$873	5x	as long as short
Orderly PERP_XPL_USDC	−0.0006%	4h	0.09649	−0.063%	$30K	$266K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09657	+0.015%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.587%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09654	−0.011%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09654	−0.009%	$73K	—	150x	as long as short
Paradex XPL-USD-PERPlong	+0.0066%	8h	0.09655	long leg	$13K	$696	5x
Nado XPL-PERP	+0.0100%	1h	0.09652	−0.027%	$1.3M	$2.2M	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	0.09664	+0.097%	$61.1M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09653	−0.019%	$255K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09660	+0.051%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09643	−0.129%	$43.9M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09644	−0.115%	$46.1M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09642	−0.136%	$7.8M	$48.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	−0.001%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09651	−0.042%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09643	−0.125%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09643	−0.125%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09653	−0.022%	$9.1M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09645	−0.105%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09654	−0.011%	$181K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09660	+0.048%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09647	−0.084%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.053%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09659	+0.036%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	−0.260%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	−0.053%	$201	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	−0.094%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09640	−0.154%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09652	−0.033%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09667	+0.123%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09643	−0.125%	$1.7M	$937K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+0.651%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2827%	1h	0.09686	+0.322%	$550K	$932K	10x	as long as short