Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1492%/8h= −163.4% APRpaid last 24h −0.191%

Price spread now: Lighter against BloFin−0.125%90s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.303% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.948%−$95 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now −0.125%, 7d avg −0.019%

Together, before fees−0.837%+ Points / potential airdropLighter: Season 3 · farm board−$84 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$45 a day on $10k at the current rate, and Lighter is 0.106% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.019%). Swap the legs. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.948% in total (about -49.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin XPL-USDT	0.09620	0.0340	pay 0.0170% / 4h	1h 01m	$1.7M	$934K	75x
Short	Lighter XPL	0.09608	−0.1152	pay 0.0144% / 1h	1m 45s	$4.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$313.32
Price spread: −0.125% → −0.019%: −$10.62
Slippage, 4 orders: −$18.33
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$354.27
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Lighter: 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 BloFin live order book, 6 min ago	1.04 bp	10.1 bp −$10	21.5 bp −$215	59.8 bp −$5,981	doesn't fit
Sell Lighter live order book, 6 min ago	2.60 bp	8.2 bp −$8	43.5 bp −$435	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
Lighter XPLshort	−0.1152%	1h	0.09608	−0.125%	$4.3M	$3.2M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09629	+0.093%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09620	0.000%	$559	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09625	+0.052%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0009%	4h	0.09621	+0.010%	$30K	$246K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09630	+0.100%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.301%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09630	+0.106%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09621	+0.015%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09621	+0.010%	$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	0.09641	+0.219%	$60.9M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09631	+0.110%	$254K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	+0.105%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09621	+0.007%	$43.8M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09621	+0.010%	$45.9M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09619	−0.010%	$7.8M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	+0.364%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09623	+0.031%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09621	+0.010%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09621	+0.010%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09630	+0.104%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09622	+0.021%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09627	+0.073%	$180K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09647	+0.279%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09635	+0.161%	$263K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+0.312%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09635	+0.158%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.104%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	0.000%	$198	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09607	−0.135%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09619	−0.012%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09620	+0.005%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+0.416%	$196K	$506K	10x	as long as short
BloFin XPL-USDTlong	+0.0340%	4h	0.09620	long leg	$1.7M	$934K	75x
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.019%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2835%	1h	0.09657	+0.386%	$548K	$932K	10x	as long as short