Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0541%/8h= −59.2% APRpaid last 24h −0.133%

Price spread now: Lighter against Bybit+0.137%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.441%−$44 on $10k

Price spread, last 7 days−0.153%−$15 · spread now +0.137%, 7d avg −0.019%

Together, before fees−0.594%+ Points / potential airdropLighter: Season 3 · farm board−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.157% dearer against Bybit than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of −0.019%): +$16 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 23 hours. At the pace of the last 7 days (−0.441% in total) that is about 2.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09457	−0.0251	get 0.0126% / 4h	1h 56m	$44.7M	$52.1M	75x
Short	Lighter XPL	0.09470	−0.0792	pay 0.0099% / 1h	56m 35s	$4.3M	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee LighterbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$113.6
Price spread: +0.137% → −0.019%: $15.68
Slippage, 4 orders: −$35.41
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$144.33
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 4 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 Bybit live order book, 5 min ago	0.53 bp	12.4 bp −$12	35.8 bp −$358	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	2.11 bp	15.4 bp −$15	34.4 bp −$344	doesn't fit	doesn't fit

XPL on 36 exchanges

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	−0.0792%	1h	0.09470	+0.137%	$4.3M	$3.0M	10x
01 Exchange XPLUSD	−0.0528%	1h	0.09465	+0.085%	$550	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0488%	1h	0.09480	+0.243%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0414% / S +0.0675%	1h	0.09486	+0.302%	$105K	—	100x	as long as short
Bybit XPLUSDTlong	−0.0251%	4h	0.09457	long leg	$44.7M	$52.1M	75x
Extended XPL-USD	−0.0152%	1h	0.09454	−0.027%	$601K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0117%	8h	0.09453	−0.045%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0086%	4h	0.09475	+0.190%	$30K	$185K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0051%	4h	0.09458	+0.011%	$7.5M	$46.3M	50x	as long as short
Binance XPLUSDT	−0.0025%	4h	0.09456	−0.010%	$43.4M	$95.5M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0022%	4h	0.09456	−0.011%	$13.3M	$6.3M	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09489	+0.340%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−19.947%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09487	+0.315%	$72K	—	150x	as long as short
Gate XPL_USDT	+0.0022%	4h	0.09458	+0.011%	$2.9M	$3.2M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0032%	1h	0.09484	+0.286%	$179K	$170K	10x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09475	+0.190%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09476	+0.196%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09493	+0.379%	$60.2M	$42.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09470	+0.137%	$252K	$360K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09472	+0.159%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09460	+0.032%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09468	+0.116%	$8.9M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09458	+0.011%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09489	+0.341%	$1.7M	$1.7M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09495	+0.403%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09500	+0.455%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09484	+0.286%	$124K	$1.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09460	+0.032%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09480	+0.243%	$183	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09487	+0.317%	$132K	$204K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09455	−0.021%	$138K	$5K	10x	as long as short
Phoenix XPL	+0.0166%	1h	0.09514	+0.603%	$192K	$434K	10x	as long as short
BloFin XPL-USDT	+0.0218%	4h	0.09471	+0.148%	$1.7M	$827K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+0.857%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1345%	1h	0.09513	+0.593%	$544K	$976K	10x	as long as short