Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h −0.122%

Price spread now: Lighter against Gate−0.093%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$700.699% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.358%−$36 on $10k

Price spread, last 7 days−0.088%−$9 · spread now −0.093%, 7d avg −0.057%

Together, before fees−0.446%+ Points / potential airdropLighter: Season 3 · farm board−$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.036% cheaper against Gate than usual: you would sell low and buy high (spread −0.093% now, against its 7-day average of −0.057%). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.358%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate XPL_USDT	0.09675	0.0038	pay 0.0019% / 4h	3h 50m	$3.0M	$3.4M	75x
Short	Lighter XPL	0.09666	0.0096	get 0.0012% / 1h	50m 00s	$4.4M	$3.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.093%Rate

Funding earned: $12.18
Price spread: −0.093% → −0.057%: −$3.63
Slippage, 4 orders: −$54.89
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$61.34
Costs to cover: 0.699%
Break-even: 42.3 days

Slippage from Gate: live order book, 3 min ago; Lighter: live order book, 8 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 Gate live order book, 3 min ago	3.10 bp	23.5 bp −$24	132.6 bp −$1,326	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	2.59 bp	14.5 bp −$15	31.9 bp −$319	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	−0.0424%	1h	0.09666	−0.093%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0370%	1h	0.09672	−0.031%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09679	+0.040%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0047%	1h	0.09678	+0.031%	$179K	$198K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09686	+0.117%	$9K	$585	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	0.09679	+0.045%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09670	−0.052%	$29K	$339K	10x	as long as short
Gate XPL_USDTlong	+0.0038%	4h	0.09675	long leg	$3.0M	$3.4M	75x
Paradex XPL-USD-PERP	+0.0056%	8h	0.09674	−0.013%	$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
Lighter XPLshort	+0.0096%	1h	0.09666	−0.093%	$4.4M	$3.0M	10x
Nado XPL-PERP	+0.0100%	1h	0.09680	+0.047%	$1.2M	$2.5M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09688	+0.131%	$61.1M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09682	+0.077%	$252K	$470K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09687	+0.125%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09672	−0.031%	$43.9M	$102.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09674	−0.010%	$45.8M	$54.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09675	0.000%	$8.3M	$49.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09670	−0.052%	$141K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09671	−0.041%	$12.5M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09675	0.000%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09684	+0.093%	$8.8M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09669	−0.062%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09689	+0.143%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	+0.185%	$261K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.362%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09683	+0.082%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.155%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.052%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09693	+0.186%	$142K	$203K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09671	−0.038%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09676	+0.013%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	+0.351%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09690	+0.155%	$1.8M	$978K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09734	+0.610%	$75K	$82K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3101%	1h	0.09712	+0.379%	$551K	$976K	10x	as long as short