Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.145%

Price spread now: Lighter against HTX−0.321%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1121.124% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.669%−$67 on $10k

Price spread, last 4 days (all we have)+0.684%+$68 · spread now −0.321%, 7d avg −0.031%

Together, before fees+0.016%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.290% cheaper against HTX than usual: you would sell low and buy high, −$29 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX XPL-USDT	0.09645	0.0100	pay 0.0050% / 4h	21m 40s	$141K	$206K	20x
Short	Lighter XPL	0.09614	0.0096	get 0.0012% / 1h	21m 40s	$4.4M	$3.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.321%Rate

Funding earned: −$0.84
Price spread: −0.321% → −0.031%: −$29.04
Slippage, 4 orders: −$100.38
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$142.26
Costs to cover: 1.124%
Break-even: never at this rate

Slippage from HTX: live order book, 35 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 HTX live order book, 35 min ago	11.53 bp	28.4 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	4.70 bp	13.6 bp −$14	27.4 bp −$274	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	−0.0368%	1h	0.09627	−0.187%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0312% / S +0.0615%	1h	0.09631	−0.145%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0165%	1h	0.09629	−0.166%	$46K	$18K	25x	as long as short
Bybit XPLUSDT	−0.0088%	4h	0.09610	−0.363%	$45.5M	$54.7M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0005%	1h	0.09616	−0.301%	$178K	$223K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09620	−0.258%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.507%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09632	−0.138%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09627	−0.187%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09610	−0.366%	$12K	$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	0.09614	−0.321%	$4.4M	$3.3M	10x
Nado XPL-PERP	+0.0100%	1h	0.09625	−0.207%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09637	−0.085%	$60.8M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09627	−0.186%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09627	−0.190%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09615	−0.307%	$43.7M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09608	−0.384%	$8.3M	$49.3M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09615	−0.311%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09617	−0.290%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09610	−0.363%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09630	−0.156%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09625	−0.207%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.314%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	−0.347%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.052%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09643	−0.024%	$124K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.363%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	−0.259%	$201	$12K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09645	long leg	$141K	$206K	20x
Bulk XPL-USD	+0.0100%	1h	0.09630	−0.156%	$140K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09616	−0.295%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09627	−0.189%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	−0.197%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09635	−0.104%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.321%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3300%	1h	0.09668	+0.235%	$548K	$975K	10x	as long as short