Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0732%/8h= +80.2% APRpaid last 24h +0.147%

Price spread now: Bybit against Lighter+0.113%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$400.402% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 7 days−0.193%−$19 · spread now +0.113%, 7d avg +0.016%

Together, before fees+0.234%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$22 a day on $10k at the current rate, and Bybit is 0.097% dearer against Lighter than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.016%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.427% in total (about 22.3% 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	Lighter XPL	0.09751	−0.0632	get 0.0079% / 1h	42m 40s	$4.4M	$4.1M	10x
Short	Bybit XPLUSDT	0.09762	0.0100	get 0.0050% / 4h	42m 40s	$47.8M	$55.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now +0.113%Rate

Funding earned: $153.72
Price spread: +0.113% → +0.016%: $9.67
Slippage, 4 orders: −$29.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $123.23
Costs to cover: 0.402%
Break-even: 1.4 days

Slippage from Lighter: live order book, 5 min ago; Bybit: live order book, 1 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 Lighter live order book, 5 min ago	2.56 bp	10.1 bp −$10	38.4 bp −$384	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.51 bp	12.6 bp −$13	34.4 bp −$344	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 XPLlong	−0.0632%	1h	0.09751	long leg	$4.4M	$4.1M	10x
Deribit XPL_USDC-PERPETUAL	−0.0465%	1h	0.09777	+0.267%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0328%	1h	0.09746	−0.051%	$567	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0129% / S +0.0517%	1h	0.09787	+0.365%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09771	+0.202%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.363%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09788	+0.383%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09763	+0.119%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0060%	4h	0.09779	+0.287%	$29K	$335K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09780	+0.292%	$1.4M	$2.6M	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	0.09785	+0.347%	$63.3M	$48.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09779	+0.288%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09770	+0.195%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09760	+0.092%	$44.3M	$107.9M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09762	+0.113%	$47.8M	$55.1M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09760	+0.092%	$8.9M	$54.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09762	+0.113%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09761	+0.103%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09771	+0.205%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09768	+0.174%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09760	+0.092%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09779	+0.287%	$180K	$280K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09803	+0.536%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09781	+0.310%	$262K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.400%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+0.417%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	+0.092%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	+0.195%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09770	+0.195%	$139K	$241K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09800	+0.502%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09756	+0.054%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09778	+0.278%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09796	+0.461%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09769	+0.185%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.759%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5077%	1h	0.09833	+0.845%	$566K	$1.0M	10x	as long as short