XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0548%/8h= −60.0% APRnext payment −$0.69 per $10,000 · paid last 24h +0.012%

Price spread now: GMX against Lighter+0.172%7-day average +0.075% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.028%+$3 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.172%, 7d avg +0.075%

Together, before fees+0.006%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.097% dearer against Lighter than usual: you sell high and buy low (spread +0.172% now, against its 7-day average of +0.075%): +$10 on $10k if it goes back. Holding the pair costs −$16 a day in funding at the current rate, which eats that in about 14 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.028% in total (about 3.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.69 per $10,000. 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	0.09642	−0.0008	get 0.0001% / 1h	42m 13s	$4.4M	$4.2M	10x
Short	GMX XPL/USD [WBTC.b-USDC]	0.09659	L −0.0189% / S +0.0556%	pay 0.0070% / 1h	42m 13s	$111K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.172%Rate

Funding earned: −$115.09
Price spread: +0.172% → +0.075%: $9.69
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$117.39
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 10 min ago; GMX: no order-book sample. Net counts fees only.

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, 10 min ago	4.65 bp	16.8 bp −$17	37.3 bp −$373	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0208%	1h	0.09672	+0.311%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]short	L −0.0189% / S +0.0556%	1h	0.09659	+0.172%	$111K	—	100x
Backpack XPL_USDC_PERP	−0.0116%	1h	0.09660	+0.187%	$181K	$243K	10x	as long as short
Lighter XPLlong	−0.0008%	1h	0.09642	long leg	$4.4M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09670	+0.288%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.482%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09656	+0.145%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09660	+0.188%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09654	+0.124%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09667	+0.261%	$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
OKX XPL-USDT-SWAP	+0.0060%	4h	0.09657	+0.156%	$8.4M	$55.8M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09666	+0.249%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09681	+0.403%	$62.7M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09671	+0.297%	$246K	$550K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09667	+0.257%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09654	+0.124%	$44.0M	$110.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09657	+0.156%	$46.5M	$58.2M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09661	+0.197%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09658	+0.166%	$12.8M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09650	+0.083%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09668	+0.270%	$8.5M	$11.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09660	+0.187%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09678	+0.373%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09680	+0.391%	$264K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.809%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09676	+0.355%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	+0.187%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.083%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09671	+0.301%	$141K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.709%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09652	+0.108%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09651	+0.093%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09693	+0.529%	$196K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.664%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09675	+0.342%	$78K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4411%	1h	0.09698	+0.580%	$549K	$1.0M	10x	as long as short