XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.3005%/8h= +329.0% APRnext payment +$3.76 per $10,000 · paid last 24h +0.674%

Price spread now: Kraken Futures against Lighter+0.393%7-day average +0.158% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$890.893% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.834%+$83 on $10k

Price spread, last 4 days (all we have)−0.500%−$50 · spread now +0.393%, 7d avg +0.158%

Together, before fees+0.334%+ Points / potential airdropLighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$90 a day on $10k at the current rate, and Kraken Futures is 0.235% dearer against Lighter than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.158%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.834% in total (about 43.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$3.76 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	0.09675	0.0096	pay 0.0012% / 1h	47m 50s	$4.4M	$3.0M	10x
Short	Kraken Futures PF_XPLUSD	0.09713	0.3101	get 0.0388% / 1h	47m 50s	$551K	$981K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.393%Rate

Funding earned: $631.02
Price spread: +0.393% → +0.158%: $23.49
Slippage, 4 orders: −$79.25
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $565.25
Costs to cover: 0.893%
Break-even: 0.7 days

Slippage from Lighter: live order book, 5 min ago; Kraken Futures: live order book, just now.

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	2.58 bp	7.7 bp −$8	34.4 bp −$344	doesn't fit	doesn't fit
Sell Kraken Futures live order book, just now	27.78 bp	35.1 bp −$35	481.3 bp −$4,813	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	−0.0432%	1h	0.09668	−0.072%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09682	+0.075%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09682	+0.072%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0082%	1h	0.09685	+0.103%	$179K	$198K	10x	as long as short
Gate XPL_USDT	−0.0050%	4h	0.09678	+0.031%	$3.0M	$3.4M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09678	+0.030%	$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	0.09686	+0.111%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09679	+0.041%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0054%	8h	0.09686	+0.117%	$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
Bybit XPLUSDT	+0.0055%	4h	0.09682	+0.072%	$45.8M	$54.4M	75x	as long as short
Lighter XPLlong	+0.0096%	1h	0.09675	long leg	$4.4M	$3.0M	10x
Nado XPL-PERP	+0.0100%	1h	0.09687	+0.124%	$1.2M	$2.5M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09699	+0.245%	$61.2M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09689	+0.149%	$252K	$470K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09691	+0.165%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09677	+0.022%	$43.9M	$102.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09684	+0.093%	$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	0.09680	+0.052%	$12.6M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09679	+0.041%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09690	+0.155%	$8.8M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09679	+0.041%	—	$7.8M	—	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	0.09694	+0.195%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.052%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	+0.052%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09682	+0.072%	$142K	$201K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09680	+0.050%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09680	+0.052%	$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	0.09666	−0.093%	$1.7M	$976K	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_XPLUSDshort	+0.3101%	1h	0.09713	+0.393%	$551K	$981K	10x