Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0031%/8h= +3.4% APRpaid last 24h +0.130%

Price spread now: Orderly against Lighter+0.093%7-day average +0.017% · you sell dearer than you buy

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.310%+$31 on $10k

Price spread, last 3 days (all we have)−0.083%−$8 · spread now +0.093%, 7d avg +0.017%

Together, before fees+0.227%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Orderly is 0.076% dearer against Lighter than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09699	−0.0024	get 0.0003% / 1h	43m 44s	$4.4M	$4.2M	10x
Short	Orderly PERP_XPL_USDC	0.09708	0.0007	get 0.0003% / 4h	2h 43m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.093%Rate

Funding earned: $6.5
Price spread: +0.093% → +0.017%: $7.6
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $8.1
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 9 min ago; Orderly: 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, 9 min ago	4.65 bp	16.8 bp −$17	37.3 bp −$373	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0216%	1h	0.09710	+0.113%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0188% / S +0.0555%	1h	0.09698	−0.007%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0114%	1h	0.09730	+0.320%	$180K	$242K	10x	as long as short
Lighter XPLlong	−0.0024%	1h	0.09699	long leg	$4.4M	$4.2M	10x
dYdX XPL-USD	0.0000%	1h	0.09708	+0.088%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.943%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09704	+0.051%	$78K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0007%	4h	0.09708	+0.093%	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0057%	8h	0.09718	+0.199%	$13K	$2K	5x	as long as short
Deribit XPL_USDC-PERPETUAL	+0.0059%	1h	0.09716	+0.175%	$47K	$18K	25x	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	0.09701	+0.021%	$8.4M	$56.0M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09692	−0.075%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09740	+0.423%	$63.1M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09729	+0.309%	$247K	$550K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09715	+0.165%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09715	+0.163%	$44.2M	$110.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09695	−0.041%	$46.7M	$58.2M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09701	+0.021%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09702	+0.031%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09700	+0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09705	+0.062%	$8.6M	$11.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09703	+0.041%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09678	−0.217%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.204%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.217%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09702	+0.033%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.299%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.217%	$203	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09676	−0.237%	$141K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.117%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09705	+0.060%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.161%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09693	−0.062%	$196K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.072%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09692	−0.072%	$79K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4389%	1h	0.09745	+0.477%	$552K	$1.0M	10x	as long as short