XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0180%/8h= +19.7% APRnext payment +$0.23 per $10,000 · paid last 24h +0.148%

Price spread now: Polymarket Perps against Lighter+0.165%7-day average +0.142% · you sell dearer than you buy

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.369% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.488%+$49 on $10k

Price spread, last 3 days (all we have)+0.227%+$23 · spread now +0.165%, 7d avg +0.142%

Together, before fees+0.715%+ Points / potential airdropLighter: Season 3 · farm board+$72 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Polymarket Perps is 0.023% dearer against Lighter than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.142%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09685	−0.0080	get 0.0010% / 1h	4m 04s	$4.4M	$4.3M	10x
Short	Polymarket Perps XPL-USD	0.09701	0.0100	get 0.0013% / 1h	4m 04s	$129K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.165%Rate

Funding earned: $37.8
Price spread: +0.165% → +0.142%: $2.29
Slippage, 4 orders: −$28.86
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $3.24
Costs to cover: 0.369%
Break-even: 6.4 days

Slippage from Lighter: live order book, 3 min ago; Polymarket Perps: live order book, 5 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, 3 min ago	3.62 bp	14.4 bp −$14	36.6 bp −$366	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.42 bp	8.5 bp −$8	9.7 bp −$97	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
Backpack XPL_USDC_PERP	−0.0105%	1h	0.09701	+0.165%	$177K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0089% / S +0.0492%	1h	0.09696	+0.115%	$112K	—	100x	as long as short
Lighter XPLlong	−0.0080%	1h	0.09685	long leg	$4.4M	$4.3M	10x
01 Exchange XPLUSD	−0.0072%	1h	0.09690	+0.052%	$563	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09698	+0.134%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09697	+0.119%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.833%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09696	+0.113%	$71K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09693	+0.083%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09697	+0.127%	$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
Nado XPL-PERP	+0.0100%	1h	0.09698	+0.134%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09710	+0.257%	$62.3M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09697	+0.126%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	+0.134%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09704	+0.196%	$43.7M	$105.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09701	+0.165%	$47.2M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09703	+0.186%	$9.0M	$53.2M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	+0.062%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09695	+0.103%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09695	+0.103%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09704	+0.196%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09701	+0.165%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09662	−0.237%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09704	+0.194%	$262K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	+0.155%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09701	+0.165%	$129K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.155%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.155%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09686	+0.010%	$137K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	+0.103%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09695	+0.108%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09696	+0.116%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09692	+0.072%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09705	+0.207%	$196K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09719	+0.351%	$73K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3511%	1h	0.09741	+0.573%	$513K	$948K	10x	as long as short