Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1448%/8h= +158.6% APRnext payment +$1.81 per $10,000 · paid last 24h —

Price spread now: Reya against Lighter−20.543%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 20.543% cheaper against Lighter than usual: you would sell low and buy high (spread −20.543% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,054 on $10k: about 47 days of funding at the current rate (+$43 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09528	−0.1448	get 0.0181% / 1h	37m 00s	$4.3M	$3.2M	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	37m 00s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −20.543%Rate

Funding earned: $304.08
Price spread: −20.543% → 0.000%: −$2,054.26
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$1,756.18
Costs to cover: 0.060%
Break-even: 47.4 days

Slippage unknown: Lighter: live order book, 6 min ago; Reya: 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, 6 min ago	4.17 bp	5.2 bp −$5	20.3 bp −$203	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Lighter XPLlong	−0.1448%	1h	0.09528	long leg	$4.3M	$3.2M	10x
01 Exchange XPLUSD	−0.0496%	1h	0.09528	0.000%	$554	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0378%	1h	0.09544	+0.168%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09551	+0.245%	$105K	—	100x	as long as short
Orderly PERP_XPL_USDC	−0.0019%	4h	0.09542	+0.147%	$30K	$246K	10x	as long as short
Paradex XPL-USD-PERP	−0.0001%	8h	0.09543	+0.158%	$12K	$696	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09547	+0.200%	$9K	$600	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.543%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09552	+0.249%	$72K	—	150x	as long as short
Bybit XPLUSDT	+0.0041%	4h	0.09537	+0.094%	$45.5M	$53.8M	75x	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	+0.0100%	4h	0.09538	+0.105%	$7.7M	$47.6M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09548	+0.205%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09556	+0.293%	$60.4M	$46.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09552	+0.249%	$252K	$419K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09551	+0.236%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09541	+0.134%	$43.2M	$97.8M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	+0.231%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09544	+0.168%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09544	+0.168%	$12.5M	$6.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09555	+0.283%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09554	+0.273%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09540	+0.126%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09552	+0.252%	$179K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09576	+0.500%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09570	+0.440%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.651%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09551	+0.246%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09520	−0.084%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	+0.126%	$194	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09553	+0.262%	$132K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09541	+0.141%	$598K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09532	+0.046%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09564	+0.378%	$194K	$495K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09543	+0.157%	$1.7M	$923K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0808%	1h	0.09567	+0.409%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2735%	1h	0.09592	+0.669%	$544K	$930K	10x	as long as short