Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1187%/8h= −129.9% APRpaid last 24h −0.119%

Price spread now: Lighter against Orderly−0.106%7-day average −0.013% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.322%−$32 on $10k

Price spread, last 4 days (all we have)+0.707%+$71 · spread now −0.106%, 7d avg −0.013%

Together, before fees+0.385%+ Points / potential airdropLighter: Season 3 · farm board+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Lighter is 0.092% cheaper against Orderly than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.322% in total (about -16.8% a year). A funding rate is set anew for every payment. 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	Orderly PERP_XPL_USDC	0.09478	−0.0029	get 0.0015% / 4h	3h 31m	$30K	$246K	10x
Short	Lighter XPL	0.09468	−0.1216	pay 0.0152% / 1h	31m 58s	$4.3M	$3.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$249.22
Price spread: −0.106% → −0.013%: −$9.25
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$264.46
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 6 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 6 min ago	5.26 bp	7.2 bp −$7	22.1 bp −$221	doesn't fit	doesn't fit

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
Lighter XPLshort	−0.1216%	1h	0.09468	−0.106%	$4.3M	$3.2M	10x
Bybit XPLUSDT	−0.0476%	4h	0.09479	+0.011%	$45.0M	$54.3M	75x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09483	+0.053%	$551	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0382%	1h	0.09484	+0.063%	$45K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09487	+0.093%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0113%	8h	0.09486	+0.087%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0093%	1h	0.09486	+0.084%	$178K	$180K	10x	as long as short
Gate XPL_USDT	−0.0088%	4h	0.09481	+0.032%	$2.9M	$3.3M	75x	as long as short
OKX XPL-USDT-SWAP	−0.0042%	4h	0.09479	+0.011%	$7.5M	$47.3M	50x	as long as short
Orderly PERP_XPL_USDClong	−0.0029%	4h	0.09478	long leg	$30K	$246K	10x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09500	+0.232%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.123%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09488	+0.101%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09486	+0.084%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09490	+0.122%	$60.0M	$45.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09490	+0.123%	$251K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09499	+0.219%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09477	−0.009%	$43.2M	$98.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	+0.338%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09479	+0.011%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09478	0.000%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09488	+0.106%	$8.9M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09481	+0.032%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09502	+0.253%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09500	+0.232%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	+0.338%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09495	+0.179%	$124K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09460	−0.190%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09480	+0.021%	$189	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09485	+0.074%	$132K	$214K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09476	−0.021%	$598K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09522	+0.460%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09511	+0.348%	$192K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09481	+0.032%	$1.7M	$935K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+1.245%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2727%	1h	0.09512	+0.361%	$540K	$957K	10x	as long as short