Settings8H · net · $10k
Funding arb · Price arb /

XPL

all XPL markets
SwapBacktest
Alert: funding
Alert: spread
Funding you earn now, next payment 23:00 UTC−0.0807%/8h= −88.3% APRnext payment $1.01 per $10,000 · paid last 24h −0.216%
Price spread now: Lighter against Phoenix−0.530%104s7-day average −0.216% · you buy dearer than you sell
Net, funding: paid 7d − costs−$145as in the Funding arb table
Net, price: spread back to 7d avg − costsprices read too far apart to compare
costs, in and out, $10k−$500.502% of the position
What this pair did over the last
the charts below follow
Funding, last 7 days−0.944%−$94 on $10k
Price spread, last 3 days (all we have)+0.138%+$14 · spread now −0.530%, 7d avg −0.216%
Together, before fees−0.807%+ Points / potential airdropLighter: Season 3 · farm board−$81 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Lighter is 0.314% cheaper against Phoenix than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.216%). Swap the legs. The two prices were read 104 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix XPL0.098110.0327pay 0.0041% / 1h55m 44s$199K$655K10x
ShortLighter XPL0.09759−0.0480pay 0.0060% / 1h55m 44s$4.4M$4.2M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Phoenix. 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

Funding earned
−$169.43
Price spread: −0.530% → −0.216%
−$31.45
Slippage, 4 orders
−$43.16
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Lighter: 0 bp × 2 orders
$0
Net
−$251.03
Costs to cover
0.502%
Break-even
never at this rate
Slippage from Phoenix: live order book, 17 min ago; Lighter: live order book, 12 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 17 min ago1.03 bp14.9 bp −$1556.1 bp −$561doesn't fitdoesn't fit
Sell Lighter live order book, 12 min ago5.13 bp7.4 bp −$731.8 bp −$318doesn't fitdoesn't fit

XPL on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Lighter XPLshort−0.0480%1h0.09759−0.530%$4.4M$4.2M10x
Deribit XPL_USDC-PERPETUAL−0.0363%1h0.09779−0.326%$47K$18K25xas long as short
01 Exchange XPLUSD−0.0184%1h0.09774−0.377%$568$7085xas long as short
GMX XPL/USD [WBTC.b-USDC]L −0.0152% / S +0.0533%1h0.09781−0.305%$113K100xas long as short
dYdX XPL-USD0.0000%1h0.09770−0.419%$8K5xas long as short
Reya XPLRUSDPERP0.0000%1h0.07570−22.838%as long as short
gTrade (Gains Network) XPL/USDL +0.0005% / S −0.0003%1h0.09783−0.282%$76K150xas long as short
Paradex XPL-USD-PERP+0.0024%8h0.09759−0.530%$13K$2K5xas long as short
Orderly PERP_XPL_USDC+0.0034%4h0.09775−0.367%$29K$335K10xas long as short
Nado XPL-PERP+0.0100%1h0.09771−0.403%$1.4M$2.6M10xas long as short
Show all 36 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hyperliquid XPL+0.0100%1h0.09786−0.257%$63.1M$48.2M10xas long as short
Aster XPLUSDT+0.0100%4h0.09780−0.315%$253K$528K20xas long as short
Pacifica XPL+0.0100%1h0.09769−0.428%$222K$46K10xas long as short
Binance XPLUSDT+0.0100%4h0.09759−0.525%$44.5M$108.9M75xas long as short
Bybit XPLUSDT+0.0100%4h0.09757−0.550%$47.3M$55.8M75xas long as short
OKX XPL-USDT-SWAP+0.0100%4h0.09756−0.561%$8.6M$55.1M50xas long as short
Bulk XPL-USD+0.0100%1h0.09796−0.158%$143K$4K10xas long as short
Gate XPL_USDT+0.0100%4h0.09781−0.306%$3.1M$4.0M75xas long as short
MEXC XPL_USDT+0.0100%4h0.09761−0.510%$12.8M$7.6M100xas long as short
KuCoin XPLUSDTM+0.0100%4h0.09768−0.438%$2.4M$1.5M50xas long as short
Bitget XPLUSDT+0.0100%4h0.09770−0.418%$8.7M$11.1M75xas long as short
BingX XPL-USDT+0.0100%4h0.09774−0.377%$7.9Mas long as short
Backpack XPL_USDC_PERP+0.0100%1h0.09782−0.296%$181K$282K10xas long as short
Variational Omni XPL+0.0100%4h0.09784−0.273%$1.6M$1.9Mas long as short
GRVT XPL_USDT_Perp+0.0100%4h0.09788−0.229%$259K$814K10xas long as short
ApeX Omni XPLUSDT+0.0100%1h0.09800−0.112%$25K$88K50xas long as short
Polymarket Perps XPL-USD+0.0100%1h0.09784−0.277%$131K$2.7M10xas long as short
SunX XPL-USDT+0.0100%4h0.09760−0.520%$3K$2.0M20xas long as short
SoDEX XPL-USD+0.0100%1h0.09780−0.316%$201$10K10xas long as short
HTX XPL-USDT+0.0100%4h0.09784−0.275%$142K$241K20xas long as short
Extended XPL-USD+0.0104%1h0.09772−0.396%$658K$1.1M25xas long as short
Aevo XPL-PERP+0.0104%1h0.09787−0.245%$38K$5K3xas long as short
Phoenix XPLlong+0.0327%1h0.09811long leg$199K$655K10x
BloFin XPL-USDT+0.0340%4h0.09791−0.204%$1.7M$1.2M75xas long as short
Coinbase International XPL-PERP-INTX+0.0376%1h0.09815+0.041%$72K$97K50xas long as short
Kraken Futures PF_XPLUSD+0.5059%1h0.09834+0.236%$569K$1.0M10xas long as short