XPL

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 − costs—prices read too far apart to compare

costs, in and out, $10k−$500.502% of the position

Long on Phoenix Short on Lighter

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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09811	0.0327	pay 0.0041% / 1h	55m 44s	$199K	$655K	10x
Short	Lighter XPL	0.09759	−0.0480	pay 0.0060% / 1h	55m 44s	$4.4M	$4.2M	10x

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

Position, each leg$Hold fordaysFee PhoenixbpFee LighterbpOrdersPrice spread, now −0.530%Rate

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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 17 min ago	1.03 bp	14.9 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	5.13 bp	7.4 bp −$7	31.8 bp −$318	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
Lighter XPLshort	−0.0480%	1h	0.09759	−0.530%	$4.4M	$4.2M	10x
Deribit XPL_USDC-PERPETUAL	−0.0363%	1h	0.09779	−0.326%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0184%	1h	0.09774	−0.377%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0152% / S +0.0533%	1h	0.09781	−0.305%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09770	−0.419%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.838%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09783	−0.282%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0024%	8h	0.09759	−0.530%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0034%	4h	0.09775	−0.367%	$29K	$335K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09771	−0.403%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09786	−0.257%	$63.1M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09780	−0.315%	$253K	$528K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09769	−0.428%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09759	−0.525%	$44.5M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09757	−0.550%	$47.3M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09756	−0.561%	$8.6M	$55.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09796	−0.158%	$143K	$4K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09781	−0.306%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09761	−0.510%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09768	−0.438%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09770	−0.418%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09774	−0.377%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09782	−0.296%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09784	−0.273%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09788	−0.229%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	−0.112%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09784	−0.277%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.520%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	−0.316%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09784	−0.275%	$142K	$241K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09772	−0.396%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09787	−0.245%	$38K	$5K	3x	as long as short
Phoenix XPLlong	+0.0327%	1h	0.09811	long leg	$199K	$655K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09791	−0.204%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.041%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5059%	1h	0.09834	+0.236%	$569K	$1.0M	10x	as long as short