XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0152%/8h= −16.6% APRnext payment −$0.19 per $10,000 · paid last 24h −0.194%

Price spread now: Lighter against Phoenix−0.371%7-day average −0.216% · you buy dearer than you sell

Net, funding: paid 7d − costs−$147as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$540.543% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.929%−$93 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now −0.371%, 7d avg −0.216%

Together, before fees−1.005%+ Points / potential airdropLighter: Season 3 · farm board−$101 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Lighter is 0.155% cheaper against Phoenix than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.216%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09705	0.0248	pay 0.0031% / 1h	26m 57s	$196K	$573K	10x
Short	Lighter XPL	0.09669	0.0096	get 0.0012% / 1h	26m 57s	$4.4M	$3.0M	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 −0.371%Rate

Funding earned: −$31.88
Price spread: −0.371% → −0.216%: −$15.52
Slippage, 4 orders: −$47.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$101.74
Costs to cover: 0.543%
Break-even: never at this rate

Slippage from Phoenix: live order book, 26 min ago; Lighter: live order book, 11 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, 26 min ago	1.03 bp	14.8 bp −$15	56.0 bp −$560	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	5.67 bp	10.5 bp −$11	28.7 bp −$287	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
01 Exchange XPLUSD	−0.0368%	1h	0.09672	−0.340%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09682	−0.238%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09676	−0.299%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0076%	1h	0.09680	−0.258%	$176K	$188K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09690	−0.159%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.991%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09681	−0.244%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09672	−0.340%	$29K	$339K	10x	as long as short
Bybit XPLUSDT	+0.0028%	4h	0.09673	−0.330%	$45.8M	$54.0M	75x	as long as short
Paradex XPL-USD-PERP	+0.0063%	8h	0.09679	−0.268%	$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
Lighter XPLshort	+0.0096%	1h	0.09669	−0.371%	$4.4M	$3.0M	10x
Nado XPL-PERP	+0.0100%	1h	0.09680	−0.252%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09691	−0.144%	$61.5M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09687	−0.185%	$252K	$422K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09686	−0.199%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09673	−0.326%	$43.9M	$101.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09672	−0.340%	$8.2M	$48.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09675	−0.309%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09676	−0.299%	$12.7M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09679	−0.268%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09687	−0.185%	$9.0M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09673	−0.330%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09720	+0.152%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09690	−0.156%	$262K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.258%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09688	−0.174%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.464%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09680	−0.258%	$204	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09688	−0.175%	$142K	$190K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	−0.258%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09673	−0.333%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	−0.361%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0248%	1h	0.09705	long leg	$196K	$573K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09675	−0.309%	$1.7M	$963K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.175%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3100%	1h	0.09714	+0.095%	$552K	$990K	10x	as long as short