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

XPL

all XPL markets
SwapBacktest
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
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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix XPL0.097050.0248pay 0.0031% / 1h26m 57s$196K$573K10x
ShortLighter XPL0.096690.0096get 0.0012% / 1h26m 57s$4.4M$3.0M10x

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
−$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
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 26 min ago1.03 bp14.8 bp −$1556.0 bp −$560doesn't fitdoesn't fit
Sell Lighter live order book, 11 min ago5.67 bp10.5 bp −$1128.7 bp −$287doesn'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
01 Exchange XPLUSD−0.0368%1h0.09672−0.340%$562$7085xas long as short
GMX XPL/USD [WBTC.b-USDC]L −0.0304% / S +0.0610%1h0.09682−0.238%$107K100xas long as short
Deribit XPL_USDC-PERPETUAL−0.0163%1h0.09676−0.299%$46K$18K25xas long as short
Backpack XPL_USDC_PERP−0.0076%1h0.09680−0.258%$176K$188K10xas long as short
dYdX XPL-USD0.0000%1h0.09690−0.159%$9K$5855xas long as short
Reya XPLRUSDPERP0.0000%1h0.07571−21.991%as long as short
gTrade (Gains Network) XPL/USDL +0.0005% / S −0.0004%1h0.09681−0.244%$73K150xas long as short
Orderly PERP_XPL_USDC+0.0012%4h0.09672−0.340%$29K$339K10xas long as short
Bybit XPLUSDT+0.0028%4h0.09673−0.330%$45.8M$54.0M75xas long as short
Paradex XPL-USD-PERP+0.0063%8h0.09679−0.268%$13K$2K5xas long as short
Show all 36 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Lighter XPLshort+0.0096%1h0.09669−0.371%$4.4M$3.0M10x
Nado XPL-PERP+0.0100%1h0.09680−0.252%$1.2M$2.4M10xas long as short
Hyperliquid XPL+0.0100%1h0.09691−0.144%$61.5M$46.7M10xas long as short
Aster XPLUSDT+0.0100%4h0.09687−0.185%$252K$422K20xas long as short
Pacifica XPL+0.0100%1h0.09686−0.199%$222K$46K10xas long as short
Binance XPLUSDT+0.0100%4h0.09673−0.326%$43.9M$101.0M75xas long as short
OKX XPL-USDT-SWAP+0.0100%4h0.09672−0.340%$8.2M$48.8M50xas long as short
Gate XPL_USDT+0.0100%4h0.09675−0.309%$3.1M$3.5M75xas long as short
MEXC XPL_USDT+0.0100%4h0.09676−0.299%$12.7M$7.0M100xas long as short
KuCoin XPLUSDTM+0.0100%4h0.09679−0.268%$2.3M$1.4M50xas long as short
Bitget XPLUSDT+0.0100%4h0.09687−0.185%$9.0M$9.6M75xas long as short
BingX XPL-USDT+0.0100%4h0.09673−0.330%$7.8Mas long as short
Variational Omni XPL+0.0100%4h0.09720+0.152%$1.7M$1.9Mas long as short
GRVT XPL_USDT_Perp+0.0100%4h0.09690−0.156%$262K$1.1M10xas long as short
ApeX Omni XPLUSDT+0.0100%1h0.09730+0.258%$25K$78K50xas long as short
Polymarket Perps XPL-USD+0.0100%1h0.09688−0.174%$129K$2.0M10xas long as short
SunX XPL-USDT+0.0100%4h0.09660−0.464%$2K$1.7M20xas long as short
SoDEX XPL-USD+0.0100%1h0.09680−0.258%$204$12K10xas long as short
HTX XPL-USDT+0.0100%4h0.09688−0.175%$142K$190K20xas long as short
Bulk XPL-USD+0.0100%1h0.09680−0.258%$141K$5K10xas long as short
Extended XPL-USD+0.0104%1h0.09673−0.333%$657K$1.1M25xas long as short
Aevo XPL-PERP+0.0104%1h0.09670−0.361%$29K$18K3xas long as short
Phoenix XPLlong+0.0248%1h0.09705long leg$196K$573K10x
BloFin XPL-USDT+0.0340%4h0.09675−0.309%$1.7M$963K75xas long as short
Coinbase International XPL-PERP-INTX+0.0640%1h0.09722+0.175%$75K$76K50xas long as short
Kraken Futures PF_XPLUSD+0.3100%1h0.09714+0.095%$552K$990K10xas long as short