Funding arb · Price arb /

XMR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0929%/8h= −101.7% APRpaid last 24h −0.011%

Price spread now: Lighter against Variational Omni−0.073%7-day average −0.034% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.037%+$4 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.073%, 7d avg −0.034%

Together, before fees+0.100%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Lighter is 0.039% cheaper against Variational Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.037% in total (about 3.8% 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	Variational Omni XMR	577.31	0.1025	pay 0.1025% / 8h	4h 27m	$6.6M	$2.2M	—
Short	Lighter XMR	576.89	0.0096	get 0.0012% / 1h	27m 50s	$3.3M	$7.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$195.08
Price spread: −0.073% → −0.034%: −$3.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$198.94
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter: live order book, 5 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 Variational Omni RFQ quote, 1 min ago	5.99 bp	doesn't fit	13.6 bp −$136	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	3.88 bp	12.7 bp −$13	23.3 bp −$233	144.8 bp −$14.5K	doesn't fit

XMR on 31 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
Injective XMR/USDC PERP	−0.0136%	1h	582.55	+0.908%	$3K	$3K	12x	as long as short
gTrade (Gains Network) XMR/USD	L +0.0010% / S −0.0009%	1h	576.79	−0.091%	$49K	—	150x	as long as short
Lighter XMRshort	+0.0096%	1h	576.89	−0.073%	$3.3M	$7.4M	10x
edgeX XMRUSDC	+0.0100%	4h	577.37	+0.011%	$1.0M	$656K	10x	as long as short
SunX XMR-USDT	+0.0100%	8h	577.38	+0.012%	$2K	$1.9M	20x	as long as short
HTX XMR-USDT	+0.0100%	8h	577.74	+0.075%	$1.1M	$1.6M	20x	as long as short
Kraken Futures PF_XMRUSD	+0.0149%	1h	576.10	−0.210%	$5.4M	$19.5M	50x	as long as short
Aevo XMR-PERP	+0.0200%	1h	577.65	+0.060%	$12K	—	3x	as long as short
Polymarket Perps XMR-USD	+0.0235%	1h	577.60	+0.050%	$24K	$2.2M	5x	as long as short
Gate XMR_USDT	+0.0380%	8h	577.28	−0.005%	$1.5M	$4.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit XMRUSDT	+0.0396%	8h	577.59	+0.049%	$46.9M	$64.3M	75x	as long as short
dYdX XMR-USD	+0.0447%	1h	577.10	−0.036%	$105K	$44K	5x	as long as short
MEXC XMR_USDT	+0.0487%	8h	577.61	+0.052%	$20.3M	$15.0M	100x	as long as short
Binance XMRUSDT	+0.0489%	8h	577.59	+0.049%	$52.7M	$164.7M	75x	as long as short
BingX XMR-USDT	+0.0512%	8h	577.55	+0.042%	—	$5.7M	—	as long as short
Backpack XMR_USDC_PERP	+0.0513%	1h	576.90	−0.071%	$169K	$534K	20x	as long as short
KuCoin XMRUSDTM	+0.0524%	8h	577.13	−0.031%	$45.1M	$26.6M	50x	as long as short
Bitget XMRUSDT	+0.0533%	8h	577.44	+0.023%	$9.4M	$14.0M	50x	as long as short
Pacifica XMR	+0.0626%	1h	577.80	+0.085%	$268K	$1.1M	10x	as long as short
Extended XMR-USD	+0.0640%	1h	577.51	+0.034%	$3.1M	$8.4M	25x	as long as short
Aster XMRUSDT	+0.0689%	8h	578.06	+0.130%	$641K	$2.4M	75x	as long as short
Nado XMR-PERP	+0.0733%	1h	577.83	+0.090%	$1.3M	$466K	10x	as long as short
Hyperliquid XMR	+0.0747%	1h	577.53	+0.038%	$86.8M	$71.1M	5x	as long as short
Paradex XMR-USD-PERP	+0.0764%	8h	577.68	+0.064%	$8K	$4K	20x	as long as short
BloFin XMR-USDT	+0.0794%	8h	578.30	+0.172%	$2.7M	$11.3M	75x	as long as short
GRVT XMR_USDT_Perp	+0.0858%	8h	577.75	+0.076%	$346K	$742K	10x	as long as short
SoDEX XMR-USD	+0.0966%	1h	577.39	+0.014%	$439K	$3K	5x	as long as short
GMX XMR/USD [WBTC.b-USDC]	L +0.0991% / S −0.1253%	1h	576.67	−0.111%	$593K	—	100x	as long as short
Variational Omni XMRlong	+0.1025%	8h	577.31	long leg	$6.6M	$2.2M	—
Orderly PERP_XMR_USDC	+0.1123%	8h	577.41	+0.018%	$41K	$734K	10x	as long as short
Aftermath Perps XMRUSD	+0.2094%	1h	576.92	−0.067%	$1K	$44K	10x	as long as short