Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against ApeX Omni+0.150%73s7-day average — · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.150% dearer against ApeX Omni than usual: you sell high and buy low, +$15 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 73 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	ApeX Omni XPLUSDT	0.09720	0.0100	pay 0.0013% / 1h	50m 16s	$25K	$84K	50x
Short	Variational Omni XPL	0.09735	0.0100	get 0.0050% / 4h	2h 50m	$1.6M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.150%Rate

Funding earned: $0
Price spread: +0.150% → 0.000%: $14.97
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $4.97
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: ApeX Omni: no order-book sample; Variational Omni: RFQ quote, 4 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 ApeX Omni no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.12 bp	doesn't fit	54.6 bp −$546	doesn't fit	doesn't fit

ApeX Omni: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 XPL	−0.0280%	1h	0.09714	−0.062%	$4.4M	$4.2M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0264%	1h	0.09728	+0.082%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0215%	1h	0.09740	+0.206%	$180K	$283K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0067% / S +0.0477%	1h	0.09727	+0.076%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09730	+0.103%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.111%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09731	+0.115%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0079%	4h	0.09725	+0.051%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09739	+0.191%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09731	+0.113%	$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	0.09734	+0.144%	$62.9M	$46.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09735	+0.153%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09739	+0.193%	$221K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09725	+0.051%	$44.3M	$103.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09720	0.000%	$46.9M	$52.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09730	+0.103%	$9.0M	$52.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09721	+0.010%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09729	+0.093%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09720	0.000%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09733	+0.134%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09728	+0.082%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09735	+0.150%	$1.6M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09760	+0.410%	$265K	$782K	10x	as long as short
ApeX Omni XPLUSDTlong	+0.0100%	1h	0.09720	long leg	$25K	$84K	50x
Polymarket Perps XPL-USD	+0.0100%	1h	0.09736	+0.165%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	−0.103%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	0.000%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09726	+0.062%	$138K	$245K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09730	+0.103%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09726	+0.062%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09729	+0.094%	$38K	$5K	3x	as long as short
01 Exchange XPLUSD	+0.0272%	1h	0.09727	+0.072%	$566	$582	5x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09737	+0.175%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09742	+0.226%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+2.521%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3478%	1h	0.09833	+1.164%	$500K	$912K	10x	as long as short