Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0429%/8h= +47.0% APRpaid last 24h +0.023%

Price spread now: Variational Omni against Backpack−0.333%7-day average +0.022% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+1.369%+$137 · spread now −0.333%, 7d avg +0.022%

Together, before fees+1.398%+ Points / potential airdropVariational Omni: Active · farm board+$140 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.355% cheaper against Backpack than usual: you would sell low and buy high (spread −0.333% now, against its 7-day average of +0.022%). If the spread goes back, that is −$35 on $10k: about 2.8 days of funding at the current rate (+$13 a day). At the pace of the last 3 days (+0.029% in total) that is about 40 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.029% in total (about 3.3% 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	Backpack XPL_USDC_PERP	0.09751	−0.0329	get 0.0041% / 1h	41m 46s	$178K	$281K	10x
Short	Variational Omni XPL	0.09719	0.0100	get 0.0050% / 4h	1h 41m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.333%Rate

Funding earned: $90.14
Price spread: −0.333% → +0.022%: −$35.48
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $44.67
Costs to cover: 0.100%
Break-even: 3.5 days

Slippage unknown: Backpack: live order book, 42 min ago; Variational Omni: RFQ quote, 2 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 Backpack live order book, 42 min ago	1.02 bp	14.8 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.11 bp	doesn't fit	60.6 bp −$606	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
Backpack XPL_USDC_PERPlong	−0.0329%	1h	0.09751	long leg	$178K	$281K	10x
01 Exchange XPLUSD	−0.0216%	1h	0.09745	−0.062%	$567	$708	5x	as long as short
Lighter XPL	−0.0152%	1h	0.09743	−0.082%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0100% / S +0.0499%	1h	0.09747	−0.039%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09759	+0.081%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.360%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09747	−0.041%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09748	−0.026%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0078%	4h	0.09743	−0.082%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09734	−0.171%	$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
Nado XPL-PERP	+0.0100%	1h	0.09742	−0.087%	$1.4M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09771	+0.201%	$62.9M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09756	+0.053%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09730	−0.212%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09753	+0.021%	$43.8M	$106.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09752	+0.010%	$47.5M	$54.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09750	−0.010%	$8.9M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.575%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09760	+0.092%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09755	+0.041%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09760	+0.092%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09761	+0.103%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09751	0.000%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09719	−0.333%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09736	−0.153%	$261K	$789K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.113%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.006%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.215%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.113%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09730	−0.215%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09754	+0.028%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09745	−0.062%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09740	−0.113%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09751	0.000%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09734	−0.174%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4585%	1h	0.09791	+0.406%	$515K	$950K	10x	as long as short