Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against Bitget−0.822%7-day average −0.013% · you buy dearer than you sell

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

Long on Bitget Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.826%+$83 · spread now −0.822%, 7d avg −0.013%

Together, before fees+0.826%+ Points / potential airdropVariational Omni: Active · farm board+$83 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.809% cheaper against Bitget than usual: you would sell low and buy high, −$81 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget XPLUSDT	0.09662	0.0100	pay 0.0050% / 4h	1h 21m	$8.6M	$11.1M	75x
Short	Variational Omni XPL	0.09583	0.0100	get 0.0050% / 4h	1h 21m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bitget. 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 BitgetbpFee Variational OmnibpOrdersPrice spread, now −0.822%Rate

Funding earned: $0
Price spread: −0.822% → −0.013%: −$80.95
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$92.95
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Variational Omni: RFQ quote, 3 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 Bitget live order book, 2 min ago	3.62 bp	15.8 bp −$16	36.4 bp −$364	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.16 bp	doesn't fit	93.6 bp −$936	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	−0.0384%	1h	0.09657	−0.052%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0305%	1h	0.09662	0.000%	$182K	$231K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0261% / S +0.0584%	1h	0.09659	−0.027%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0044%	4h	0.09655	−0.072%	$45.7M	$56.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09649	−0.139%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.645%	—	—	—	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09655	−0.072%	$29K	$335K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09659	−0.031%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09660	−0.025%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0059%	4h	0.09657	−0.052%	$8.3M	$52.9M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0065%	8h	0.09661	−0.009%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09649	−0.135%	$4.4M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09658	−0.041%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09662	+0.003%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09673	+0.118%	$60.7M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09669	+0.069%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09659	−0.034%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09658	−0.041%	$43.7M	$108.6M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.538%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09660	−0.021%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09661	−0.010%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDTlong	+0.0100%	4h	0.09662	long leg	$8.6M	$11.1M	75x
BingX XPL-USDT	+0.0100%	4h	0.09656	−0.062%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09583	−0.822%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09658	−0.038%	$261K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	−0.021%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09671	+0.092%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.228%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.021%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09649	−0.135%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09653	−0.093%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09656	−0.063%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09672	+0.103%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09664	+0.021%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.083%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3545%	1h	0.09697	+0.358%	$550K	$1.0M	10x	as long as short