Funding arb · Price arb /

XPL

all XPL markets

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 Bulk−0.672%7-day average +0.018% · you buy dearer than you sell

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+2.574%+$257 · spread now −0.672%, 7d avg +0.018%

Together, before fees+2.573%+ Points / potential airdropVariational Omni: Active · farm board+$257 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 0.690% cheaper against Bulk than usual: you would sell low and buy high, −$69 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09815	0.0100	pay 0.0013% / 1h	13m 36s	$141K	$11K	10x
Short	Variational Omni XPL	0.09749	0.0100	get 0.0050% / 4h	2h 13m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bulk. 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 BulkbpFee Variational OmnibpOrdersPrice spread, now −0.672%Rate

Funding earned: $0
Price spread: −0.672% → +0.018%: −$68.99
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$75.99
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Bulk: live order book, 10 min ago; Variational Omni: RFQ quote, just now. 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 Bulk live order book, 10 min ago	5.11 bp	8.6 bp −$9	15.8 bp −$158	36.5 bp −$3,646	130.4 bp −$65.2K
Sell Variational Omni RFQ quote, just now	4.11 bp	doesn't fit	63.6 bp −$636	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
Lighter XPL	−0.0088%	1h	0.09718	−0.988%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0084% / S +0.0489%	1h	0.09750	−0.662%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0048%	1h	0.09747	−0.693%	$567	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0032%	1h	0.09749	−0.672%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09739	−0.771%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.866%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09753	−0.632%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09750	−0.659%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09748	−0.683%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0092%	8h	0.09725	−0.916%	$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	0.09747	−0.690%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09743	−0.735%	$62.6M	$47.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09745	−0.717%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09732	−0.843%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09727	−0.902%	$43.9M	$105.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09725	−0.917%	$47.4M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09725	−0.917%	$9.0M	$53.2M	50x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09815	long leg	$141K	$11K	10x
Gate XPL_USDT	+0.0100%	4h	0.09724	−0.927%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09730	−0.866%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09725	−0.917%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09731	−0.856%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09724	−0.927%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09749	−0.672%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	−0.656%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09770	−0.458%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09757	−0.590%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.866%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.662%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09753	−0.632%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09724	−0.930%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09753	−0.629%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09764	−0.520%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09771	−0.448%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	−0.326%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	−0.126%	$516K	$944K	10x	as long as short