Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Variational Omni against Bybit+0.852%7-day average +0.028% · you sell dearer than you buy

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

Long on Bybit 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 7 days−0.865%−$86 · spread now +0.852%, 7d avg +0.028%

Together, before fees−0.836%+ Points / potential airdropVariational Omni: Active · farm board−$84 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 0.825% dearer against Bybit than usual: you sell high and buy low, +$82 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit XPLUSDT	0.09815	0.0100	pay 0.0050% / 4h	2h 57m	$47.5M	$51.9M	75x
Short	Variational Omni XPL	0.09899	0.0100	get 0.0050% / 4h	2h 57m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bybit. 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 BybitbpFee Variational OmnibpOrdersPrice spread, now +0.852%Rate

Funding earned: $0
Price spread: +0.852% → +0.028%: $82.47
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $71.47
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Bybit live order book, 1 min ago	0.51 bp	11.9 bp −$12	47.4 bp −$474	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.05 bp	doesn't fit	18.2 bp −$182	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	−0.0072%	1h	0.09835	+0.204%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09860	+0.455%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0051%	1h	0.09852	+0.377%	$184K	$285K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09836	+0.214%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.863%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09859	+0.448%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09862	+0.474%	$73K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09872	+0.581%	$574	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09858	+0.438%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09823	+0.080%	$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	0.09871	+0.571%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09848	+0.335%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09840	+0.255%	$223K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09829	+0.139%	$44.8M	$102.7M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09815	long leg	$47.5M	$51.9M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09815	0.000%	$9.3M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.876%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09845	+0.306%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09823	+0.082%	$13.2M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09831	+0.163%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09845	+0.306%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09841	+0.265%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09899	+0.852%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09900	+0.866%	$268K	$765K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09910	+0.968%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09881	+0.673%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09860	+0.458%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09860	+0.458%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	+0.489%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09846	+0.317%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09855	+0.408%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0198%	1h	0.09854	+0.401%	$65.1M	$45.2M	10x	as long as short
Phoenix XPL	+0.0318%	1h	0.09912	+0.988%	$202K	$640K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09893	+0.795%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.528%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3454%	1h	0.09899	+0.861%	$296K	$674K	10x	as long as short