Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0261%/8h= +28.5% APRpaid last 24h +0.072%

Price spread now: Variational Omni against Deribit−0.521%7-day average — · you buy dearer than you sell

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

Long on Deribit 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 pays, the price is against you. Variational Omni is 0.521% cheaper against Deribit than usual: you would sell low and buy high (spread −0.521% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$52 on $10k: about 6.7 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09740	−0.0161	get 0.0020% / 1h	23m 12s	$47K	$18K	25x
Short	Variational Omni XPL	0.09689	0.0100	get 0.0050% / 4h	1h 23m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.521%Rate

Funding earned: $54.71
Price spread: −0.521% → 0.000%: −$52.06
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$4.36
Costs to cover: 0.070%
Break-even: 7.6 days

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	4.10 bp	doesn't fit	56.4 bp −$564	doesn't fit	doesn't fit

Deribit: 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
Backpack XPL_USDC_PERP	−0.0304%	1h	0.09740	0.000%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0248%	1h	0.09727	−0.133%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09739	−0.010%	$566	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0161%	1h	0.09740	long leg	$47K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0109% / S +0.0505%	1h	0.09742	+0.025%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09747	+0.070%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.274%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09743	+0.033%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09735	−0.051%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09742	+0.022%	$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	+0.015%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09753	+0.137%	$63.1M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09745	+0.051%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09749	+0.094%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09734	−0.060%	$43.9M	$106.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09736	−0.041%	$48.0M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09729	−0.113%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.532%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09740	0.000%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09735	−0.051%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09741	+0.010%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09744	+0.041%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09734	−0.062%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09689	−0.521%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.266%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.411%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09752	+0.119%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.103%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	0.000%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09763	+0.236%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09734	−0.063%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	0.000%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09753	+0.133%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09703	−0.380%	$196K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.205%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4579%	1h	0.09803	+0.651%	$563K	$994K	10x	as long as short