Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.002%

Price spread now: Variational Omni against Extended+0.398%7-day average +0.085% · you sell dearer than you buy

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.619%+$62 · spread now +0.398%, 7d avg +0.085%

Together, before fees+0.629%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$63 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 0.313% dearer against Extended than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of +0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XPL-USD	0.09657	0.0104	pay 0.0013% / 1h	54m 20s	$649K	$1.1M	25x
Short	Variational Omni XPL	0.09695	0.0100	get 0.0050% / 4h	2h 54m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now +0.398%Rate

Funding earned: −$0.84
Price spread: +0.398% → +0.085%: $31.31
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $25.47
Costs to cover: 0.050%
Break-even: from the start

Slippage unknown: Extended: live order book, 4 min ago; Variational Omni: RFQ quote, 5 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 Extended live order book, 4 min ago	4.11 bp	7.8 bp −$8	21.9 bp −$219	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.10 bp	doesn't fit	68.7 bp −$687	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	−0.0304%	1h	0.09595	−0.637%	$558	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0268%	1h	0.09649	−0.078%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0248%	1h	0.09613	−0.451%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0183% / S +0.0552%	1h	0.09634	−0.232%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0033%	1h	0.09630	−0.275%	$181K	$237K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09624	−0.337%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.601%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09636	−0.213%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0010%	4h	0.09645	−0.119%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0049%	4h	0.09634	−0.233%	$8.4M	$55.3M	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	+0.0049%	8h	0.09605	−0.530%	$12K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09618	−0.397%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09624	−0.338%	$62.1M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09618	−0.398%	$253K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09623	−0.343%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09626	−0.317%	$44.0M	$110.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09634	−0.233%	$46.2M	$57.6M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09620	−0.378%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09607	−0.513%	$12.7M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09598	−0.606%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09642	−0.150%	$8.5M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09628	−0.295%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09695	+0.398%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	+0.968%	$266K	$857K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+1.279%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09626	−0.318%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.068%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	−0.171%	$485	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	−0.109%	$140K	$254K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+1.020%	$142K	$2K	10x	as long as short
Extended XPL-USDlong	+0.0104%	1h	0.09657	long leg	$649K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09640	−0.171%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09794	+1.424%	$198K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09592	−0.668%	$1.7M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	+1.237%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4420%	1h	0.09678	+0.224%	$548K	$1.0M	10x	as long as short