Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h +0.019%

Price spread now: Variational Omni against GMX−0.202%7-day average −0.051% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.076%−$8 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now −0.202%, 7d avg −0.051%

Together, before fees−0.117%+ Points / potential airdropVariational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.151% cheaper against GMX than usual: you would sell low and buy high (spread −0.202% now, against its 7-day average of −0.051%). If the spread goes back, that is −$15 on $10k: about 2.1 days of funding at the current rate (+$7 a day). Mind the row above: over the last 3 days funding on this pair cost −0.076%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09716	L −0.0135% / S +0.0522%	get 0.0017% / 1h	30m 08s	$112K	—	100x
Short	Variational Omni XPL	0.09696	0.0100	get 0.0050% / 4h	30m 08s	$1.6M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.202%Rate

Funding earned: $49.35
Price spread: −0.202% → −0.051%: −$15.05
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $22.3
Costs to cover: 0.120%
Break-even: 3.8 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.12 bp	doesn't fit	53.6 bp −$536	doesn't fit	doesn't fit

GMX: 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
Lighter XPL	−0.0616%	1h	0.09705	−0.113%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0416%	1h	0.09694	−0.226%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0135% / S +0.0522%	1h	0.09716	long leg	$112K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09714	−0.021%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09710	−0.057%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.083%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09714	−0.017%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0019%	8h	0.09695	−0.215%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09708	−0.082%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0072%	4h	0.09706	−0.103%	$3.0M	$4.0M	75x	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	0.09702	−0.144%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09723	+0.075%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09716	−0.001%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09704	−0.127%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09711	−0.053%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	−0.021%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09711	−0.051%	$8.7M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09709	−0.072%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09710	−0.062%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09717	+0.010%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09710	−0.062%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09713	−0.031%	$179K	$281K	10x	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09696	−0.202%	$1.6M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09710	−0.062%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.062%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09716	−0.004%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.268%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.062%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09699	−0.175%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.167%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	−0.080%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	−0.010%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09721	+0.051%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09700	−0.165%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.122%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5110%	1h	0.09769	+0.543%	$563K	$1.0M	10x	as long as short