Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%

Price spread now: Variational Omni against GRVT−0.564%7-day average +0.014% · you buy dearer than you sell

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

Long on GRVT Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.471%+$47 · spread now −0.564%, 7d avg +0.014%

Together, before fees+0.491%+ Points / potential airdropGRVT: Active · Variational Omni: Active · farm board+$49 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 0.578% cheaper against GRVT than usual: you would sell low and buy high, −$58 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT XPL_USDT_Perp	0.09750	0.0100	pay 0.0050% / 4h	2h 55m	$266K	$857K	10x
Short	Variational Omni XPL	0.09695	0.0100	get 0.0050% / 4h	2h 55m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GRVT. 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 GRVTbpFee Variational OmnibpOrdersPrice spread, now −0.564%Rate

Funding earned: $0
Price spread: −0.564% → +0.014%: −$57.79
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$66.79
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 13 min ago; 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 GRVT live order book, 13 min ago	5.05 bp	58.4 bp −$58	120.6 bp −$1,206	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 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
Deribit XPL_USDC-PERPETUAL	−0.0686%	1h	0.09607	−1.466%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0280%	1h	0.09672	−0.800%	$562	$708	5x	as long as short
Lighter XPL	−0.0248%	1h	0.09612	−1.415%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0182% / S +0.0552%	1h	0.09618	−1.351%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09703	−0.481%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.352%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0002%	1h	0.09616	−1.371%	$70K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09611	−1.425%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0047%	4h	0.09627	−1.261%	$8.4M	$55.2M	50x	as long as short
Paradex XPL-USD-PERP	+0.0049%	8h	0.09706	−0.455%	$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	0.09590	−1.641%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09679	−0.731%	$62.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09604	−1.494%	$253K	$554K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09705	−0.460%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09629	−1.241%	$44.0M	$109.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09625	−1.282%	$46.2M	$57.4M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09609	−1.446%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09630	−1.230%	$12.8M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09625	−1.282%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09637	−1.159%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09609	−1.446%	—	$8.0M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09686	−0.656%	$182K	$237K	10x	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09695	−0.564%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perplong	+0.0100%	4h	0.09750	long leg	$266K	$857K	10x
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.308%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	−0.743%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−1.538%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−1.436%	$483	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	−1.066%	$140K	$254K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.052%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09608	−1.454%	$648K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09597	−1.571%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09794	+0.452%	$198K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09592	−1.620%	$1.7M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	+0.267%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4427%	1h	0.09662	−0.907%	$547K	$1.0M	10x	as long as short