Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.048%

Price spread now: Variational Omni against Hyperliquid−0.112%7-day average −0.080% · you buy dearer than you sell

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.088%−$9 on $10k

Price spread, last 7 days+0.067%+$7 · spread now −0.112%, 7d avg −0.080%

Together, before fees−0.021%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$2 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 0.032% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09820	0.0100	pay 0.0013% / 1h	19m 30s	$63.1M	$47.1M	10x
Short	Variational Omni XPL	0.09808	0.0100	get 0.0050% / 4h	2h 19m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. 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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now −0.112%Rate

Funding earned: $0
Price spread: −0.112% → −0.080%: −$3.2
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$12.2
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: 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 Hyperliquid live order book, 4 min ago	0.97 bp	11.8 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	4.08 bp	doesn't fit	76.5 bp −$765	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	−0.0158%	1h	0.09805	−0.148%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0081% / S +0.0487%	1h	0.09804	−0.159%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09797	−0.229%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0032%	1h	0.09801	−0.188%	$570	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	−0.160%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.904%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09807	−0.131%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09808	−0.117%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09802	−0.178%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09801	−0.185%	$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	0.09803	−0.163%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09820	long leg	$63.1M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09807	−0.130%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09811	−0.090%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09805	−0.148%	$44.2M	$104.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09804	−0.158%	$47.9M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09802	−0.178%	$9.1M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	−0.046%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09806	−0.137%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09807	−0.127%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09804	−0.158%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09813	−0.066%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09809	−0.107%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09808	−0.112%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.300%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	−0.097%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09814	−0.051%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09780	−0.402%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	−0.199%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09817	−0.025%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09808	−0.122%	$664K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09804	−0.159%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09813	−0.066%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.168%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09832	+0.127%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3466%	1h	0.09867	+0.485%	$520K	$942K	10x	as long as short