Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.3395%/8h= −371.7% APRpaid last 24h −0.240%

Price spread now: Variational Omni against Kraken Futures−0.214%7-day average −0.088% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.081%−$8 on $10k

Price spread, last 3 days (all we have)+0.351%+$35 · spread now −0.214%, 7d avg −0.088%

Together, before fees+0.270%+ Points / potential airdropVariational Omni: Active · farm board+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$102 a day on $10k at the current rate, and Variational Omni is 0.126% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.081% in total (about -9.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XPLUSD	0.09785	0.3495	pay 0.0437% / 1h	33m 12s	$515K	$940K	10x
Short	Variational Omni XPL	0.09764	0.0100	get 0.0050% / 4h	2h 33m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.214%Rate

Funding earned: −$712.87
Price spread: −0.214% → −0.088%: −$12.6
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$735.47
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 55 min ago; 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 Kraken Futures live order book, 55 min ago	28.11 bp	37.5 bp −$37	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	4.61 bp	doesn't fit	67.1 bp −$671	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
Lighter XPL	−0.0128%	1h	0.09722	−0.645%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0075% / S +0.0483%	1h	0.09736	−0.497%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09746	−0.404%	$8K	—	5x	as long as short
01 Exchange XPLUSD	0.0000%	1h	0.09749	−0.369%	$567	$582	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.632%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09735	−0.512%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09736	−0.498%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0016%	1h	0.09734	−0.523%	$177K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09732	−0.543%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09753	−0.331%	$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	0.09728	−0.584%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09743	−0.428%	$62.6M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09740	−0.462%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09754	−0.321%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09732	−0.545%	$44.0M	$104.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09728	−0.584%	$47.4M	$53.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09727	−0.594%	$9.0M	$52.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.381%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09729	−0.574%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09731	−0.553%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09734	−0.523%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09733	−0.533%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09729	−0.574%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09764	−0.214%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09764	−0.218%	$264K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.053%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09746	−0.402%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.563%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.563%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09764	−0.216%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09729	−0.577%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09738	−0.485%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09728	−0.584%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09773	−0.124%	$198K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.602%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3495%	1h	0.09785	long leg	$515K	$940K	10x