Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0716%/8h= +78.4% APRpaid last 24h +0.147%

Price spread now: Variational Omni against Lighter−0.089%7-day average +0.044% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.211%+$21 on $10k

Price spread, last 7 days−0.010%−$1 · spread now −0.089%, 7d avg +0.044%

Together, before fees+0.201%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.132% cheaper against Lighter than usual: you would sell low and buy high (spread −0.089% now, against its 7-day average of +0.044%). If the spread goes back, that is −$13 on $10k: about 15 hours of funding at the current rate (+$21 a day). At the pace of the last 3 days (+0.211% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.211% in total (about 23.3% 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	Lighter XPL	0.09705	−0.0616	get 0.0077% / 1h	30m 00s	$4.4M	$4.2M	10x
Short	Variational Omni XPL	0.09696	0.0100	get 0.0050% / 4h	30m 00s	$1.6M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.089%Rate

Funding earned: $150.36
Price spread: −0.089% → +0.044%: −$13.24
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $137.12
Costs to cover: 0.000%
Break-even: 0.6 days

Slippage unknown: Lighter: live order book, 3 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 Lighter live order book, 3 min ago	2.58 bp	3.5 bp −$3	21.6 bp −$216	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.12 bp	doesn't fit	53.6 bp −$536	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 XPLlong	−0.0616%	1h	0.09705	long leg	$4.4M	$4.2M	10x
01 Exchange XPLUSD	−0.0416%	1h	0.09694	−0.113%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0135% / S +0.0522%	1h	0.09716	+0.113%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09714	+0.093%	$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	−21.994%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09714	+0.096%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0019%	8h	0.09695	−0.102%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0051%	4h	0.09708	+0.031%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0072%	4h	0.09706	+0.010%	$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	−0.031%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09723	+0.189%	$62.7M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09716	+0.112%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09704	−0.013%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09711	+0.060%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09714	+0.093%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09711	+0.062%	$8.7M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09709	+0.041%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09710	+0.052%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09717	+0.124%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09710	+0.052%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09713	+0.082%	$179K	$281K	10x	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09696	−0.089%	$1.6M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09710	+0.052%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.052%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09716	+0.109%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.155%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.052%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09699	−0.062%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.053%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09708	+0.034%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.103%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09721	+0.165%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09700	−0.052%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.236%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5110%	1h	0.09769	+0.657%	$563K	$1.0M	10x	as long as short