Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Nado+0.053%7-day average −0.055% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.250%−$25 · spread now +0.053%, 7d avg −0.055%

Together, before fees−0.250%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board−$25 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 0.108% dearer against Nado than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XPL-PERP	0.09639	0.0100	pay 0.0012% / 1h	15m 15s	$1.2M	$2.8M	10x
Short	Variational Omni XPL	0.09645	0.0100	get 0.0050% / 4h	1h 15m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.053%Rate

Funding earned: $0
Price spread: +0.053% → −0.055%: $10.82
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $3.82
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Nado: live order book, 4 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 Nado live order book, 4 min ago	1.04 bp	7.0 bp −$7	17.4 bp −$174	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.15 bp	doesn't fit	81.0 bp −$810	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
01 Exchange XPLUSD	−0.0376%	1h	0.09626	−0.140%	$560	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0272%	1h	0.09644	+0.047%	$179K	$231K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0265% / S +0.0586%	1h	0.09645	+0.058%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0091%	4h	0.09634	−0.057%	$45.7M	$56.7M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09645	+0.057%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09644	+0.047%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.462%	—	—	—	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09640	+0.005%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09646	+0.065%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0064%	4h	0.09639	−0.005%	$8.3M	$52.7M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0064%	8h	0.09641	+0.020%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09637	−0.026%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERPlong	+0.0100%	1h	0.09639	long leg	$1.2M	$2.8M	10x
Hyperliquid XPL	+0.0100%	1h	0.09655	+0.164%	$60.6M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09645	+0.058%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09645	+0.058%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09642	+0.026%	$43.7M	$108.4M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.306%	$140K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09642	+0.026%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09642	+0.026%	$12.5M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09643	+0.036%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09644	+0.047%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09635	−0.047%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09645	+0.053%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09649	+0.094%	$254K	$930K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+0.213%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09647	+0.075%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09620	−0.202%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.005%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09642	+0.026%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09642	+0.025%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09645	+0.057%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+0.213%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09635	−0.047%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+0.316%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3549%	1h	0.09685	+0.468%	$549K	$1.0M	10x	as long as short