Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.068%

Price spread now: Variational Omni against Phoenix−1.011%7-day average −0.177% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.254%−$25 on $10k

Price spread, last 3 days (all we have)+0.781%+$78 · spread now −1.011%, 7d avg −0.177%

Together, before fees+0.527%+ Points / potential airdropVariational Omni: Active · farm board+$53 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.834% cheaper against Phoenix than usual: you would sell low and buy high (−$83 if the spread goes back to its 7-day average of −0.177%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09794	0.0163	pay 0.0020% / 1h	55m 12s	$198K	$657K	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 Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −1.011%Rate

Funding earned: −$13.25
Price spread: −1.011% → −0.177%: −$83.36
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$103.61
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: 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 Phoenix live order book, 13 min ago	1.01 bp	14.6 bp −$15	56.2 bp −$562	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	−1.909%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0280%	1h	0.09672	−1.246%	$562	$708	5x	as long as short
Lighter XPL	−0.0248%	1h	0.09612	−1.858%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0182% / S +0.0552%	1h	0.09618	−1.795%	$111K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09703	−0.929%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.701%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0002%	1h	0.09616	−1.814%	$70K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0011%	4h	0.09611	−1.868%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0047%	4h	0.09627	−1.705%	$8.4M	$55.2M	50x	as long as short
Paradex XPL-USD-PERP	+0.0049%	8h	0.09706	−0.903%	$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	−2.083%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09679	−1.177%	$62.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09604	−1.937%	$253K	$554K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09705	−0.908%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09629	−1.685%	$44.0M	$109.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09625	−1.726%	$46.2M	$57.4M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09609	−1.889%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09630	−1.674%	$12.8M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09625	−1.726%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09637	−1.603%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09609	−1.889%	—	$8.0M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09686	−1.103%	$182K	$237K	10x	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09695	−1.011%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09750	−0.450%	$266K	$857K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	−0.143%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	−1.190%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	−1.981%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09610	−1.879%	$483	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09646	−1.511%	$140K	$254K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	−0.398%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09608	−1.897%	$648K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09597	−2.013%	$28K	$18K	3x	as long as short
Phoenix XPLlong	+0.0163%	1h	0.09794	long leg	$198K	$657K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09592	−2.062%	$1.7M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09776	−0.184%	$77K	$100K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4427%	1h	0.09662	−1.352%	$547K	$1.0M	10x	as long as short