Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h —

Price spread now: Variational Omni against Reya+28.859%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · Variational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Variational Omni is 28.859% dearer against Reya than usual: you sell high and buy low: +$2,886 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07570	0	get 0.0000% / 1h	55m 30s	—	—	—
Short	Variational Omni XPL	0.09755	0.0100	get 0.0050% / 4h	55m 30s	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Reya. 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 ReyabpFee Variational OmnibpOrdersPrice spread, now +28.859%Rate

Funding earned: $21
Price spread: +28.859% → 0.000%: $2,885.93
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $2,900.93
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; 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 Reya no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.09 bp	doesn't fit	57.3 bp −$573	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0328%	1h	0.09789	+29.306%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0320%	1h	0.09813	+29.623%	$571	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0260%	1h	0.09791	+29.332%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0122% / S +0.0513%	1h	0.09793	+29.363%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09799	+29.441%	$8K	—	5x	as long as short
Reya XPLRUSDPERPlong	0.0000%	1h	0.07570	long leg	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09793	+29.363%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0065%	4h	0.09788	+29.293%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0083%	8h	0.09806	+29.532%	$13K	$2K	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09825	+29.783%	$63.6M	$47.8M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09807	+29.537%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09806	+29.532%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09810	+29.583%	$44.4M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09813	+29.623%	$48.2M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09808	+29.557%	$8.9M	$54.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09800	+29.451%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09809	+29.570%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09792	+29.346%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09816	+29.663%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09806	+29.531%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09795	+29.385%	$178K	$279K	10x	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09755	+28.859%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09777	+29.148%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+29.451%	$25K	$88K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09810	+29.590%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09821	+29.731%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	+29.055%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+29.319%	$450	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09788	+29.293%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	+29.319%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09805	+29.515%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09797	+29.408%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09800	+29.451%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09802	+29.478%	$198K	$651K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+29.781%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5067%	1h	0.09853	+30.150%	$567K	$1.0M	10x	as long as short