Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: BingX against Variational Omni+0.317%7-day average −0.017% · you sell dearer than you buy

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

Long on Variational Omni Short on BingX

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−0.307%−$31 · spread now +0.317%, 7d avg −0.017%

Together, before fees−0.307%+ Points / potential airdropVariational Omni: Active · farm board−$31 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: BingX is 0.334% dearer against Variational Omni than usual: you sell high and buy low, +$33 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09689	0.0100	pay 0.0050% / 4h	1h 21m	$1.7M	$1.9M	—
Short	BingX XPL-USDT	0.09720	0.0100	get 0.0050% / 4h	1h 21m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Variational Omni. 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 Variational OmnibpFee BingXbpOrdersPrice spread, now +0.317%Rate

Funding earned: $0
Price spread: +0.317% → −0.017%: $33.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: $23.38
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; BingX: live order book, 7 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 Variational Omni RFQ quote, 3 min ago	4.10 bp	doesn't fit	89.2 bp −$892	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	5.68 bp	15.1 bp −$15	30.5 bp −$305	88.9 bp −$8,885	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
Backpack XPL_USDC_PERP	−0.0300%	1h	0.09727	+0.389%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0240%	1h	0.09719	+0.307%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09722	+0.338%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0110% / S +0.0505%	1h	0.09734	+0.457%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0058%	1h	0.09732	+0.441%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09739	+0.514%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.867%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09732	+0.437%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09728	+0.400%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09736	+0.484%	$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
Hyperliquid XPL	+0.0100%	1h	0.09735	+0.476%	$62.9M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09736	+0.483%	$252K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09745	+0.572%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09726	+0.382%	$43.9M	$106.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09729	+0.410%	$48.0M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09722	+0.338%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.012%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09722	+0.338%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09725	+0.369%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09725	+0.369%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09731	+0.430%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09720	+0.317%	—	$7.9M	—
Variational Omni XPLlong	+0.0100%	4h	0.09689	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.791%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.936%	$25K	$87K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09728	+0.394%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09735	+0.475%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	+0.214%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	+0.420%	$448	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09737	+0.492%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09729	+0.411%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09730	+0.420%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09748	+0.606%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	+0.565%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.730%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4585%	1h	0.09790	+1.044%	$562K	$996K	10x	as long as short