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: Bybit against Variational Omni−0.021%7-day average −0.029% · you buy dearer than you sell

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days+0.038%+$4 · spread now −0.021%, 7d avg −0.029%

Together, before fees+0.010%+ Points / potential airdropVariational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09793	0.0100	pay 0.0050% / 4h	2h 41m	$1.7M	$1.9M	—
Short	Bybit XPLUSDT	0.09791	0.0100	get 0.0050% / 4h	2h 41m	$47.9M	$53.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.021%Rate

Funding earned: $0
Price spread: −0.021% → −0.029%: $0.8
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$10.2
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Bybit: live order book, 3 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	99.3 bp −$993	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.51 bp	12.2 bp −$12	51.3 bp −$513	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	−0.0157%	1h	0.09832	+0.398%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0152%	1h	0.09797	+0.040%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0071% / S +0.0480%	1h	0.09802	+0.095%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0012%	1h	0.09834	+0.418%	$182K	$282K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09811	+0.180%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.695%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09803	+0.103%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0040%	1h	0.09802	+0.091%	$570	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09794	+0.010%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09813	+0.204%	$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	0.09802	+0.094%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09813	+0.205%	$63.1M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09812	+0.192%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09813	+0.200%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09797	+0.039%	$44.3M	$104.1M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09791	−0.021%	$47.9M	$53.1M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09783	−0.103%	$9.1M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.300%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09796	+0.030%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09801	+0.081%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09795	+0.020%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09804	+0.112%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09794	+0.010%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09793	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09770	−0.234%	$256K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.031%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09811	+0.182%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09820	+0.275%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	+0.377%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09791	−0.021%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09803	+0.103%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09832	+0.402%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09796	+0.030%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09810	+0.173%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.520%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3462%	1h	0.09877	+0.861%	$519K	$939K	10x	as long as short