Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Extended against Variational Omni−0.502%7-day average −0.091% · you buy dearer than you sell

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

Long on Variational Omni Short on Extended

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−1.608%−$161 · spread now −0.502%, 7d avg −0.091%

Together, before fees−1.617%+ Points / potential airdropVariational Omni: Active · Extended: Active · farm board−$162 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: Extended is 0.411% cheaper against Variational Omni than usual: you would sell low and buy high, −$41 on $10k if it goes back to its 7-day average of −0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09799	0.0100	pay 0.0050% / 4h	2h 40m	$1.7M	$1.9M	—
Short	Extended XPL-USD	0.09750	0.0104	get 0.0013% / 1h	40m 20s	$656K	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Variational Omni. 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 Variational OmnibpFee ExtendedbpOrdersPrice spread, now −0.502%Rate

Funding earned: $0.84
Price spread: −0.502% → −0.091%: −$41.11
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$45.27
Costs to cover: 0.050%
Break-even: 384.3 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Extended: 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, 4 min ago	4.10 bp	doesn't fit	99.3 bp −$993	doesn't fit	doesn't fit
Sell Extended live order book, 3 min ago	2.04 bp	5.4 bp −$5	17.5 bp −$175	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	−0.0467%	1h	0.09752	−0.480%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0160%	1h	0.09780	−0.194%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0072% / S +0.0480%	1h	0.09767	−0.328%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09796	−0.026%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.742%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09768	−0.316%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0019%	1h	0.09792	−0.072%	$178K	$282K	10x	as long as short
01 Exchange XPLUSD	+0.0024%	1h	0.09776	−0.235%	$568	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09754	−0.460%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0095%	8h	0.09787	−0.118%	$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	0.09777	−0.225%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09785	−0.146%	$62.9M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09796	−0.028%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09797	−0.025%	$222K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09757	−0.425%	$44.1M	$104.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09750	−0.501%	$47.6M	$53.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09746	−0.541%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.239%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09768	−0.317%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09770	−0.296%	$12.8M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09776	−0.235%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09754	−0.460%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09758	−0.419%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09799	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09770	−0.295%	$256K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.092%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09781	−0.182%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.398%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.501%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09791	−0.082%	$139K	$245K	20x	as long as short
Extended XPL-USDshort	+0.0104%	1h	0.09750	−0.502%	$656K	$1.1M	25x
Aevo XPL-PERP	+0.0104%	1h	0.09753	−0.471%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09780	−0.194%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09810	+0.112%	$200K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.459%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3488%	1h	0.09803	+0.039%	$516K	$939K	10x	as long as short