Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.048%

Price spread now: Hyperliquid against Variational Omni−0.258%7-day average +0.080% · you buy dearer than you sell

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

Long on Variational Omni Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.088%+$9 on $10k

Price spread, last 7 days+0.303%+$30 · spread now −0.258%, 7d avg +0.080%

Together, before fees+0.391%+ Points / potential airdropVariational Omni: Active · Hyperliquid: Season 2 · farm board+$39 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: Hyperliquid is 0.338% cheaper against Variational Omni than usual: you would sell low and buy high, −$34 on $10k if it goes back to its 7-day average of +0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09808	0.0100	pay 0.0050% / 4h	2h 18m	$1.7M	$1.9M	—
Short	Hyperliquid XPL	0.09783	0.0100	get 0.0013% / 1h	18m 19s	$62.9M	$47.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.258%Rate

Funding earned: $0
Price spread: −0.258% → +0.080%: −$33.79
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$42.79
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Hyperliquid: live order book, 5 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, 1 min ago	6.12 bp	doesn't fit	60.2 bp −$602	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.97 bp	doesn't fit	doesn't fit	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	−0.0364%	1h	0.09759	−0.504%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0082% / S +0.0487%	1h	0.09761	−0.480%	$113K	—	100x	as long as short
Lighter XPL	−0.0056%	1h	0.09782	−0.270%	$4.4M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0040%	1h	0.09791	−0.178%	$569	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09804	−0.047%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.816%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09760	−0.491%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0016%	1h	0.09806	−0.025%	$179K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0083%	4h	0.09756	−0.535%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0093%	8h	0.09787	−0.221%	$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	0.09786	−0.229%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09783	−0.258%	$62.9M	$47.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09797	−0.113%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	−0.126%	$222K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09760	−0.498%	$44.0M	$104.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09757	−0.525%	$47.6M	$53.5M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09755	−0.545%	$9.1M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09815	+0.067%	$141K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09768	−0.413%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09772	−0.372%	$12.8M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09777	−0.321%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09757	−0.525%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09756	−0.535%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09808	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.188%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09810	+0.016%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	−0.172%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.800%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	−0.596%	$204	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09774	−0.351%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09755	−0.543%	$661K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09759	−0.501%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09806	−0.025%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09836	+0.281%	$199K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09767	−0.423%	$74K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3486%	1h	0.09810	+0.014%	$517K	$942K	10x	as long as short