Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.4977%/8h= +545.0% APRpaid last 24h +0.337%

Price spread now: Kraken Futures against Variational Omni+0.752%7-day average +0.109% · you sell dearer than you buy

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

Long on Variational Omni Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.182%+$18 on $10k

Price spread, last 3 days (all we have)−0.721%−$72 · spread now +0.752%, 7d avg +0.109%

Together, before fees−0.539%+ Points / potential airdropVariational Omni: Active · farm board−$54 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$149 a day on $10k at the current rate, and Kraken Futures is 0.643% dearer against Variational Omni than usual: you sell high and buy low: +$64 more if the spread goes back to its 7-day average of +0.109%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.182% in total (about 19.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09760	0.0100	pay 0.0050% / 4h	2m 42s	$1.6M	$1.9M	—
Short	Kraken Futures PF_XPLUSD	0.09834	0.5077	get 0.0635% / 1h	2m 42s	$568K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.752%Rate

Funding earned: $1,045.12
Price spread: +0.752% → +0.109%: $64.3
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $1,099.42
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, 1 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	4.09 bp	doesn't fit	68.6 bp −$686	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	21.85 bp	29.3 bp −$29	392.8 bp −$3,928	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
Lighter XPL	−0.0536%	1h	0.09788	+0.285%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09786	+0.265%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0148% / S +0.0530%	1h	0.09794	+0.343%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09800	+0.406%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.436%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09792	+0.326%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09793	+0.340%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0014%	8h	0.09782	+0.229%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0036%	4h	0.09787	+0.275%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0040%	4h	0.09797	+0.377%	$3.1M	$4.1M	75x	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	0.09792	+0.321%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09817	+0.586%	$63.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09802	+0.433%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09806	+0.470%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09800	+0.408%	$44.7M	$108.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09798	+0.387%	$47.5M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09799	+0.398%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.002%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09800	+0.408%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09795	+0.357%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09805	+0.459%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09799	+0.398%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09795	+0.357%	$181K	$282K	10x	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09760	long leg	$1.6M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	+0.083%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.203%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09802	+0.426%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	+0.101%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	+0.306%	$200	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09768	+0.080%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09795	+0.358%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09786	+0.260%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09782	+0.224%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09788	+0.285%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09804	+0.449%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSDshort	+0.5077%	1h	0.09834	+0.752%	$568K	$1.0M	10x