Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0324%/8h= −35.5% APRpaid last 24h −0.148%

Price spread now: Lighter against Variational Omni−0.745%7-day average −0.044% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.207%−$21 on $10k

Price spread, last 7 days+0.857%+$86 · spread now −0.745%, 7d avg −0.044%

Together, before fees+0.650%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Lighter is 0.702% cheaper against Variational Omni than usual: you would sell low and buy high (−$70 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

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 39m	$1.7M	$1.9M	—
Short	Lighter XPL	0.09726	−0.0224	pay 0.0028% / 1h	39m 11s	$4.4M	$4.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.745%Rate

Funding earned: −$68.04
Price spread: −0.745% → −0.044%: −$70.17
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$138.21
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Lighter: 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, 5 min ago	4.10 bp	doesn't fit	99.3 bp −$993	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	4.59 bp	18.6 bp −$19	34.8 bp −$348	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	−0.0571%	1h	0.09737	−0.633%	$47K	$18K	25x	as long as short
Lighter XPLshort	−0.0224%	1h	0.09726	−0.745%	$4.4M	$4.3M	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0072% / S +0.0481%	1h	0.09754	−0.461%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0002%	1h	0.09743	−0.572%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09758	−0.417%	$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	0.09753	−0.470%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0016%	1h	0.09747	−0.531%	$567	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09742	−0.582%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09761	−0.392%	$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	0.09756	−0.437%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09750	−0.504%	$62.7M	$47.0M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09744	−0.562%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09758	−0.416%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09740	−0.603%	$44.0M	$104.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09737	−0.633%	$47.5M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09737	−0.633%	$9.0M	$52.9M	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	0.09740	−0.603%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09737	−0.633%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09733	−0.674%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09744	−0.562%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09738	−0.623%	—	$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	0.09789	−0.105%	$265K	$786K	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	0.09759	−0.411%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09730	−0.705%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09730	−0.705%	$205	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09775	−0.245%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09737	−0.635%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09740	−0.599%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09750	−0.501%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09815	+0.163%	$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	+0.3495%	1h	0.09785	−0.143%	$515K	$939K	10x	as long as short