Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.067%

Price spread now: Phoenix against Variational Omni−0.733%7-day average +0.175% · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.263%+$26 on $10k

Price spread, last 4 days (all we have)+0.927%+$93 · spread now −0.733%, 7d avg +0.175%

Together, before fees+1.191%+ Points / potential airdropVariational Omni: Active · farm board+$119 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.909% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.733% now, against its 7-day average of +0.175%). If the spread goes back, that is −$91 on $10k: about 13 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09656	0.0100	pay 0.0050% / 4h	31m 09s	$1.7M	$1.9M	—
Short	Phoenix XPL	0.09585	0.0334	get 0.0042% / 1h	31m 09s	$194K	$617K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.733%Rate

Funding earned: $49.12
Price spread: −0.733% → +0.175%: −$90.88
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.76
Costs to cover: 0.070%
Break-even: 13.9 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Phoenix: live order book, 27 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	4.19 bp	doesn't fit	59.7 bp −$597	doesn't fit	doesn't fit
Sell Phoenix live order book, 27 min ago	1.05 bp	15.0 bp −$15	48.1 bp −$481	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
01 Exchange XPLUSD	−0.0400%	1h	0.09648	−0.081%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09661	+0.052%	$107K	—	100x	as long as short
Bybit XPLUSDT	−0.0105%	4h	0.09665	+0.095%	$45.7M	$54.8M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09663	+0.074%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09659	+0.030%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.594%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	+0.080%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09663	+0.074%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0078%	8h	0.09662	+0.067%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09657	+0.012%	$4.4M	$3.3M	10x	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	0.09662	+0.062%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09685	+0.298%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09669	+0.135%	$243K	$460K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09660	+0.043%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09670	+0.148%	$43.9M	$103.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09671	+0.157%	$8.3M	$49.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09550	−1.096%	$139K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	+0.157%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09672	+0.168%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	+0.043%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09681	+0.261%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09671	+0.157%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09680	+0.251%	$180K	$221K	10x	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09656	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09551	−1.087%	$259K	$975K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09630	−0.267%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09669	+0.137%	$125K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.164%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	+0.147%	$202	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09627	−0.298%	$141K	$207K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09660	+0.041%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.043%	$29K	$18K	3x	as long as short
Phoenix XPLshort	+0.0334%	1h	0.09585	−0.733%	$194K	$617K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09657	+0.012%	$1.7M	$986K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.209%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3286%	1h	0.09706	+0.525%	$550K	$975K	10x	as long as short