Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h —

Price spread now: Reya against Variational Omni−21.486%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 21.486% cheaper against Variational Omni than usual: you would sell low and buy high (−$2,149 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09643	0.0100	pay 0.0050% / 4h	2m 39s	$1.7M	$1.9M	—
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	2m 39s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −21.486%Rate

Funding earned: −$21
Price spread: −21.486% → 0.000%: −$2,148.59
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,175.59
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Reya: no order-book sample. 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	4.14 bp	doesn't fit	59.1 bp −$591	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0384%	1h	0.09647	+0.043%	$561	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09665	+0.233%	$107K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09662	+0.199%	$46K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0147%	1h	0.09664	+0.220%	$178K	$224K	10x	as long as short
Bybit XPLUSDT	−0.0098%	4h	0.09650	+0.075%	$45.7M	$54.6M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09662	+0.195%	$9K	$585	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−21.486%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09664	+0.224%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0018%	4h	0.09658	+0.158%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09660	+0.182%	$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
Gate XPL_USDT	+0.0082%	4h	0.09659	+0.168%	$3.0M	$3.6M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09648	+0.054%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09653	+0.111%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09667	+0.255%	$61.0M	$46.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09670	+0.277%	$252K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09662	+0.200%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09652	+0.098%	$43.8M	$102.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09656	+0.137%	$8.3M	$49.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09631	−0.119%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09651	+0.085%	$12.5M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09646	+0.033%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09665	+0.230%	$8.8M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09658	+0.158%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09643	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09651	+0.085%	$260K	$993K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	−0.029%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09668	+0.261%	$126K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.029%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	+0.178%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09639	−0.040%	$141K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09657	+0.150%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	+0.178%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09670	+0.282%	$196K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09655	+0.126%	$1.7M	$985K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09698	+0.572%	$75K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3290%	1h	0.09697	+0.562%	$550K	$977K	10x	as long as short