Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0380%/8h= +41.6% APRpaid last 24h +0.050%

Price spread now: Variational Omni against 01 Exchange+0.361%7-day average — · you sell dearer than you buy

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

Long on 01 Exchange Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

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

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Variational Omni is 0.361% dearer against 01 Exchange than usual: you sell high and buy low: +$36 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange XPLUSD	0.09636	−0.0280	get 0.0035% / 1h	8m 58s	$560	$708	5x
Short	Variational Omni XPL	0.09671	0.0100	get 0.0050% / 4h	2h 08m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against 01 Exchange. 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 01 ExchangebpFee Variational OmnibpOrdersPrice spread, now +0.361%Rate

Funding earned: $79.8
Price spread: +0.361% → 0.000%: $36.12
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $108.92
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: 01 Exchange: no order-book sample; Variational Omni: RFQ quote, 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 5 min ago	4.14 bp	doesn't fit	63.1 bp −$631	doesn't fit	doesn't fit

01 Exchange: 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 35 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 XPLUSDlong	−0.0280%	1h	0.09636	long leg	$560	$708	5x
Backpack XPL_USDC_PERP	−0.0221%	1h	0.09656	+0.208%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0205% / S +0.0567%	1h	0.09659	+0.240%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09657	+0.218%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0001%	4h	0.09652	+0.166%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09650	+0.141%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.434%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09659	+0.240%	$59K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0045%	4h	0.09661	+0.259%	$8.4M	$53.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0047%	8h	0.09650	+0.140%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0048%	1h	0.09647	+0.114%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09649	+0.140%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09665	+0.302%	$61.6M	$47.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09660	+0.249%	$246K	$510K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09658	+0.224%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09664	+0.289%	$43.8M	$108.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09659	+0.239%	$46.5M	$56.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	+0.249%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09660	+0.249%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09663	+0.280%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09655	+0.197%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09663	+0.280%	$8.6M	$11.2M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09661	+0.259%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09671	+0.361%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09670	+0.353%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.457%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09659	+0.235%	$131K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09640	+0.042%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+0.145%	$193	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09664	+0.291%	$144K	$249K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09661	+0.260%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09651	+0.155%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09687	+0.529%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.349%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4411%	1h	0.09697	+0.631%	$550K	$1.0M	10x	as long as short