Funding arb · Price arb /

XLM

all XLM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0564%/8h= −61.8% APRpaid last 24h −0.106%

Price spread now: Variational Omni against Lighter−0.438%7-day average −0.138% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.139%−$14 on $10k

Price spread, last 3 days (all we have)+0.325%+$32 · spread now −0.438%, 7d avg −0.138%

Together, before fees+0.186%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Variational Omni is 0.300% cheaper against Lighter than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of −0.138%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.139% in total (about -15.5% 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	Lighter XLM	0.2193	0.0664	pay 0.0083% / 1h	45m 23s	$431K	$805K	5x
Short	Variational Omni XLM	0.2183	0.0100	get 0.0100% / 8h	1h 45m	$314K	$1.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.438%Rate

Funding earned: −$118.44
Price spread: −0.438% → −0.138%: −$30.02
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$148.46
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 35 min ago; Variational Omni: RFQ quote, 4 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 Lighter live order book, 35 min ago	3.94 bp	27.8 bp −$28	65.2 bp −$652	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	6.90 bp	doesn't fit	16.1 bp −$161	doesn't fit	doesn't fit

XLM on 31 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
gTrade (Gains Network) XLM/USD	L 0.0000% / S +0.0002%	1h	0.2194	+0.031%	$4K	—	150x	as long as short
dYdX XLM-USD	+0.0016%	1h	0.2187	−0.254%	$24K	$3K	10x	as long as short
Aster XLMUSDT	+0.0100%	8h	0.2194	+0.038%	$596K	$800K	75x	as long as short
Binance XLMUSDT	+0.0100%	8h	0.2195	+0.100%	$57.2M	$148.6M	75x	as long as short
Bybit XLMUSDT	+0.0100%	8h	0.2196	+0.128%	$44.8M	$42.9M	75x	as long as short
OKX XLM-USDT-SWAP	+0.0100%	8h	0.2195	+0.096%	$13.3M	$42.3M	50x	as long as short
Gate XLM_USDT	+0.0100%	8h	0.2192	−0.032%	$4.0M	$5.9M	75x	as long as short
MEXC XLM_USDT	+0.0100%	8h	0.2193	+0.014%	$26.0M	$25.7M	300x	as long as short
KuCoin XLMUSDTM	+0.0100%	8h	0.2192	−0.059%	$14.7M	$10.5M	75x	as long as short
Bitget XLMUSDT	+0.0100%	8h	0.2196	+0.146%	$26.3M	$18.7M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX XLM-USDT	+0.0100%	8h	0.2195	+0.109%	—	$7.0M	—	as long as short
Variational Omni XLMshort	+0.0100%	8h	0.2183	−0.438%	$314K	$1.2M	—
edgeX XLMUSDC	+0.0100%	4h	0.2180	−0.566%	$12K	$300K	10x	as long as short
GRVT XLM_USDT_Perp	+0.0100%	8h	0.2183	−0.472%	$609K	$622K	10x	as long as short
Orderly PERP_XLM_USDC_mythos	+0.0100%	4h	0.2196	+0.141%	$3K	$2K	10x	as long as short
SunX XLM-USDT	+0.0100%	8h	0.2190	−0.146%	$2K	$1.7M	20x	as long as short
SoDEX XLM-USD	+0.0100%	1h	0.2185	−0.383%	$2K	$6K	5x	as long as short
HTX XLM-USDT	+0.0100%	8h	0.2181	−0.543%	$201K	$272K	20x	as long as short
Phemex XLMUSDT	+0.0100%	8h	0.2184	−0.406%	$9.2M	$9.1M	50x	as long as short
Extended XLM-USD	+0.0104%	1h	0.2191	−0.088%	$196K	$1.6M	10x	as long as short
ApeX Omni XLMUSDT	+0.0138%	1h	0.2180	−0.602%	$175K	$256K	50x	as long as short
BloFin XLM-USDT	+0.0220%	8h	0.2181	−0.561%	$2.4M	$6.3M	75x	as long as short
Phoenix XLM	+0.0221%	1h	0.2173	−0.921%	$5K	$41K	5x	as long as short
Backpack XLM_USDC_PERP	+0.0340%	1h	0.2185	−0.369%	$104K	$253K	20x	as long as short
GMX XLM/USD [WBTC.b-USDC]	L +0.0345% / S −0.0195%	1h	0.2193	+0.020%	$50K	—	100x	as long as short
Hyperliquid XLM	+0.0375%	1h	0.2194	+0.055%	$12.5M	$6.0M	5x	as long as short
Coinbase International XLM-PERP-INTX	+0.0432%	1h	0.2185	−0.369%	$232K	$1.5M	50x	as long as short
Injective XLM/USDC PERP	+0.0475%	1h	0.2156	−1.683%	$116	$185K	12x	as long as short
Kraken Futures PF_XLMUSD	+0.0500%	1h	0.2185	−0.360%	$2.6M	$2.6M	50x	as long as short
Lighter XLMlong	+0.0664%	1h	0.2193	long leg	$431K	$805K	5x
Deribit XLM_USDC-PERPETUAL	+0.0752%	1h	0.2197	+0.187%	$545K	$174K	25x	as long as short