Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.073%

Price spread now: Variational Omni against Deribit−0.028%7-day average — · you buy dearer than you sell

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

Long on Deribit 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

Funding pays, the price is against you. Variational Omni is 0.028% cheaper against Deribit than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09667	−0.0060	get 0.0008% / 1h	2m 03s	$46K	$18K	25x
Short	Variational Omni XPL	0.09664	0.0100	get 0.0050% / 4h	2h 02m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.028%Rate

Funding earned: $33.65
Price spread: −0.028% → 0.000%: −$2.78
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $23.87
Costs to cover: 0.070%
Break-even: 2.0 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 2 min ago	4.14 bp	doesn't fit	76.7 bp −$767	doesn't fit	doesn't fit

Deribit: 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 XPLUSD	−0.0304%	1h	0.09651	−0.166%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0223%	1h	0.09669	+0.021%	$179K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0209% / S +0.0569%	1h	0.09671	+0.044%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0060%	1h	0.09667	long leg	$46K	$18K	25x
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09664	−0.031%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09657	−0.101%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.686%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09672	+0.049%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0040%	4h	0.09667	0.000%	$8.4M	$53.6M	50x	as long as short
Lighter XPL	+0.0040%	1h	0.09657	−0.103%	$4.4M	$4.2M	10x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0043%	8h	0.09657	−0.106%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09660	−0.067%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09676	+0.093%	$61.5M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09666	−0.008%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09659	−0.083%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09666	−0.007%	$43.8M	$108.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09663	−0.041%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09664	−0.031%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09668	+0.010%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	−0.072%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09673	+0.062%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09667	0.000%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09664	−0.028%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09649	−0.187%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.134%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09673	+0.063%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.176%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.072%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	−0.021%	$143K	$249K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.072%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09667	+0.002%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09662	−0.053%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09678	+0.114%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.024%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4407%	1h	0.09705	+0.390%	$550K	$1.0M	10x	as long as short