Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0334%/8h= +36.6% APRpaid last 24h +0.063%

Price spread now: Variational Omni against GMX−0.039%7-day average −0.043% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.353%−$35 · spread now −0.039%, 7d avg −0.043%

Together, before fees−0.386%+ Points / potential airdropVariational Omni: Active · farm board−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.043%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.5% 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	GMX XPL/USD [WBTC.b-USDC]	0.09506	L −0.0234% / S +0.0570%	get 0.0029% / 1h	35m 48s	$105K	—	100x
Short	Variational Omni XPL	0.09502	0.0100	get 0.0050% / 4h	3h 35m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. 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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.039%Rate

Funding earned: $70.24
Price spread: −0.039% → −0.043%: $0.41
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $58.65
Costs to cover: 0.120%
Break-even: 1.2 days

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 3 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	3.69 bp	doesn't fit	70.0 bp −$700	doesn't fit	doesn't fit

GMX: 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
Lighter XPL	−0.1272%	1h	0.09494	−0.122%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09486	−0.206%	$552	$873	5x	as long as short
Bybit XPLUSDT	−0.0347%	4h	0.09498	−0.080%	$45.1M	$54.2M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0234% / S +0.0570%	1h	0.09506	long leg	$105K	—	100x
Deribit XPL_USDC-PERPETUAL	−0.0170%	1h	0.09510	+0.046%	$46K	$18K	25x	as long as short
Paradex XPL-USD-PERP	−0.0104%	8h	0.09486	−0.208%	$12K	$696	5x	as long as short
Gate XPL_USDT	−0.0060%	4h	0.09504	−0.017%	$2.9M	$3.3M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0034%	1h	0.09507	+0.015%	$178K	$179K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0031%	4h	0.09497	−0.090%	$7.6M	$47.3M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09504	−0.017%	$30K	$258K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09502	−0.034%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.354%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09503	−0.024%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09492	−0.143%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09514	+0.093%	$60.2M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09510	+0.046%	$251K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09495	−0.117%	$217K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09500	−0.058%	$43.3M	$98.1M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	+0.046%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09500	−0.059%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09507	+0.015%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09509	+0.036%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09499	−0.069%	—	$7.8M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09502	−0.039%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09509	+0.035%	$254K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	+0.046%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09502	−0.043%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09480	−0.269%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	+0.046%	$188	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09500	−0.059%	$131K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09498	−0.080%	$588K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09506	+0.003%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09520	+0.151%	$193K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09506	+0.004%	$1.7M	$928K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.951%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2721%	1h	0.09532	+0.279%	$541K	$956K	10x	as long as short