Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hpaid last 24h −0.043%

Price spread now: Variational Omni against Hyperliquid+0.353%7-day average −0.080% · you sell dearer than you buy

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

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.085%−$9 on $10k

Price spread, last 7 days−0.387%−$39 · spread now +0.353%, 7d avg −0.080%

Together, before fees−0.473%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board−$47 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.433% dearer against Hyperliquid than usual: you sell high and buy low, +$43 on $10k if it goes back to its 7-day average of −0.080%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid XPL	0.09890	0.0100	pay 0.0013% / 1h	36m 57s	$64.8M	$44.1M	10x
Short	Variational Omni XPL	0.09925	0.0100	get 0.0050% / 4h	36m 57s	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpFee Variational OmnibpOrdersPrice spread, now +0.353%Rate

Funding earned: $0
Price spread: +0.353% → −0.080%: $43.32
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $34.32
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Hyperliquid: live order book, 4 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 Hyperliquid live order book, 4 min ago	2.31 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	5.04 bp	doesn't fit	55.5 bp −$555	doesn't fit	doesn't fit

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	−0.0536%	1h	0.09875	−0.154%	$4.5M	$4.2M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0341%	1h	0.09884	−0.063%	$185K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09895	+0.049%	$575	$582	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0154%	1h	0.09889	−0.012%	$49K	$17K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0039% / S +0.0454%	1h	0.09896	+0.064%	$134K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09908	+0.181%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.453%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09899	+0.093%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0057%	4h	0.09891	+0.008%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0097%	8h	0.09904	+0.137%	$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
Nado XPL-PERP	+0.0100%	1h	0.09892	+0.021%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPLlong	+0.0100%	1h	0.09890	long leg	$64.8M	$44.1M	10x
Aster XPLUSDT	+0.0100%	4h	0.09883	−0.072%	$259K	$489K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09905	+0.154%	$224K	$14K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09878	−0.125%	$45.0M	$100.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09875	−0.154%	$47.5M	$49.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09875	−0.154%	$9.2M	$52.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09923	+0.327%	$141K	$55K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09885	−0.053%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09881	−0.093%	$13.7M	$7.3M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09876	−0.144%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09876	−0.144%	$8.6M	$10.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09875	−0.154%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09925	+0.353%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09920	+0.301%	$267K	$610K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09920	+0.301%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09905	+0.146%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09880	−0.103%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09880	−0.103%	$353	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09919	+0.291%	$141K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09880	−0.100%	$662K	$923K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09902	+0.119%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09891	+0.008%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0404%	1h	0.09932	+0.423%	$203K	$627K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0880%	1h	0.09951	+0.615%	$75K	$118K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2829%	1h	0.09927	+0.374%	$293K	$700K	10x	as long as short