Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Variational Omni+0.744%7-day average −0.027% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 7 days−0.735%−$74 · spread now +0.744%, 7d avg −0.027%

Together, before fees−0.764%+ Points / potential airdropVariational Omni: Active · farm board−$76 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: Bybit is 0.771% dearer against Variational Omni than usual: you sell high and buy low, +$77 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09957	0.0100	pay 0.0050% / 4h	12m 13s	$1.7M	$1.8M	—
Short	Bybit XPLUSDT	0.1003	0.0100	get 0.0050% / 4h	12m 13s	$48.7M	$50.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. 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 Variational OmnibpFee BybitbpOrdersPrice spread, now +0.744%Rate

Funding earned: $0
Price spread: +0.744% → −0.027%: $77.08
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $66.08
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Bybit: live order book, 1 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 Variational Omni RFQ quote, 1 min ago	6.50 bp	doesn't fit	76.5 bp −$765	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.50 bp	6.0 bp −$6	43.2 bp −$432	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
Backpack XPL_USDC_PERP	−0.0242%	1h	0.1004	+0.834%	$187K	$281K	10x	as long as short
Lighter XPL	−0.0192%	1h	0.1003	+0.724%	$4.5M	$4.3M	10x	as long as short
01 Exchange XPLUSD	−0.0144%	1h	0.1003	+0.683%	$583	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.1002	+0.596%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.968%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.1004	+0.884%	$50K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.1004	+0.817%	$74K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0064%	4h	0.1004	+0.804%	$28K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0098%	8h	0.1002	+0.631%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.1002	+0.683%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.1005	+0.965%	$66.2M	$44.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.1003	+0.734%	$263K	$509K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.1002	+0.668%	$227K	$14K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.1003	+0.744%	$45.7M	$101.0M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.1003	+0.744%	$48.7M	$50.0M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.1003	+0.744%	$9.5M	$53.2M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.1002	+0.682%	$142K	$55K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.1003	+0.754%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.1003	+0.754%	$14.1M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.1004	+0.794%	$2.5M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.1003	+0.774%	$8.8M	$10.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.1003	+0.734%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09957	long leg	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09979	+0.217%	$269K	$661K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09990	+0.332%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.1004	+0.814%	$137K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.1001	+0.533%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.1004	+0.834%	$202	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.1003	+0.764%	$142K	$247K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.1004	+0.841%	$672K	$917K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.1004	+0.844%	$39K	$5K	3x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L +0.0207% / S +0.0037%	1h	0.1004	+0.815%	$141K	—	100x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.1002	+0.673%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0404%	1h	0.1000	+0.463%	$204K	$627K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0880%	1h	0.1002	+0.583%	$76K	$119K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2790%	1h	0.1006	+1.079%	$297K	$700K	10x	as long as short