Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0481%/8h= −52.7% APRpaid last 24h −0.073%

Price spread now: Deribit against Variational Omni+0.036%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 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

The price spread pays, funding is against you. Deribit is 0.036% dearer against Variational Omni than usual: you sell high and buy low (spread +0.036% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09496	0.0100	pay 0.0050% / 4h	2h 18m	$1.7M	$1.8M	—
Short	Deribit XPL_USDC-PERPETUAL	0.09499	−0.0381	pay 0.0048% / 1h	18m 47s	$47K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$101.06
Price spread: +0.036% → 0.000%: $3.63
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$104.43
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Deribit: no order-book sample. 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, 3 min ago	4.21 bp	doesn't fit	59.0 bp −$590	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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 36 exchanges

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	−0.0968%	1h	0.09489	−0.069%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0536%	1h	0.09488	−0.080%	$552	$873	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0381%	1h	0.09499	+0.036%	$47K	$18K	25x
GMX XPL/USD [WBTC.b-USDC]	L −0.0377% / S +0.0654%	1h	0.09506	+0.105%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0303%	4h	0.09496	+0.005%	$44.8M	$53.2M	75x	as long as short
Extended XPL-USD	−0.0200%	1h	0.09492	−0.034%	$601K	$1.2M	25x	as long as short
Paradex XPL-USD-PERP	−0.0139%	8h	0.09493	−0.028%	$12K	$696	5x	as long as short
OKX XPL-USDT-SWAP	−0.0098%	4h	0.09501	+0.057%	$7.6M	$47.1M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0068%	4h	0.09495	−0.006%	$30K	$195K	10x	as long as short
Gate XPL_USDT	−0.0042%	4h	0.09497	+0.015%	$2.9M	$3.4M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09508	+0.132%	$9K	$600	5x	as long as short
MEXC XPL_USDT	0.0000%	4h	0.09495	−0.006%	$13.4M	$6.5M	100x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.271%	—	—	—	as long as short
Binance XPLUSDT	+0.0001%	4h	0.09498	+0.026%	$43.5M	$96.7M	75x	as long as short
BloFin XPL-USDT	+0.0005%	4h	0.09492	−0.037%	$1.7M	$804K	75x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09507	+0.124%	$72K	—	150x	as long as short
Aevo XPL-PERP	+0.0080%	1h	0.09492	−0.036%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09498	+0.026%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09516	+0.216%	$60.3M	$42.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09505	+0.100%	$253K	$379K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09505	+0.101%	$218K	$45K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09506	+0.110%	$2.4M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09507	+0.121%	$8.9M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09499	+0.036%	—	$7.7M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09503	+0.078%	$179K	$172K	10x	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09496	long leg	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09508	+0.134%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	+0.152%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09508	+0.131%	$125K	$1.4M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09490	−0.058%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09490	−0.058%	$178	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09503	+0.078%	$132K	$211K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09515	+0.205%	$139K	$5K	10x	as long as short
Phoenix XPL	+0.0166%	1h	0.09508	+0.131%	$192K	$474K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0648%	1h	0.09736	+2.532%	$65K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1852%	1h	0.09524	+0.300%	$542K	$984K	10x	as long as short