Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Bulk+0.128%7-day average −0.003% · you sell dearer than you buy

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.871%+$87 · spread now +0.128%, 7d avg −0.003%

Together, before fees+0.867%+ Points / potential airdropVariational Omni: Active · farm board+$87 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 0.131% dearer against Bulk than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk XPL-USD	0.09555	0.0100	pay 0.0013% / 1h	56m 27s	$139K	$0	10x
Short	Variational Omni XPL	0.09567	0.0100	get 0.0050% / 4h	3h 56m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bulk. 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 BulkbpFee Variational OmnibpOrdersPrice spread, now +0.128%Rate

Funding earned: $0
Price spread: +0.128% → −0.003%: $13.11
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $6.11
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Bulk: live order book, 42 min ago; 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 Bulk live order book, 42 min ago	5.23 bp	18.7 bp −$19	22.1 bp −$221	51.9 bp −$5,190	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.18 bp	doesn't fit	62.8 bp −$628	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	−0.1304%	1h	0.09562	+0.073%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0360%	1h	0.09562	+0.073%	$556	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0272%	1h	0.09581	+0.272%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09567	+0.125%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0104%	4h	0.09558	+0.031%	$45.5M	$53.9M	75x	as long as short
Paradex XPL-USD-PERP	−0.0060%	8h	0.09577	+0.235%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0026%	4h	0.09560	+0.052%	$30K	$277K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09579	+0.247%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.766%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09568	+0.132%	$72K	—	150x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0007%	4h	0.09558	+0.031%	$7.7M	$47.6M	50x	as long as short
Backpack XPL_USDC_PERP	+0.0068%	1h	0.09583	+0.293%	$179K	$180K	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09559	+0.044%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09581	+0.272%	$60.6M	$46.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09573	+0.185%	$253K	$406K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09585	+0.314%	$219K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09559	+0.047%	$43.3M	$97.7M	75x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09555	long leg	$139K	$0	10x
Gate XPL_USDT	+0.0100%	4h	0.09561	+0.063%	$2.9M	$3.3M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09566	+0.115%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09563	+0.084%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09571	+0.167%	$9.0M	$9.8M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09559	+0.042%	—	$7.8M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09567	+0.128%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09556	+0.015%	$256K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09560	+0.052%	$25K	$75K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09575	+0.209%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	−0.052%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09580	+0.262%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09551	−0.042%	$132K	$210K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09567	+0.126%	$595K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09560	+0.052%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0249%	1h	0.09574	+0.199%	$194K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09580	+0.262%	$1.7M	$932K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.429%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2701%	1h	0.09602	+0.493%	$542K	$940K	10x	as long as short