Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0300%/8h= +32.8% APRpaid last 24h +0.029%

Price spread now: Variational Omni against GMX−0.122%7-day average −0.051% · 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 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 3 days (all we have)−0.009%−$1 · spread now −0.122%, 7d avg −0.051%

Together, before fees−0.076%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.071% cheaper against GMX than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of −0.051%). If the spread goes back, that is −$7 on $10k: about 19 hours of funding at the current rate (+$9 a day). Mind the row above: over the last 3 days funding on this pair cost −0.067%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.067% in total (about -7.6% 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]	0.09675	L −0.0200% / S +0.0563%	get 0.0025% / 1h	19m 51s	$111K	—	100x
Short	Variational Omni XPL	0.09664	0.0100	get 0.0050% / 4h	2h 19m	$1.7M	$1.8M	—

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

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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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.122%Rate

Funding earned: $62.99
Price spread: −0.122% → −0.051%: −$7.1
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $43.89
Costs to cover: 0.120%
Break-even: 2.1 days

Slippage unknown: GMX: no order-book sample; 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	4.14 bp	doesn't fit	66.3 bp −$663	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 35 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
01 Exchange XPLUSD	−0.0224%	1h	0.09665	−0.109%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0200% / S +0.0563%	1h	0.09675	long leg	$111K	—	100x
Backpack XPL_USDC_PERP	−0.0162%	1h	0.09681	+0.057%	$179K	$244K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	−0.005%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09667	−0.087%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.754%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09671	−0.047%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09678	+0.031%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0059%	4h	0.09672	−0.036%	$8.4M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09670	−0.058%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09665	−0.109%	$4.4M	$4.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09684	+0.087%	$61.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09683	+0.077%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	−0.053%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09673	−0.024%	$43.9M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09671	−0.047%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	−0.002%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09673	−0.026%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09676	+0.005%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09679	+0.036%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09674	−0.016%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09672	−0.036%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09664	−0.122%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09673	−0.029%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.047%	$25K	$83K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09668	−0.072%	$1.2M	$2.8M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09680	+0.051%	$130K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.264%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	−0.057%	$198	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09676	+0.005%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09673	−0.027%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09675	−0.002%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09686	+0.109%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.935%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4403%	1h	0.09714	+0.399%	$551K	$1.0M	10x	as long as short