Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1251%/8h= −137.0% APRpaid last 24h −0.764%

Price spread now: Variational Omni against Kraken Futures−0.176%7-day average −0.146% · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.613%−$61 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.176%, 7d avg −0.146%

Together, before fees−0.300%+ Points / potential airdropVariational Omni: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$38 a day on $10k at the current rate, and Variational Omni is 0.030% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.146%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XPLUSD	0.09470	0.1351	pay 0.0169% / 1h	53m 04s	$552K	$996K	10x
Short	Variational Omni XPL	0.09453	0.0100	get 0.0050% / 4h	1h 53m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. 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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.176%Rate

Funding earned: −$262.71
Price spread: −0.176% → −0.146%: −$3
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$275.72
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 58 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 Kraken Futures live order book, 58 min ago	18.33 bp	51.4 bp −$51	502.6 bp −$5,026	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	4.22 bp	doesn't fit	49.6 bp −$496	doesn't fit	doesn't fit

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	−0.0672%	1h	0.09440	−0.314%	$4.3M	$3.0M	10x	as long as short
01 Exchange XPLUSD	−0.0600%	1h	0.09439	−0.325%	$549	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0596%	1h	0.09443	−0.283%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0419% / S +0.0678%	1h	0.09450	−0.207%	$105K	—	100x	as long as short
Bybit XPLUSDT	−0.0266%	4h	0.09441	−0.304%	$44.6M	$52.2M	75x	as long as short
Extended XPL-USD	−0.0152%	1h	0.09439	−0.321%	$597K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0121%	8h	0.09452	−0.188%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0090%	4h	0.09438	−0.336%	$30K	$185K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0054%	4h	0.09445	−0.262%	$7.4M	$46.4M	50x	as long as short
Binance XPLUSDT	−0.0029%	4h	0.09443	−0.283%	$43.4M	$95.7M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0026%	4h	0.09440	−0.314%	$13.2M	$6.3M	100x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.054%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09452	−0.189%	$71K	—	150x	as long as short
Gate XPL_USDT	+0.0012%	4h	0.09445	−0.262%	$2.9M	$3.2M	75x	as long as short
Backpack XPL_USDC_PERP	+0.0038%	1h	0.09452	−0.188%	$180K	$170K	10x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09440	−0.314%	$28K	$18K	3x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09446	−0.251%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09459	−0.118%	$60.0M	$41.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09453	−0.177%	$252K	$361K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09465	−0.049%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09445	−0.262%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09451	−0.198%	$8.8M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09444	−0.272%	—	$7.7M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09453	−0.176%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09460	−0.103%	$259K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09470	+0.002%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09458	−0.124%	$124K	$1.2M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09420	−0.526%	$2K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09440	−0.314%	$178	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09461	−0.093%	$134K	$211K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09455	−0.156%	$138K	$5K	10x	as long as short
BloFin XPL-USDT	+0.0213%	4h	0.09450	−0.209%	$1.7M	$825K	75x	as long as short
Phoenix XPL	+0.0252%	1h	0.09471	+0.013%	$191K	$435K	10x	as long as short
dYdX XPL-USD	+0.0425%	1h	0.09468	−0.017%	$9K	$600	5x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+0.720%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.1351%	1h	0.09470	long leg	$552K	$996K	10x