Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.145%

Price spread now: Variational Omni against Lighter+0.070%7-day average +0.046% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.222%+$22 on $10k

Price spread, last 7 days−0.081%−$8 · spread now +0.070%, 7d avg +0.046%

Together, before fees+0.142%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$14 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 0.024% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter XPL	0.09657	0.0096	pay 0.0012% / 1h	20m 41s	$4.4M	$4.2M	10x
Short	Variational Omni XPL	0.09664	0.0100	get 0.0050% / 4h	2h 20m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. 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 LighterbpFee Variational OmnibpOrdersPrice spread, now +0.070%Rate

Funding earned: $0.84
Price spread: +0.070% → +0.046%: $2.39
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $3.23
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 7 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 Lighter live order book, 7 min ago	3.61 bp	15.2 bp −$15	39.3 bp −$393	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.14 bp	doesn't fit	66.3 bp −$663	doesn't fit	doesn't fit

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	0.09664	+0.072%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0199% / S +0.0563%	1h	0.09669	+0.121%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0153%	1h	0.09670	+0.135%	$179K	$244K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09671	+0.145%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09667	+0.104%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.604%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0001%	4h	0.09668	+0.114%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09669	+0.129%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0057%	4h	0.09666	+0.093%	$8.4M	$54.9M	50x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09670	+0.133%	$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 XPLlong	+0.0096%	1h	0.09657	long leg	$4.4M	$4.2M	10x
Nado XPL-PERP	+0.0100%	1h	0.09665	+0.088%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09676	+0.197%	$61.7M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09673	+0.164%	$246K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09670	+0.139%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09663	+0.062%	$43.9M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09663	+0.062%	$46.5M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09675	+0.189%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09667	+0.104%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09664	+0.072%	$12.7M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09660	+0.031%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09668	+0.114%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09663	+0.062%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09664	+0.070%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09673	+0.162%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.238%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09678	+0.213%	$129K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.072%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	+0.135%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09676	+0.197%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09663	+0.064%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09673	+0.169%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09686	+0.300%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.129%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4405%	1h	0.09710	+0.553%	$551K	$1.0M	10x	as long as short