Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Nado+0.029%7-day average −0.018% · you sell dearer than you buy

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

Long on Nado Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.169%+$17 · spread now +0.029%, 7d avg −0.018%

Together, before fees+0.170%+ Points / potential airdropNado: Active · Variational Omni: Active · farm board+$17 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 0.048% dearer against Nado than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado XPL-PERP	0.09667	0.0100	pay 0.0012% / 1h	0m 40s	$1.2M	$2.8M	10x
Short	Variational Omni XPL	0.09670	0.0100	get 0.0050% / 4h	2h 00m	$1.7M	$1.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Nado. 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 NadobpFee Variational OmnibpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → −0.018%: $4.75
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$2.25
Costs to cover: 0.070%
Break-even: 20542640416655.3 days

Slippage unknown: Nado: live order book, 3 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 Nado live order book, 3 min ago	1.03 bp	7.7 bp −$8	20.7 bp −$207	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	4.14 bp	doesn't fit	76.7 bp −$767	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	−0.0304%	1h	0.09666	−0.010%	$562	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0220%	1h	0.09673	+0.062%	$179K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0209% / S +0.0569%	1h	0.09678	+0.118%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09675	+0.083%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09672	+0.052%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09678	+0.116%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.686%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09679	+0.122%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0040%	4h	0.09668	+0.010%	$8.4M	$53.5M	50x	as long as short
Paradex XPL-USD-PERP	+0.0044%	8h	0.09668	+0.014%	$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	+0.0048%	1h	0.09661	−0.062%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERPlong	+0.0100%	1h	0.09667	long leg	$1.2M	$2.8M	10x
Hyperliquid XPL	+0.0100%	1h	0.09682	+0.159%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09675	+0.087%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09676	+0.091%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09667	+0.004%	$43.9M	$108.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09665	−0.021%	$46.5M	$56.3M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09672	+0.052%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09668	+0.010%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09664	−0.031%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09675	+0.083%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09670	+0.031%	—	$8.0M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09670	+0.029%	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09646	−0.218%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	−0.176%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09677	+0.104%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.072%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09670	+0.031%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09665	−0.021%	$143K	$250K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.072%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09673	+0.064%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09670	+0.031%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	0.000%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.024%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4402%	1h	0.09717	+0.513%	$551K	$1.0M	10x	as long as short