Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.069%

Price spread now: Variational Omni against Phoenix−0.209%99s7-day average −0.175% · you buy dearer than you sell

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

Long on Phoenix Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.263%−$26 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now −0.209%, 7d avg −0.175%

Together, before fees−0.249%+ Points / potential airdropVariational Omni: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.033% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.175%). Swap the legs. The two prices were read 99 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix XPL	0.09681	0.0248	pay 0.0031% / 1h	51m 46s	$196K	$573K	10x
Short	Variational Omni XPL	0.09661	0.0100	get 0.0050% / 4h	3h 51m	$1.7M	$1.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Phoenix. 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 PhoenixbpFee Variational OmnibpOrdersPrice spread, now −0.209%Rate

Funding earned: −$31.04
Price spread: −0.209% → −0.175%: −$3.31
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$41.35
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 66 min ago; Variational Omni: RFQ quote, 2 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 Phoenix live order book, 66 min ago	1.05 bp	15.0 bp −$15	56.1 bp −$561	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.13 bp	doesn't fit	61.0 bp −$610	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
01 Exchange XPLUSD	−0.0448%	1h	0.09702	+0.217%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09707	+0.265%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0060%	1h	0.09708	+0.279%	$179K	$199K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09703	+0.227%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	+0.204%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.797%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09707	+0.273%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0017%	4h	0.09699	+0.186%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09696	+0.157%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09697	+0.165%	$4.4M	$3.0M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09700	+0.201%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09718	+0.379%	$61.3M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09711	+0.305%	$253K	$470K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09700	+0.199%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09691	+0.103%	$44.0M	$102.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09690	+0.093%	$45.9M	$54.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09692	+0.114%	$8.3M	$49.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09670	−0.114%	$141K	$5K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09700	+0.196%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09703	+0.227%	$12.6M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09704	+0.238%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09711	+0.310%	$8.8M	$10.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09702	+0.217%	—	$7.9M	—	as long as short
Variational Omni XPLshort	+0.0100%	4h	0.09661	−0.209%	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	−0.166%	$260K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09690	+0.093%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09714	+0.345%	$128K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	+0.093%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.196%	$206	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09693	+0.124%	$142K	$206K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09700	+0.194%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09705	+0.252%	$29K	$18K	3x	as long as short
Phoenix XPLlong	+0.0248%	1h	0.09681	long leg	$196K	$573K	10x
BloFin XPL-USDT	+0.0340%	4h	0.09691	+0.103%	$1.8M	$989K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09734	+0.547%	$75K	$85K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3092%	1h	0.09740	+0.605%	$552K	$974K	10x	as long as short