Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.023%

Price spread now: Backpack against Variational Omni+0.418%49s7-day average −0.022% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−1.455%−$145 · spread now +0.418%, 7d avg −0.022%

Together, before fees−1.484%+ Points / potential airdropVariational Omni: Active · farm board−$148 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: Backpack is 0.441% dearer against Variational Omni than usual: you sell high and buy low, +$44 on $10k if it goes back to its 7-day average of −0.022%. The two prices were read 49 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	Variational Omni XPL	0.09755	0.0100	pay 0.0050% / 4h	56m 20s	$1.7M	$1.9M	—
Short	Backpack XPL_USDC_PERP	0.09796	0.0100	get 0.0013% / 1h	56m 20s	$178K	$279K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.418%Rate

Funding earned: $0
Price spread: +0.418% → −0.022%: $44.07
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $34.07
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 22 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 Variational Omni RFQ quote, 3 min ago	4.09 bp	doesn't fit	68.5 bp −$685	doesn't fit	doesn't fit
Sell Backpack live order book, 22 min ago	0.51 bp	8.6 bp −$9	doesn't fit	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
Lighter XPL	−0.0336%	1h	0.09779	+0.244%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0320%	1h	0.09784	+0.295%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0259%	1h	0.09811	+0.572%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0122% / S +0.0513%	1h	0.09793	+0.391%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09790	+0.353%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.397%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09793	+0.391%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0065%	4h	0.09788	+0.336%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0083%	8h	0.09787	+0.324%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09788	+0.339%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09808	+0.542%	$63.5M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09796	+0.422%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	+0.417%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09787	+0.326%	$44.3M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09790	+0.357%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09787	+0.326%	$8.9M	$54.4M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09787	+0.326%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09788	+0.336%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09785	+0.306%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09800	+0.459%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09789	+0.347%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERPshort	+0.0100%	1h	0.09796	+0.418%	$178K	$279K	10x
Variational Omni XPLlong	+0.0100%	4h	0.09755	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	+0.357%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.357%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09800	+0.455%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09790	+0.357%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	+0.459%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09786	+0.316%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	+0.357%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09787	+0.322%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09797	+0.426%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09800	+0.459%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09785	+0.306%	$198K	$649K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.716%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5067%	1h	0.09853	+1.005%	$567K	$1.0M	10x	as long as short