Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against Variational Omni−0.026%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.026% cheaper against Variational Omni than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09664	0.0100	pay 0.0050% / 4h	2h 04m	$1.7M	$1.8M	—
Short	dYdX XPL-USD	0.09662	0	get 0.0000% / 1h	4m 22s	$8K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$21
Price spread: −0.026% → 0.000%: −$2.64
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$33.64
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; dYdX: no order-book sample. 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, 5 min ago	4.15 bp	doesn't fit	65.4 bp −$654	doesn't fit	doesn't fit
Sell dYdX no order-book sample	—	—	—	—	—

dYdX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.09656	−0.086%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0215%	1h	0.09648	−0.169%	$178K	$243K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0208% / S +0.0568%	1h	0.09669	+0.045%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0164%	1h	0.09661	−0.034%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09661	−0.034%	$29K	$335K	10x	as long as short
dYdX XPL-USDshort	0.0000%	1h	0.09662	−0.026%	$8K	—	5x
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.666%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09670	+0.058%	$60K	—	150x	as long as short
Lighter XPL	+0.0032%	1h	0.09653	−0.117%	$4.4M	$4.2M	10x	as long as short
OKX XPL-USDT-SWAP	+0.0042%	4h	0.09660	−0.045%	$8.4M	$53.6M	50x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0043%	8h	0.09650	−0.149%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09665	+0.012%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09676	+0.118%	$61.5M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09671	+0.067%	$246K	$500K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09660	−0.045%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09665	+0.008%	$43.8M	$108.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09661	−0.034%	$46.5M	$56.4M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09662	−0.024%	$3.0M	$3.9M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09666	+0.017%	$12.6M	$8.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09657	−0.076%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09666	+0.017%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09664	−0.003%	—	$8.0M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09664	long leg	$1.7M	$1.8M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09665	+0.008%	$257K	$891K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+0.162%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09675	+0.108%	$132K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	−0.148%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.045%	$199	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09671	+0.069%	$144K	$249K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.045%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09658	−0.067%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09660	−0.045%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09674	+0.100%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+1.052%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4411%	1h	0.09696	+0.329%	$550K	$1.0M	10x	as long as short