Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Nado against Variational Omni−0.534%7-day average +0.014% · you buy dearer than you sell

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

Long on Variational Omni Short on Nado

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 3 days (all we have)+0.520%+$52 · spread now −0.534%, 7d avg +0.014%

Together, before fees+0.519%+ Points / potential airdropVariational Omni: Active · Nado: Active · farm board+$52 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: Nado is 0.548% cheaper against Variational Omni than usual: you would sell low and buy high, −$55 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni XPL	0.09749	0.0100	pay 0.0050% / 4h	2h 11m	$1.7M	$1.9M	—
Short	Nado XPL-PERP	0.09697	0.0100	get 0.0012% / 1h	11m 27s	$1.4M	$2.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Variational Omni. 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 Variational OmnibpFee NadobpOrdersPrice spread, now −0.534%Rate

Funding earned: $0
Price spread: −0.534% → +0.014%: −$54.81
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$61.81
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Nado: live order book, 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 Variational Omni RFQ quote, 3 min ago	4.11 bp	doesn't fit	73.9 bp −$739	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	2.06 bp	5.6 bp −$6	12.7 bp −$127	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
Deribit XPL_USDC-PERPETUAL	−0.0368%	1h	0.09704	−0.462%	$47K	$18K	25x	as long as short
Lighter XPL	−0.0104%	1h	0.09688	−0.626%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0085% / S +0.0489%	1h	0.09706	−0.444%	$112K	—	100x	as long as short
01 Exchange XPLUSD	−0.0064%	1h	0.09696	−0.544%	$564	$582	5x	as long as short
Backpack XPL_USDC_PERP	−0.0051%	1h	0.09702	−0.483%	$177K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09711	−0.392%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.346%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09705	−0.453%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09701	−0.493%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0088%	8h	0.09698	−0.523%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERPshort	+0.0100%	1h	0.09697	−0.534%	$1.4M	$2.6M	10x
Hyperliquid XPL	+0.0100%	1h	0.09711	−0.393%	$62.4M	$47.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09706	−0.443%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09705	−0.449%	$220K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09701	−0.493%	$43.8M	$105.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09702	−0.483%	$47.3M	$53.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09699	−0.513%	$9.0M	$53.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09706	−0.442%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09700	−0.503%	$12.7M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09705	−0.452%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09706	−0.442%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09702	−0.483%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09749	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09722	−0.280%	$263K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.010%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09709	−0.413%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09680	−0.708%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	−0.503%	$203	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09691	−0.596%	$138K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09695	−0.555%	$140K	$11K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09698	−0.526%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09704	−0.464%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09723	−0.267%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09739	−0.103%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09783	+0.348%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3501%	1h	0.09768	+0.190%	$515K	$944K	10x	as long as short