Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h −0.009%

Price spread now: Paradex against Variational Omni−0.332%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 Paradex

What this pair did over the last

the charts below follow

Funding, last 4 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 · Paradex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Paradex is 0.332% cheaper against Variational Omni than usual: you would sell low and buy high (−$33 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	0.09720	0.0100	pay 0.0050% / 4h	3h 28m	$1.7M	$1.9M	—
Short	Paradex XPL-USD-PERP	0.09688	0.0052	get 0.0052% / 8h	3h 28m	$13K	$2K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.332%Rate

Funding earned: −$10.04
Price spread: −0.332% → 0.000%: −$33.19
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$47.22
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Paradex: 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, 1 min ago	4.13 bp	doesn't fit	64.0 bp −$640	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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 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	−0.0368%	1h	0.09689	−0.317%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0304% / S +0.0610%	1h	0.09689	−0.318%	$107K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0065%	1h	0.09692	−0.286%	$176K	$188K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0060%	1h	0.09686	−0.348%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09690	−0.311%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.109%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09689	−0.316%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0012%	4h	0.09682	−0.389%	$29K	$339K	10x	as long as short
Paradex XPL-USD-PERPshort	+0.0052%	8h	0.09688	−0.332%	$13K	$2K	5x
Bybit XPLUSDT	+0.0060%	4h	0.09683	−0.379%	$45.8M	$54.1M	75x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09679	−0.420%	$4.4M	$3.0M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09702	−0.180%	$61.5M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09693	−0.275%	$253K	$424K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09694	−0.262%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09685	−0.358%	$44.0M	$101.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09684	−0.368%	$8.2M	$48.8M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09685	−0.358%	$3.1M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09682	−0.389%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09692	−0.286%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09695	−0.255%	$8.9M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09685	−0.358%	—	$7.8M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09720	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09710	−0.101%	$256K	$1.0M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.105%	$25K	$78K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09689	−0.317%	$1.2M	$2.4M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09695	−0.257%	$129K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.512%	$2K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.307%	$201	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09688	−0.327%	$142K	$191K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09680	−0.409%	$141K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09681	−0.397%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09682	−0.384%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09709	−0.111%	$197K	$573K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09684	−0.368%	$1.7M	$964K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0640%	1h	0.09722	+0.023%	$75K	$76K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3099%	1h	0.09719	−0.007%	$553K	$990K	10x	as long as short