Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0312%/8h= +34.2% APRpaid last 24h +0.067%

Price spread now: Phoenix against Variational Omni+0.223%54s7-day average +0.175% · you sell dearer than you buy

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.250%+$25 on $10k

Price spread, last 3 days (all we have)−0.020%−$2 · spread now +0.223%, 7d avg +0.175%

Together, before fees+0.230%+ Points / potential airdropVariational Omni: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Phoenix is 0.048% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.175%. The two prices were read 54 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	0.09701	0.0100	pay 0.0050% / 4h	1h 30m	$1.7M	$1.9M	—
Short	Phoenix XPL	0.09723	0.0412	get 0.0051% / 1h	30m 32s	$197K	$652K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.223%Rate

Funding earned: $65.51
Price spread: +0.223% → +0.175%: $4.83
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $63.34
Costs to cover: 0.070%
Break-even: 0.2 days

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phoenix: live order book, 52 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, 4 min ago	4.13 bp	doesn't fit	79.5 bp −$795	doesn't fit	doesn't fit
Sell Phoenix live order book, 52 min ago	1.02 bp	14.7 bp −$15	48.2 bp −$482	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
Backpack XPL_USDC_PERP	−0.0382%	1h	0.09691	−0.107%	$176K	$281K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0266%	1h	0.09691	−0.107%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0216%	1h	0.09683	−0.190%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09703	+0.017%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0105% / S +0.0502%	1h	0.09699	−0.025%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09701	−0.005%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−21.966%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09700	−0.019%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0076%	4h	0.09689	−0.128%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0087%	8h	0.09699	−0.024%	$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-PERP	+0.0100%	1h	0.09699	−0.019%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09711	+0.098%	$62.8M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09704	+0.024%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09703	+0.018%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09697	−0.043%	$43.6M	$106.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09696	−0.056%	$47.1M	$54.1M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09694	−0.076%	$8.8M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.136%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09695	−0.066%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09698	−0.035%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09690	−0.117%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09706	+0.048%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09698	−0.035%	—	$7.9M	—	as long as short
Variational Omni XPLlong	+0.0100%	4h	0.09701	long leg	$1.7M	$1.9M	—
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09687	−0.145%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.295%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09708	+0.064%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.324%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.117%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09708	+0.068%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09696	−0.053%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09697	−0.046%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09692	−0.097%	$1.7M	$1.2M	75x	as long as short
Phoenix XPLshort	+0.0412%	1h	0.09723	+0.223%	$197K	$652K	10x
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.604%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4605%	1h	0.09749	+0.494%	$521K	$963K	10x	as long as short