Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0136%/8h= +14.9% APRnext payment +$0.17 per $10,000 · paid last 24h —

Price spread now: Reya against Backpack−22.808%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on Reya

What this pair did over the last

the charts below follow

Funding, last 7 days—no history yet

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

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

Funding pays, the price is against you. Reya is 22.808% cheaper against Backpack than usual: you would sell low and buy high (spread −22.808% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,281 on $10k: about 19 months of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09808	−0.0136	get 0.0017% / 1h	55m 51s	$183K	$282K	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	55m 51s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Backpack. 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 BackpackbpFee ReyabpOrdersPrice spread, now −22.808%Rate

Funding earned: $28.57
Price spread: −22.808% → 0.000%: −$2,280.83
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,268.26
Costs to cover: 0.160%
Break-even: 562.7 days

Slippage unknown: Backpack: live order book, 32 min ago; Reya: 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 Backpack live order book, 32 min ago	0.50 bp	18.2 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Deribit XPL_USDC-PERPETUAL	−0.0157%	1h	0.09829	+0.214%	$49K	$17K	25x	as long as short
Backpack XPL_USDC_PERPlong	−0.0136%	1h	0.09808	long leg	$183K	$282K	10x
Lighter XPL	−0.0128%	1h	0.09784	−0.245%	$4.4M	$4.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0065% / S +0.0475%	1h	0.09828	+0.208%	$113K	—	100x	as long as short
01 Exchange XPLUSD	−0.0056%	1h	0.09825	+0.173%	$571	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09789	−0.195%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−22.808%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09829	+0.213%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09829	+0.214%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09835	+0.276%	$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	0.09829	+0.214%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09799	−0.092%	$64.5M	$45.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09790	−0.180%	$253K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09846	+0.385%	$223K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09793	−0.153%	$44.6M	$103.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09791	−0.173%	$47.3M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09797	−0.112%	$9.1M	$52.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.948%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09784	−0.245%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09797	−0.112%	$13.1M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09789	−0.194%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09794	−0.143%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09787	−0.214%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09899	+0.924%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09866	+0.593%	$268K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09890	+0.836%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09837	+0.298%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09810	+0.020%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	+0.224%	$209	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09833	+0.255%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09784	−0.241%	$697K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09837	+0.296%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+0.805%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	+0.184%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.601%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3459%	1h	0.09887	+0.801%	$296K	$673K	10x	as long as short