Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Reya against BingX−22.712%7-day average — · you buy dearer than you sell

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

Long on BingX 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 22.712% cheaper against BingX than usual: you would sell low and buy high (−$2,271 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	BingX XPL-USDT	0.09795	0.0100	pay 0.0050% / 4h	55m 49s	—	$7.9M	—
Short	Reya XPLRUSDPERP	0.07570	0	get 0.0000% / 1h	55m 49s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against BingX. 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 BingXbpFee ReyabpOrdersPrice spread, now −22.712%Rate

Funding earned: −$21
Price spread: −22.712% → 0.000%: −$2,271.2
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,308.2
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 7 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 BingX live order book, 7 min ago	5.64 bp	16.6 bp −$17	30.6 bp −$306	93.8 bp −$9,379	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
Lighter XPL	−0.0336%	1h	0.09780	−0.153%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0320%	1h	0.09784	−0.112%	$569	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0260%	1h	0.09791	−0.041%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0122% / S +0.0513%	1h	0.09793	−0.017%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09790	−0.055%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07570	−22.712%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09793	−0.017%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0065%	4h	0.09788	−0.071%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0083%	8h	0.09787	−0.084%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09788	−0.069%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09811	+0.159%	$63.6M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09802	+0.074%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	+0.009%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09794	−0.006%	$44.3M	$107.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09797	+0.020%	$48.1M	$54.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09791	−0.041%	$8.9M	$54.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09792	−0.031%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09793	−0.020%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09790	−0.051%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09802	+0.071%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09795	long leg	—	$7.9M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09795	0.000%	$178K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09755	−0.407%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09790	−0.051%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	−0.051%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09800	+0.047%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.255%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09790	−0.051%	$450	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09788	−0.071%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.051%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09794	−0.012%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09797	+0.017%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09800	+0.051%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09785	−0.102%	$198K	$649K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+0.306%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5067%	1h	0.09853	+0.591%	$567K	$1.0M	10x	as long as short