Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −11.0% APRnext payment −$0.13 per $10,000 · paid last 24h —

Price spread now: Reya against Bulk−20.849%52s7-day average — · you buy dearer than you sell

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

Long on Bulk 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 20.849% cheaper against Bulk than usual: you would sell low and buy high (−$2,085 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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	Bulk XPL-USD	0.09565	0.0100	pay 0.0013% / 1h	51m 43s	$139K	$5K	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	51m 43s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bulk. 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 BulkbpFee ReyabpOrdersPrice spread, now −20.849%Rate

Funding earned: −$21
Price spread: −20.849% → 0.000%: −$2,084.88
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,118.88
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bulk: 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 Bulk live order book, 7 min ago	5.22 bp	8.7 bp −$9	15.9 bp −$159	36.4 bp −$3,641	131.8 bp −$65.9K
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
01 Exchange XPLUSD	−0.0328%	1h	0.09525	−0.418%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0287% / S +0.0600%	1h	0.09528	−0.383%	$105K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0180%	1h	0.09528	−0.387%	$176K	$227K	10x	as long as short
Bybit XPLUSDT	−0.0119%	4h	0.09527	−0.397%	$45.1M	$56.0M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0065%	1h	0.09525	−0.418%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09538	−0.281%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.849%	—	—	—
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09524	−0.429%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09529	−0.381%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0070%	8h	0.09536	−0.300%	$12K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0092%	4h	0.09534	−0.324%	$8.2M	$49.9M	50x	as long as short
Lighter XPL	+0.0096%	1h	0.09520	−0.470%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09528	−0.387%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09540	−0.263%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09541	−0.255%	$242K	$478K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09532	−0.341%	$217K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09533	−0.331%	$43.2M	$105.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09534	−0.324%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09529	−0.376%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09537	−0.293%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09536	−0.303%	$8.5M	$10.4M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09527	−0.397%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	−0.304%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	+0.001%	$262K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+0.052%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09534	−0.319%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	−0.575%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09530	−0.366%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	0.000%	$143K	$238K	20x	as long as short
Bulk XPL-USDlong	+0.0100%	1h	0.09565	long leg	$139K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09528	−0.388%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09525	−0.418%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09568	+0.031%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09562	−0.031%	$1.7M	$993K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+0.429%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09569	+0.042%	$542K	$978K	10x	as long as short