Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h —

Price spread now: Reya against Bybit−21.865%7-day average — · you buy dearer than you sell

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

Long on Bybit 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 21.865% cheaper against Bybit than usual: you would sell low and buy high (−$2,187 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	Bybit XPLUSDT	0.09689	0.0100	pay 0.0050% / 4h	1h 34m	$47.1M	$54.1M	75x
Short	Reya XPLRUSDPERP	0.07570	0	get 0.0000% / 1h	34m 33s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Bybit. 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 BybitbpFee ReyabpOrdersPrice spread, now −21.865%Rate

Funding earned: −$21
Price spread: −21.865% → 0.000%: −$2,186.55
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,224.55
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	1.03 bp	13.4 bp −$13	47.1 bp −$471	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
Backpack XPL_USDC_PERP	−0.0381%	1h	0.09697	+0.083%	$176K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0216%	1h	0.09682	−0.072%	$563	$708	5x	as long as short
Lighter XPL	−0.0200%	1h	0.09689	0.000%	$4.4M	$4.1M	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09707	+0.186%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0103% / S +0.0501%	1h	0.09713	+0.251%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09699	+0.108%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07570	−21.865%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09713	+0.253%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0077%	4h	0.09707	+0.186%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0089%	8h	0.09698	+0.093%	$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	0.09688	−0.010%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09709	+0.203%	$62.6M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09703	+0.148%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09700	+0.114%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09688	−0.010%	$43.6M	$106.3M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09689	long leg	$47.1M	$54.1M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09688	−0.010%	$8.9M	$53.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09750	+0.627%	$140K	$8K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09695	+0.062%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09694	+0.052%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09689	0.000%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09699	+0.103%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09706	+0.175%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09701	+0.128%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09702	+0.134%	$261K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+0.630%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09701	+0.126%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09690	+0.010%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09700	+0.114%	$446	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09689	0.000%	$137K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09697	+0.079%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09711	+0.225%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09711	+0.227%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09762	+0.753%	$198K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.733%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4606%	1h	0.09747	+0.596%	$510K	$956K	10x	as long as short