Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0056%/8h= +6.1% APRnext payment +$0.07 per $10,000 · paid last 24h —

Price spread now: Reya against Deribit−22.743%7-day average — · you buy dearer than you sell

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

Long on Deribit 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 22.743% cheaper against Deribit than usual: you would sell low and buy high (spread −22.743% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,274 on $10k: about years of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit XPL_USDC-PERPETUAL	0.09799	−0.0056	get 0.0007% / 1h	0m 10s	$47K	$18K	25x
Short	Reya XPLRUSDPERP	0.07570	0	get 0.0000% / 1h	0m 10s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Deribit. 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 DeribitbpFee ReyabpOrdersPrice spread, now −22.743%Rate

Funding earned: $11.77
Price spread: −22.743% → 0.000%: −$2,274.3
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,275.52
Costs to cover: 0.130%
Break-even: 1360.0 days

Slippage unknown: Deribit: no order-book sample; 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 Deribit no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Deribit and 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	−0.0520%	1h	0.09787	−0.122%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0352%	1h	0.09794	−0.051%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0149% / S +0.0531%	1h	0.09799	−0.005%	$113K	—	100x	as long as short
Deribit XPL_USDC-PERPETUALlong	−0.0056%	1h	0.09799	long leg	$47K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09791	−0.080%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07570	−22.743%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09800	+0.010%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0019%	8h	0.09793	−0.064%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDC	+0.0036%	4h	0.09795	−0.041%	$29K	$335K	10x	as long as short
Gate XPL_USDT	+0.0050%	4h	0.09801	+0.020%	$3.1M	$4.1M	75x	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	0.09791	−0.082%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09819	+0.208%	$63.3M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09802	+0.030%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09796	−0.032%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09803	+0.045%	$44.7M	$108.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09804	+0.051%	$47.5M	$55.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09800	+0.010%	$8.7M	$55.3M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09760	−0.398%	$142K	$9K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09797	−0.020%	$12.9M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09794	−0.051%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09808	+0.092%	$8.8M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09802	+0.031%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09803	+0.041%	$181K	$282K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09787	−0.121%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.313%	$259K	$814K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	+0.010%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09807	+0.087%	$131K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09770	−0.296%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09800	+0.010%	$199	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09797	−0.020%	$142K	$242K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09793	−0.058%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09800	+0.010%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09782	−0.173%	$198K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09790	−0.092%	$1.7M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09804	+0.051%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5068%	1h	0.09850	+0.522%	$569K	$1.0M	10x	as long as short