Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h —

Price spread now: Reya against Gate−22.385%7-day average — · you buy dearer than you sell

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

Long on Gate 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 22.385% cheaper against Gate than usual: you would sell low and buy high (−$2,238 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	Gate XPL_USDT	0.09754	0.0100	pay 0.0050% / 4h	2h 36m	$3.0M	$4.0M	75x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	36m 23s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Gate. 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 GatebpFee ReyabpOrdersPrice spread, now −22.385%Rate

Funding earned: −$21
Price spread: −22.385% → 0.000%: −$2,238.48
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,280.48
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 2 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 Gate live order book, 2 min ago	4.10 bp	25.6 bp −$26	152.8 bp −$1,528	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
Lighter XPL	−0.0136%	1h	0.09756	+0.021%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0074% / S +0.0482%	1h	0.09760	+0.060%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0006%	1h	0.09783	+0.297%	$178K	$283K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09773	+0.193%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−22.385%	—	—	—
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09779	+0.256%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09759	+0.052%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09762	+0.082%	$568	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09752	−0.021%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09766	+0.118%	$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	0.09756	+0.023%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09769	+0.155%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09766	+0.125%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09770	+0.160%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09755	+0.014%	$44.1M	$104.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09752	−0.021%	$47.6M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09750	−0.041%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+0.702%	$142K	$11K	10x	as long as short
Gate XPL_USDTlong	+0.0100%	4h	0.09754	long leg	$3.0M	$4.0M	75x
MEXC XPL_USDT	+0.0100%	4h	0.09760	+0.062%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09764	+0.103%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09761	+0.072%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09753	−0.010%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+0.462%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+0.357%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+0.369%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09766	+0.123%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09750	−0.041%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.267%	$201	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09756	+0.021%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09761	+0.074%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09780	+0.263%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09759	+0.051%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09766	+0.123%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+0.923%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3481%	1h	0.09823	+0.706%	$517K	$939K	10x	as long as short