Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0292%/8h= +32.0% APRnext payment +$0.36 per $10,000 · paid last 24h —

Price spread now: Reya against GMX−20.635%7-day average — · you buy dearer than you sell

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

Long on GMX 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 20.635% cheaper against GMX than usual: you would sell low and buy high (spread −20.635% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,064 on $10k: about 8 months of funding at the current rate (+$9 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX XPL/USD [WBTC.b-USDC]	0.09539	L −0.0292% / S +0.0603%	get 0.0036% / 1h	46m 20s	$105K	—	100x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	46m 20s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against GMX. 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 GMXbpFee ReyabpOrdersPrice spread, now −20.635%Rate

Funding earned: $61.31
Price spread: −20.635% → 0.000%: −$2,063.51
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,020.2
Costs to cover: 0.180%
Break-even: 237.7 days

Slippage unknown: GMX: 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 GMX no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

GMX 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
01 Exchange XPLUSD	−0.0328%	1h	0.09532	−0.074%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]long	L −0.0292% / S +0.0603%	1h	0.09539	long leg	$105K	—	100x
Bybit XPLUSDT	−0.0108%	4h	0.09537	−0.022%	$45.2M	$55.6M	75x	as long as short
Backpack XPL_USDC_PERP	−0.0094%	1h	0.09542	+0.030%	$176K	$226K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0064%	1h	0.09543	+0.041%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09537	−0.019%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.635%	—	—	—
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09541	+0.020%	$29K	$339K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09541	+0.016%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0073%	8h	0.09546	+0.073%	$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
Lighter XPL	+0.0096%	1h	0.09524	−0.158%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09539	+0.004%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09549	+0.103%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09550	+0.117%	$243K	$486K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09545	+0.059%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09535	−0.042%	$43.3M	$104.6M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09545	+0.062%	$8.2M	$49.6M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09537	−0.022%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09535	−0.043%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09531	−0.085%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09548	+0.093%	$8.5M	$10.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09535	−0.043%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09518	−0.223%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09510	−0.305%	$253K	$955K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09510	−0.305%	$25K	$79K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09550	+0.114%	$127K	$2.0M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09530	−0.095%	$2K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09540	+0.009%	$193	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09544	+0.051%	$140K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.272%	$139K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09540	+0.014%	$646K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09543	+0.040%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09540	+0.009%	$193K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09537	−0.022%	$1.7M	$987K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09557	+0.188%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09569	+0.318%	$542K	$977K	10x	as long as short