Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0258%/8h= −28.2% APRnext payment −$0.32 per $10,000 · paid last 24h —

Price spread now: Reya against Hyperliquid−23.225%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid 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 airdropHyperliquid: Season 2 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Reya is 23.225% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2,322 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	Hyperliquid XPL	0.09861	0.0258	pay 0.0032% / 1h	57m 58s	$65.1M	$45.1M	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	57m 58s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Hyperliquid. 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 HyperliquidbpFee ReyabpOrdersPrice spread, now −23.225%Rate

Funding earned: −$54.15
Price spread: −23.225% → 0.000%: −$2,322.45
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,391.6
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 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 Hyperliquid live order book, 6 min ago	0.40 bp	11.1 bp −$11	doesn't fit	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0064% / S +0.0475%	1h	0.09860	−0.015%	$113K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0051%	1h	0.09852	−0.093%	$184K	$285K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09870	+0.089%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−23.225%	—	—	—
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09859	−0.022%	$49K	$17K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09862	+0.003%	$73K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09872	+0.110%	$574	$582	5x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09858	−0.032%	$27K	$333K	10x	as long as short
Lighter XPL	+0.0096%	1h	0.09846	−0.154%	$4.5M	$4.2M	10x	as long as short
Paradex XPL-USD-PERP	+0.0099%	8h	0.09871	+0.100%	$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	0.09871	+0.099%	$1.4M	$2.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09851	−0.099%	$255K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09872	+0.110%	$224K	$19K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09850	−0.114%	$44.9M	$102.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09835	−0.266%	$47.6M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09839	−0.225%	$9.3M	$53.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.404%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09845	−0.164%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09849	−0.124%	$13.3M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09852	−0.093%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09853	−0.083%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09841	−0.205%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09899	+0.380%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09900	+0.393%	$268K	$765K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09910	+0.495%	$26K	$82K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09881	+0.202%	$133K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09860	−0.012%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09860	−0.012%	$208	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09863	+0.018%	$140K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09846	−0.153%	$701K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09855	−0.063%	$38K	$5K	3x	as long as short
Hyperliquid XPLlong	+0.0258%	1h	0.09861	long leg	$65.1M	$45.1M	10x
Phoenix XPL	+0.0318%	1h	0.09912	+0.515%	$202K	$640K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09893	+0.322%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.053%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3454%	1h	0.09899	+0.388%	$296K	$674K	10x	as long as short