Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0278%/8h= −30.5% APRnext payment −$0.35 per $10,000 · paid last 24h —

Price spread now: Backpack against Reya+27.559%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Backpack

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

The price spread pays, funding is against you. Backpack is 27.559% dearer against Reya than usual: you sell high and buy low (spread +27.559% now, against zero (this spread has no 7-day history yet)): +$2,756 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 11 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	17m 05s	—	—	—
Short	Backpack XPL_USDC_PERP	0.09657	−0.0278	pay 0.0035% / 1h	17m 05s	$182K	$230K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Reya. 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 ReyabpFee BackpackbpOrdersPrice spread, now +27.559%Rate

Funding earned: −$58.47
Price spread: +27.559% → 0.000%: $2,755.88
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $2,681.41
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Backpack: live order book, 46 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Backpack live order book, 46 min ago	1.04 bp	12.0 bp −$12	doesn't fit	doesn't fit	doesn't fit

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	−0.0376%	1h	0.09644	+27.387%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERPshort	−0.0278%	1h	0.09657	+27.559%	$182K	$230K	10x
GMX XPL/USD [WBTC.b-USDC]	L −0.0264% / S +0.0585%	1h	0.09656	+27.544%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0080%	4h	0.09645	+27.400%	$45.7M	$56.7M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09655	+27.532%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09658	+27.567%	$8K	—	5x	as long as short
Reya XPLRUSDPERPlong	0.0000%	1h	0.07571	long leg	—	—	—
Orderly PERP_XPL_USDC	0.0000%	4h	0.09650	+27.466%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09658	+27.566%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0058%	4h	0.09658	+27.572%	$8.3M	$52.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0063%	8h	0.09652	+27.497%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09646	+27.414%	$4.4M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09656	+27.546%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09650	+27.473%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09672	+27.761%	$60.7M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09660	+27.594%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09660	+27.594%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09651	+27.476%	$43.7M	$108.5M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	+26.938%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09654	+27.519%	$12.6M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09653	+27.506%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09661	+27.612%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09651	+27.480%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09649	+27.449%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09638	+27.313%	$261K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	+27.598%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09660	+27.601%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09630	+27.202%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09650	+27.466%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09659	+27.585%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09648	+27.446%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09650	+27.469%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+27.598%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09649	+27.453%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	+27.731%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3546%	1h	0.09694	+28.048%	$550K	$1.0M	10x	as long as short