Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0100%/8h= +11.0% APRnext payment +$0.13 per $10,000 · paid last 24h —

Price spread now: Bulk against Reya+26.340%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 Bulk

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 for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bulk is 26.340% dearer against Reya than usual: you sell high and buy low: +$2,634 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	51m 51s	—	—	—
Short	Bulk XPL-USD	0.09565	0.0100	get 0.0013% / 1h	51m 51s	$139K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +26.340%Rate

Funding earned: $21
Price spread: +26.340% → 0.000%: $2,634.04
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $2,642.04
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Bulk: live order book, 7 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 Bulk live order book, 7 min ago	5.22 bp	8.7 bp −$9	12.8 bp −$128	33.3 bp −$3,327	110.4 bp −$55.2K

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	−0.0344%	1h	0.09517	+25.706%	$553	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0287% / S +0.0600%	1h	0.09528	+25.857%	$105K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0180%	1h	0.09528	+25.852%	$176K	$227K	10x	as long as short
Bybit XPLUSDT	−0.0119%	4h	0.09522	+25.772%	$45.1M	$56.0M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0065%	1h	0.09525	+25.812%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09534	+25.929%	$8K	—	5x	as long as short
Reya XPLRUSDPERPlong	0.0000%	1h	0.07571	long leg	—	—	—
Orderly PERP_XPL_USDC	+0.0004%	4h	0.09524	+25.799%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09529	+25.859%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0069%	8h	0.09522	+25.771%	$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
OKX XPL-USDT-SWAP	+0.0092%	4h	0.09525	+25.812%	$8.2M	$50.0M	50x	as long as short
Lighter XPL	+0.0096%	1h	0.09521	+25.759%	$4.3M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09528	+25.852%	$1.2M	$2.7M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09540	+26.008%	$59.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09533	+25.924%	$242K	$478K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09534	+25.932%	$218K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09527	+25.838%	$43.1M	$105.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09534	+25.931%	$3.0M	$3.5M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09538	+25.984%	$12.3M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09529	+25.865%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09534	+25.931%	$8.5M	$10.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09526	+25.825%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09536	+25.956%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	+26.342%	$262K	$941K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09570	+26.406%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09534	+25.938%	$127K	$2.1M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09510	+25.614%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09530	+25.878%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09565	+26.340%	$143K	$238K	20x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09565	+26.340%	$139K	$5K	10x
Extended XPL-USD	+0.0104%	1h	0.09537	+25.970%	$647K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09525	+25.812%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09568	+26.380%	$194K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09562	+26.301%	$1.7M	$993K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09606	+26.882%	$74K	$86K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3334%	1h	0.09569	+26.393%	$542K	$978K	10x	as long as short