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: Bybit against Reya+28.735%46s7-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 Bybit

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 Bybit is 28.735% dearer against Reya than usual: you sell high and buy low: +$2,874 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	35m 43s	—	—	—
Short	Bybit XPLUSDT	0.09746	0.0100	get 0.0050% / 4h	2h 35m	$47.6M	$53.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now +28.735%Rate

Funding earned: $21
Price spread: +28.735% → 0.000%: $2,873.51
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $2,877.51
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.51 bp	6.0 bp −$6	36.8 bp −$368	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
Lighter XPL	−0.0120%	1h	0.09745	+28.722%	$4.4M	$4.3M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0074% / S +0.0482%	1h	0.09760	+28.919%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0057%	1h	0.09756	+28.867%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09750	+28.789%	$8K	—	5x	as long as short
Reya XPLRUSDPERPlong	0.0000%	1h	0.07571	long leg	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09759	+28.908%	$72K	—	150x	as long as short
01 Exchange XPLUSD	+0.0008%	1h	0.09762	+28.946%	$568	$582	5x	as long as short
Backpack XPL_USDC_PERP	+0.0013%	1h	0.09755	+28.854%	$178K	$283K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0082%	4h	0.09752	+28.814%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0094%	8h	0.09744	+28.714%	$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	+28.870%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09768	+29.022%	$62.8M	$47.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09757	+28.877%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09750	+28.788%	$221K	$45K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09749	+28.775%	$44.1M	$104.3M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09746	+28.735%	$47.6M	$53.2M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09750	+28.788%	$9.0M	$53.0M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09822	+29.745%	$142K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09750	+28.788%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09753	+28.828%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09749	+28.775%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09756	+28.867%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09755	+28.854%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09799	+29.436%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09789	+29.300%	$265K	$786K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09790	+29.316%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09766	+28.999%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09740	+28.656%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09750	+28.788%	$207	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09756	+28.867%	$138K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09752	+28.817%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09756	+28.863%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09759	+28.907%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09766	+28.999%	$197K	$646K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09844	+30.030%	$74K	$105K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3486%	1h	0.09809	+29.563%	$516K	$939K	10x	as long as short