Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0121%/8h= +13.2% APRnext payment +$0.15 per $10,000 · paid last 24h —

Price spread now: Hyperliquid against Reya+29.201%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 Hyperliquid

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 · Hyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Hyperliquid is 29.201% dearer against Reya than usual: you sell high and buy low: +$2,920 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	54m 39s	—	—	—
Short	Hyperliquid XPL	0.09781	0.0121	get 0.0015% / 1h	54m 39s	$63.0M	$47.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +29.201%Rate

Funding earned: $25.34
Price spread: +29.201% → 0.000%: $2,920.07
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2,930.41
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	0.05 bp	doesn't fit	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
Deribit XPL_USDC-PERPETUAL	−0.0159%	1h	0.09777	+29.143%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0112%	1h	0.09758	+28.892%	$567	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0094% / S +0.0495%	1h	0.09781	+29.202%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09770	+29.044%	$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	0.09779	+29.168%	$72K	—	150x	as long as short
Lighter XPL	+0.0056%	1h	0.09755	+28.852%	$4.4M	$4.1M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0081%	4h	0.09774	+29.103%	$29K	$335K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0089%	1h	0.09780	+29.182%	$178K	$282K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09763	+28.963%	$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	0.09781	+29.189%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09773	+29.093%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09771	+29.066%	$222K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09760	+28.918%	$43.9M	$105.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09762	+28.944%	$47.6M	$53.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09758	+28.892%	$9.0M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	+28.128%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09764	+28.971%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09764	+28.971%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09765	+28.984%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09770	+29.050%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09762	+28.944%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09767	+29.013%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	+28.795%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	+28.786%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09792	+29.335%	$130K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09760	+28.918%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	+29.050%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09771	+29.063%	$139K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09761	+28.936%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09778	+29.160%	$38K	$5K	3x	as long as short
Hyperliquid XPLshort	+0.0121%	1h	0.09781	+29.201%	$63.0M	$47.4M	10x
BloFin XPL-USDT	+0.0340%	4h	0.09770	+29.050%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	+28.469%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09794	+29.367%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4573%	1h	0.09817	+29.677%	$518K	$952K	10x	as long as short