Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0027%/8h= +2.9% APRnext payment +$0.03 per $10,000 · paid last 24h —

Price spread now: Reya against Backpack−20.526%7-day average — · you buy dearer than you sell

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

Long on Backpack 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 airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 20.526% cheaper against Backpack than usual: you would sell low and buy high (spread −20.526% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,053 on $10k: about years of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09526	−0.0027	get 0.0003% / 1h	38m 03s	$178K	$179K	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	38m 03s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Backpack. 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 BackpackbpFee ReyabpOrdersPrice spread, now −20.526%Rate

Funding earned: $5.62
Price spread: −20.526% → 0.000%: −$2,052.57
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,062.96
Costs to cover: 0.160%
Break-even: 2578.1 days

Slippage unknown: Backpack: live order book, 60 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 Backpack live order book, 60 min ago	0.52 bp	10.5 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
Lighter XPL	−0.1296%	1h	0.09504	−0.231%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0440%	1h	0.09510	−0.168%	$553	$873	5x	as long as short
Bybit XPLUSDT	−0.0347%	4h	0.09521	−0.052%	$45.2M	$54.1M	75x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09519	−0.069%	$105K	—	100x	as long as short
Paradex XPL-USD-PERP	−0.0104%	8h	0.09508	−0.188%	$12K	$696	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0065%	1h	0.09520	−0.063%	$46K	$18K	25x	as long as short
Gate XPL_USDT	−0.0062%	4h	0.09514	−0.126%	$2.9M	$3.3M	75x	as long as short
OKX XPL-USDT-SWAP	−0.0029%	4h	0.09520	−0.063%	$7.6M	$47.5M	50x	as long as short
Backpack XPL_USDC_PERPlong	−0.0027%	1h	0.09526	long leg	$178K	$179K	10x
Orderly PERP_XPL_USDC	−0.0025%	4h	0.09513	−0.136%	$30K	$261K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX XPL-USD	0.0000%	1h	0.09515	−0.111%	$9K	$600	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.526%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09519	−0.073%	$72K	—	150x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09511	−0.152%	$1.3M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09534	+0.087%	$60.3M	$45.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09529	+0.026%	$252K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09518	−0.084%	$218K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09522	−0.038%	$43.4M	$98.0M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09510	−0.168%	$139K	$0	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09517	−0.094%	$12.5M	$6.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09512	−0.147%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09531	+0.052%	$9.0M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09521	−0.052%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09516	−0.106%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09520	−0.063%	$255K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09520	−0.063%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09518	−0.088%	$125K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.273%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09510	−0.168%	$192	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09501	−0.262%	$131K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09519	−0.073%	$588K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09515	−0.115%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09548	+0.231%	$193K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09513	−0.136%	$1.7M	$922K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.735%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2719%	1h	0.09538	+0.121%	$541K	$954K	10x	as long as short