Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h —

Price spread now: Reya against Orderly−21.057%126s7-day average — · you buy dearer than you sell

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

Long on Orderly 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Reya is 21.057% cheaper against Orderly than usual: you would sell low and buy high, −$2,106 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 126 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	Orderly PERP_XPL_USDC	0.09590	−0.0006	get 0.0003% / 4h	1h 27m	$30K	$266K	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	27m 11s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. 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 OrderlybpFee ReyabpOrdersPrice spread, now −21.057%Rate

Funding earned: $1.27
Price spread: −21.057% → 0.000%: −$2,105.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,116.44
Costs to cover: 0.120%
Break-even: 11648.6 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Orderly and 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	−0.1168%	1h	0.09579	−0.115%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0360%	1h	0.09587	−0.031%	$639	$790	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09597	+0.070%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0063%	1h	0.09595	+0.052%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDClong	−0.0006%	4h	0.09590	long leg	$30K	$266K	10x
dYdX XPL-USD	0.0000%	1h	0.09598	+0.082%	$9K	$600	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−21.057%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09580	−0.105%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0061%	8h	0.09591	+0.008%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09589	−0.005%	$1.2M	$2.2M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09608	+0.191%	$60.7M	$46.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09601	+0.111%	$253K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09599	+0.094%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09593	+0.035%	$43.4M	$97.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09591	+0.010%	$45.8M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09595	+0.052%	$7.9M	$47.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	−0.261%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09596	+0.063%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09593	+0.031%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09587	−0.031%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09603	+0.136%	$8.8M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09595	+0.052%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09600	+0.104%	$177K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09566	−0.252%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	−0.263%	$260K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	0.000%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09602	+0.122%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09570	−0.209%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	0.000%	$200	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09573	−0.177%	$132K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09589	−0.006%	$602K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09591	+0.005%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09592	+0.021%	$194K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09589	−0.010%	$1.7M	$933K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+1.335%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2847%	1h	0.09618	+0.292%	$545K	$933K	10x	as long as short