Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0163%/8h= −17.8% APRnext payment −$0.20 per $10,000 · paid last 24h —

Price spread now: Deribit against Reya+27.991%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 Deribit

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

The price spread pays, funding is against you. Deribit is 27.991% dearer against Reya than usual: you sell high and buy low (spread +27.991% now, against zero (this spread has no 7-day history yet)): +$2,799 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 19 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	2m 59s	—	—	—
Short	Deribit XPL_USDC-PERPETUAL	0.09690	−0.0163	pay 0.0020% / 1h	2m 59s	$46K	$18K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +27.991%Rate

Funding earned: −$34.15
Price spread: +27.991% → 0.000%: $2,799.12
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $2,751.97
Costs to cover: 0.130%
Break-even: from the start

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

Reya and Deribit: 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
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09680	+27.858%	$107K	—	100x	as long as short
01 Exchange XPLUSD	−0.0248%	1h	0.09665	+27.661%	$562	$708	5x	as long as short
Deribit XPL_USDC-PERPETUALshort	−0.0163%	1h	0.09690	+27.991%	$46K	$18K	25x
dYdX XPL-USD	0.0000%	1h	0.09670	+27.721%	$9K	$600	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	0.09693	+28.036%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09688	+27.965%	$29K	$291K	10x	as long as short
Lighter XPL	+0.0056%	1h	0.09680	+27.859%	$4.4M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0062%	8h	0.09667	+27.691%	$13K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09667	+27.687%	$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	0.09702	+28.154%	$61.4M	$46.3M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09693	+28.035%	$255K	$426K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09676	+27.809%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09683	+27.903%	$43.9M	$98.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09681	+27.872%	$45.9M	$53.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09679	+27.846%	$8.0M	$48.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09661	+27.611%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09691	+28.004%	$3.1M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09679	+27.846%	$12.8M	$7.0M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09680	+27.859%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09690	+27.991%	$8.9M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09683	+27.899%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09691	+28.004%	$176K	$189K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09685	+27.923%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09679	+27.852%	$260K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09680	+27.859%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09679	+27.841%	$127K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09650	+27.463%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	+27.991%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09682	+27.886%	$138K	$187K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09678	+27.834%	$609K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09688	+27.958%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09695	+28.057%	$196K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09681	+27.872%	$1.7M	$943K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09718	+28.361%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2860%	1h	0.09719	+28.381%	$552K	$953K	10x	as long as short