Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h —

Price spread now: Orderly against Reya+26.436%66s7-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 Orderly

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: Orderly is 26.436% dearer against Reya than usual: you sell high and buy low, +$2,644 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 66 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	28m 07s	—	—	—
Short	Orderly PERP_XPL_USDC	0.09572	−0.0005	pay 0.0003% / 4h	1h 28m	$30K	$266K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +26.436%Rate

Funding earned: −$1.14
Price spread: +26.436% → 0.000%: $2,643.61
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2,630.47
Costs to cover: 0.120%
Break-even: from the start

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

Reya and Orderly: 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	0.09562	+26.304%	$4.3M	$3.2M	10x	as long as short
01 Exchange XPLUSD	−0.0368%	1h	0.09572	+26.436%	$638	$790	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09581	+26.559%	$106K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0167%	1h	0.09577	+26.502%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDCshort	−0.0005%	4h	0.09572	+26.436%	$30K	$266K	10x
dYdX XPL-USD	0.0000%	1h	0.09573	+26.444%	$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	0.09580	+26.540%	$72K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0060%	8h	0.09568	+26.390%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09573	+26.449%	$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	0.09592	+26.707%	$60.6M	$46.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09592	+26.699%	$253K	$415K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09580	+26.539%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09583	+26.582%	$43.4M	$97.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09580	+26.542%	$45.7M	$53.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09584	+26.595%	$7.9M	$47.7M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+26.344%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09583	+26.581%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09574	+26.462%	$12.5M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09574	+26.462%	$2.3M	$1.3M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09593	+26.713%	$8.8M	$9.6M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09583	+26.581%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09581	+26.555%	$177K	$188K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09566	+26.355%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09565	+26.341%	$260K	$1.2M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+26.674%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09584	+26.592%	$125K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09550	+26.145%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09570	+26.410%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09571	+26.423%	$132K	$212K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09572	+26.433%	$602K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09573	+26.445%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09577	+26.502%	$194K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09583	+26.581%	$1.7M	$934K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+28.365%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2850%	1h	0.09606	+26.885%	$544K	$933K	10x	as long as short