Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0358%/8h= +39.2% APRnext payment +$0.45 per $10,000 · paid last 24h —

Price spread now: Reya against Backpack−21.994%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 21.994% cheaper against Backpack than usual: you would sell low and buy high (spread −21.994% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2,199 on $10k: about 7 months of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack XPL_USDC_PERP	0.09705	−0.0358	get 0.0045% / 1h	27m 44s	$176K	$281K	10x
Short	Reya XPLRUSDPERP	0.07570	0	get 0.0000% / 1h	27m 44s	—	—	—

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 −21.994%Rate

Funding earned: $75.16
Price spread: −21.994% → 0.000%: −$2,199.39
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,140.22
Costs to cover: 0.160%
Break-even: 206.3 days

Slippage unknown: Backpack: live order book, 56 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, 56 min ago	1.02 bp	14.8 bp −$15	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
Backpack XPL_USDC_PERPlong	−0.0358%	1h	0.09705	long leg	$176K	$281K	10x
Deribit XPL_USDC-PERPETUAL	−0.0265%	1h	0.09710	+0.052%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0208%	1h	0.09731	+0.268%	$566	$708	5x	as long as short
Lighter XPL	−0.0200%	1h	0.09682	−0.237%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0107% / S +0.0503%	1h	0.09720	+0.149%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09702	−0.028%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07570	−21.994%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09721	+0.161%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0074%	4h	0.09708	+0.031%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0084%	8h	0.09686	−0.194%	$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	0.09728	+0.242%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09703	−0.023%	$62.7M	$47.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09708	+0.026%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09698	−0.072%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09690	−0.155%	$43.7M	$106.5M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09690	−0.155%	$47.0M	$54.2M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09690	−0.155%	$8.8M	$53.4M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09688	−0.174%	$141K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09688	−0.175%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09697	−0.082%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09687	−0.185%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09701	−0.041%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09693	−0.124%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09693	−0.121%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.120%	$260K	$777K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.258%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09741	+0.374%	$129K	$2.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09710	+0.052%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.052%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	+0.082%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09689	−0.168%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09716	+0.112%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09709	+0.041%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09712	+0.072%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.567%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4601%	1h	0.09758	+0.543%	$521K	$961K	10x	as long as short