Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h —

Price spread now: Reya against HTX−20.356%73s7-day average — · you buy dearer than you sell

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

Long on HTX 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 20.356% cheaper against HTX than usual: you would sell low and buy high (−$2,036 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 73 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	HTX XPL-USDT	0.09506	0.0100	pay 0.0050% / 4h	3h 25m	$132K	$214K	20x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	25m 52s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against HTX. 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 HTXbpFee ReyabpOrdersPrice spread, now −20.356%Rate

Funding earned: −$21
Price spread: −20.356% → 0.000%: −$2,035.61
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,074.61
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 6 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 HTX live order book, 6 min ago	5.80 bp	16.7 bp −$17	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	−0.1200%	1h	0.09476	−0.316%	$4.3M	$3.2M	10x	as long as short
Bybit XPLUSDT	−0.0496%	4h	0.09511	+0.053%	$45.1M	$54.3M	75x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0487%	1h	0.09487	−0.200%	$45K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0424%	1h	0.09480	−0.274%	$551	$873	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09492	−0.151%	$105K	—	100x	as long as short
Gate XPL_USDT	−0.0130%	4h	0.09499	−0.074%	$2.9M	$3.3M	75x	as long as short
Paradex XPL-USD-PERP	−0.0120%	8h	0.09486	−0.207%	$12K	$696	5x	as long as short
Backpack XPL_USDC_PERP	−0.0064%	1h	0.09493	−0.137%	$178K	$180K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0053%	4h	0.09508	+0.021%	$7.5M	$47.4M	50x	as long as short
Orderly PERP_XPL_USDC	−0.0031%	4h	0.09484	−0.231%	$30K	$244K	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	0.09499	−0.073%	$9K	$600	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−20.356%	—	—	—
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09503	−0.035%	$72K	—	150x	as long as short
Extended XPL-USD	+0.0064%	1h	0.09497	−0.092%	$613K	$1.2M	25x	as long as short
Binance XPLUSDT	+0.0094%	4h	0.09512	+0.063%	$43.4M	$98.1M	75x	as long as short
MEXC XPL_USDT	+0.0096%	4h	0.09504	−0.021%	$12.6M	$6.5M	100x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09489	−0.174%	$1.2M	$2.2M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09504	−0.024%	$60.1M	$45.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09515	+0.091%	$252K	$402K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09506	+0.001%	$217K	$47K	10x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09479	−0.281%	$138K	$0	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09500	−0.063%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09507	+0.011%	$8.9M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09512	+0.063%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09478	−0.295%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09478	−0.298%	$253K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09490	−0.168%	$25K	$73K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09495	−0.116%	$124K	$1.7M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09470	−0.379%	$3K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09490	−0.168%	$186	$9K	10x	as long as short
HTX XPL-USDTlong	+0.0100%	4h	0.09506	long leg	$132K	$214K	20x
Aevo XPL-PERP	+0.0104%	1h	0.09474	−0.331%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09498	−0.084%	$192K	$494K	10x	as long as short
BloFin XPL-USDT	+0.0336%	4h	0.09498	−0.084%	$1.7M	$941K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0536%	1h	0.09596	+0.947%	$64K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2722%	1h	0.09529	+0.240%	$541K	$957K	10x	as long as short