Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.3571%/8h= −391.0% APRnext payment −$4.46 per $10,000 · paid last 24h —

Price spread now: Reya against Kraken Futures−21.354%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures 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 −$107 a day on $10k at the current rate, and Reya is 21.354% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2,135 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XPLUSD	0.09626	0.3571	pay 0.0446% / 1h	26m 14s	$546K	$1.0M	10x
Short	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	26m 14s	—	—	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Kraken Futures. 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 Kraken FuturesbpFee ReyabpOrdersPrice spread, now −21.354%Rate

Funding earned: −$749.9
Price spread: −21.354% → 0.000%: −$2,135.41
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2,901.32
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	18.66 bp	26.4 bp −$26	366.6 bp −$3,666	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_PERP	−0.0416%	1h	0.09597	−0.303%	$181K	$241K	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09589	−0.387%	$558	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0258% / S +0.0582%	1h	0.09596	−0.312%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0036%	4h	0.09587	−0.407%	$45.4M	$56.7M	75x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09593	−0.345%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09591	−0.371%	$8K	—	5x	as long as short
Reya XPLRUSDPERPshort	0.0000%	1h	0.07571	−21.354%	—	—	—
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09597	−0.303%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09598	−0.297%	$72K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0052%	4h	0.09596	−0.314%	$8.2M	$52.6M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0061%	8h	0.09591	−0.369%	$12K	$2K	5x	as long as short
Gate XPL_USDT	+0.0078%	4h	0.09592	−0.355%	$3.0M	$3.8M	75x	as long as short
Lighter XPL	+0.0096%	1h	0.09587	−0.407%	$4.3M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09592	−0.355%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09606	−0.212%	$60.2M	$48.2M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09598	−0.296%	$243K	$501K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09599	−0.282%	$219K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09596	−0.314%	$43.4M	$108.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09594	−0.335%	$12.3M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09588	−0.397%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09597	−0.303%	$8.5M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09592	−0.355%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09609	−0.184%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09598	−0.292%	$255K	$912K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09640	+0.143%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09605	−0.223%	$128K	$2.6M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09580	−0.480%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09590	−0.376%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09605	−0.220%	$144K	$264K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09615	−0.116%	$140K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09590	−0.372%	$633K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09595	−0.324%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09628	+0.019%	$195K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09590	−0.376%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09620	−0.064%	$74K	$92K	50x	as long as short
Kraken Futures PF_XPLUSDlong	+0.3571%	1h	0.09626	long leg	$546K	$1.0M	10x