Funding arb · Price arb /

XPL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h —

Price spread now: Orderly against Reya+27.039%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 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 27.039% dearer against Reya than usual: you sell high and buy low, +$2,704 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya XPLRUSDPERP	0.07571	0	get 0.0000% / 1h	0m 46s	—	—	—
Short	Orderly PERP_XPL_USDC	0.09618	−0.0009	pay 0.0005% / 4h	1h 00m	$30K	$246K	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 +27.039%Rate

Funding earned: −$1.91
Price spread: +27.039% → 0.000%: $2,703.92
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2,690.02
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	−0.1152%	1h	0.09607	+26.894%	$4.3M	$3.2M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0313% / S +0.0615%	1h	0.09625	+27.136%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0312%	1h	0.09613	+26.973%	$559	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0269%	1h	0.09622	+27.092%	$46K	$18K	25x	as long as short
Orderly PERP_XPL_USDCshort	−0.0009%	4h	0.09618	+27.039%	$30K	$246K	10x
dYdX XPL-USD	0.0000%	1h	0.09630	+27.192%	$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	0.09627	+27.157%	$73K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0055%	8h	0.09620	+27.060%	$13K	$696	5x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09638	+27.305%	$60.9M	$46.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster XPLUSDT	+0.0100%	4h	0.09627	+27.163%	$254K	$420K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09630	+27.199%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09617	+27.026%	$43.7M	$97.4M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09617	+27.026%	$45.9M	$53.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09614	+26.986%	$7.8M	$47.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09655	+27.528%	$141K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09619	+27.052%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09617	+27.026%	$12.6M	$6.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09623	+27.105%	$2.3M	$1.2M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09627	+27.158%	$9.0M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09618	+27.039%	—	$7.8M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09622	+27.092%	$180K	$187K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	+26.997%	$1.7M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09617	+27.030%	$262K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09650	+27.462%	$25K	$75K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09622	+27.089%	$1.3M	$2.2M	10x	as long as short
Polymarket Perps XPL-USD	+0.0100%	1h	0.09628	+27.171%	$126K	$1.8M	10x	as long as short
SunX XPL-USDT	+0.0100%	4h	0.09600	+26.801%	$2K	$1.6M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09620	+27.066%	$196	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09607	+26.894%	$133K	$213K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09614	+26.991%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09620	+27.066%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09660	+27.594%	$196K	$506K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09618	+27.039%	$1.7M	$934K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0664%	1h	0.09718	+28.360%	$66K	$92K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2836%	1h	0.09654	+27.514%	$548K	$932K	10x	as long as short