Order (Weakest to Strongest):Common < Uncommon < Rare < Epic < Legendary < Mythic < Exotic
Weirdly, each rarity between Common& Legendary can increase the damage, reload time & magazine size. However, Mythic can alter fire rate and other stats that previous rarities doesn't. Mythic items also usually tend to use innovative mechanics such as the Infinity Gauntlet's attacks, Amban Rifle's taser, Batarang's aimbot and etc. Exotic Items are ordinary weapons with perks added to them such as enemy tracking, thermal vision, burst shots and etc.
Mythic items were mostly only available in Save the World, with the exception of the Mythic Weapons that were introduced in Chapter 2: Season 2 and more added in Chapter2: Season 3, for example Skye's Assault Rifle, Ocean's Bottomless Chug Jug & more... The Infinity Gauntlet, Infinity Blade & other collaboration items, which were available in Chapter 1, were the only Mythic items in Chapter 1. Though, the Infinity Gauntlet has been put into Infinity Gauntlet LTM and the Infinity Blade after it being vaulted, has been put into the Sword Fight LTM.
With the Release of Chapter 2 Season 5 a New Exotic rarity was added with weapons that have Special Properties compared to a Normal weapon (and even stranger than Mythic)
These are usualy Sold by NPCs at around 1225 Bars.
There are currently 5 Exotic weapons:
Explosive heavy Sniper rifle
Storm Scout Sniper
"The Dub" A Double Barreled Shotgun With Flint Knock Knock back.
Thermal Scoped Revolver
Please note these are from information that was provided thanks to leaks and in game exploration. This thread will be updated to fix Inaccuracies and Name Specifications of said items.
Each rarity has specific available benefits, excluding weapons with fixed benefits.
The family rarity is a separate tier from the standard common to legendary progression. Every Mythic hero does not have a lower tier, and Mythic lead Survivors are classified in the Collection Book as "Unique Leads". Unlike the rest of the leads, they have a name and a small flavour text.
These items are especially rare due to being obtainable only from certain special sources. As such, they cannot be added to the Collection Book in StW.
Icon Series - For cosmetics associated with famous creators in the music and contentCreationindustry, such as artists Marshmello and Major Lazer aswell as YouTube and twitch personalities Ninja and Loserfruit.
Marvel Series - This rarity is used for cosmetics associated with Marvel, starting in Season 8.
DC Series - For cosmetics associated with DC Comics.
Gaming Legends Series - For cosmetics in collaboration with other game franchises such as God of War, Halo and Borderlands. Doesn't seem to include franchises currently owned by Epic Games such as Battle Breakers and Rocket League.