Funding arb · Price arb /

POL

all POL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.110%

Price spread now: Orderly against Hyperliquid−0.205%55s7-day average −0.136% · you buy dearer than you sell

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

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.691%−$69 on $10k

Price spread, last 3 days (all we have)−0.680%−$68 · spread now −0.205%, 7d avg −0.136%

Together, before fees−1.372%+ Points / potential airdropHyperliquid: Season 2 · farm board−$137 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.070% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.136%). Swap the legs. The two prices were read 55 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	Hyperliquid POL	0.1120	0.0187	pay 0.0023% / 1h	57m 25s	$7.6M	$4.6M	5x
Short	Orderly PERP_POL_USDC	0.1118	−0.0025	pay 0.0012% / 4h	1h 57m	$11K	$205K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hyperliquid. 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 HyperliquidbpFee OrderlybpOrdersPrice spread, now −0.205%Rate

Funding earned: −$44.51
Price spread: −0.205% → −0.136%: −$6.97
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$66.48
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 min ago; 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 Hyperliquid live order book, 5 min ago	1.34 bp	14.5 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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.

POL on 25 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
Injective POL/USDC PERP	−0.0162%	1h	0.1111	−0.804%	$3K	$124K	12x	as long as short
Coinbase International POL-PERP-INTX	−0.0128%	1h	0.1111	−0.804%	$202K	$253K	50x	as long as short
Kraken Futures PF_POLUSD	−0.0072%	1h	0.1118	−0.168%	$1.2M	$1.8M	50x	as long as short
Orderly PERP_POL_USDCshort	−0.0025%	4h	0.1118	−0.205%	$11K	$205K	20x
Reya POLRUSDPERP	−0.0006%	1h	0.1118	−0.185%	$3K	—	—	as long as short
dYdX POL-USD	0.0000%	1h	0.1119	−0.099%	$17K	$3K	5x	as long as short
gTrade (Gains Network) POL/USD	L +0.0004% / S −0.0006%	1h	0.1119	−0.109%	$22K	—	150x	as long as short
Lighter POL	+0.0096%	1h	0.1118	−0.184%	$310K	$558K	8x	as long as short
Aster POLUSDT	+0.0100%	4h	0.1119	−0.120%	$372K	$359K	20x	as long as short
Binance POLUSDT	+0.0100%	4h	0.1118	−0.207%	$17.1M	$51.5M	75x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit POLUSDT	+0.0100%	4h	0.1117	−0.268%	$16.1M	$16.2M	75x	as long as short
OKX POL-USDT-SWAP	+0.0100%	4h	0.1117	−0.250%	$5.8M	$12.1M	50x	as long as short
Gate POL_USDT	+0.0100%	4h	0.1117	−0.232%	$1.9M	$1.3M	75x	as long as short
MEXC POL_USDT	+0.0100%	4h	0.1118	−0.205%	$23.6M	$3.8M	125x	as long as short
KuCoin POLUSDTM	+0.0100%	4h	0.1118	−0.143%	$2.8M	$1.1M	50x	as long as short
Bitget POLUSDT	+0.0100%	4h	0.1118	−0.214%	$4.2M	$5.9M	50x	as long as short
BingX POL-USDC	+0.0100%	4h	0.1118	−0.196%	—	$1.6M	—	as long as short
Variational Omni POL	+0.0100%	4h	0.1116	−0.326%	$660K	$211K	—	as long as short
GRVT POL_USDT_Perp	+0.0100%	4h	0.1117	−0.259%	$1.1M	$3.4M	10x	as long as short
ApeX Omni POLUSDT	+0.0100%	1h	0.1118	−0.179%	$198K	$662K	50x	as long as short
Extended POL-USD	+0.0104%	1h	0.1117	−0.231%	$93K	$427K	10x	as long as short
Aevo POL-PERP	+0.0104%	1h	0.1116	−0.357%	$41K	—	3x	as long as short
Hyperliquid POLlong	+0.0187%	1h	0.1120	long leg	$7.6M	$4.6M	5x
GMX POL/USD [ETH-USDC]	L +0.0211% / S −0.0606%	1h	0.1119	−0.106%	$3K	—	100x	as long as short
BloFin POL-USDT	+0.0340%	4h	0.1118	−0.188%	$906K	$168K	75x	as long as short