Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Binance+0.128%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Binance Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.135%+$13 · spread now +0.128%, 7d avg +0.097%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.031% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance XPLUSDT	0.09774	0.0100	pay 0.0050% / 4h	3h 40m	$44.6M	$108.8M	75x
Short	Polymarket Perps XPL-USD	0.09787	0.0100	get 0.0013% / 1h	40m 49s	$131K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Binance. 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 BinancebpFee Polymarket PerpsbpOrdersPrice spread, now +0.128%Rate

Funding earned: $0
Price spread: +0.128% → +0.097%: $3.09
Slippage, 4 orders: −$18.78
Fee Binance: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$33.7
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Polymarket Perps: live order book, 3 min ago.

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 Binance live order book, 2 min ago	0.51 bp	10.8 bp −$11	24.1 bp −$241	143.1 bp −$14.3K	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	1.64 bp	9.8 bp −$10	10.5 bp −$105	doesn't fit	doesn't fit

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	−0.0245%	1h	0.09776	+0.016%	$181K	$282K	10x	as long as short
Lighter XPL	−0.0232%	1h	0.09766	−0.087%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0184%	1h	0.09780	+0.056%	$569	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0159% / S +0.0537%	1h	0.09778	+0.032%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09779	+0.044%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.549%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09779	+0.046%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09778	+0.038%	$76K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0030%	4h	0.09775	+0.005%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0033%	8h	0.09776	+0.016%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado XPL-PERP	+0.0100%	1h	0.09777	+0.026%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09792	+0.178%	$63.2M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09780	+0.059%	$253K	$533K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09782	+0.073%	$223K	$46K	10x	as long as short
Binance XPLUSDTlong	+0.0100%	4h	0.09774	long leg	$44.6M	$108.8M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09772	−0.025%	$47.3M	$55.7M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09768	−0.066%	$8.6M	$55.1M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09775	+0.005%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09775	+0.005%	$12.9M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09779	+0.046%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09780	+0.056%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09772	−0.025%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09780	+0.056%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09768	−0.069%	$267K	$827K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09740	−0.353%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09787	+0.128%	$131K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.148%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09780	+0.056%	$197	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09780	+0.056%	$142K	$242K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09720	−0.555%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09772	−0.026%	$658K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09780	+0.051%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0163%	1h	0.09753	−0.220%	$197K	$655K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09776	+0.016%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0376%	1h	0.09815	+0.415%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5062%	1h	0.09828	+0.550%	$569K	$1.0M	10x	as long as short