Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against OKX−0.049%47s7-day average +0.088% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.401% of the position

Long on OKX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 7 days−0.106%−$11 · spread now −0.049%, 7d avg +0.088%

Together, before fees−0.098%−$10 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 0.137% cheaper against OKX than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.088%. The two prices were read 47 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	OKX XPL-USDT-SWAP	0.09538	0.0100	pay 0.0050% / 4h	2h 38m	$8.1M	$48.1M	50x
Short	Polymarket Perps XPL-USD	0.09533	0.0100	get 0.0013% / 1h	38m 33s	$125K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against OKX. 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 OKXbpFee Polymarket PerpsbpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → +0.088%: −$13.72
Slippage, 4 orders: −$22.11
Fee OKX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$53.83
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Polymarket Perps: live order book, 5 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 OKX live order book, 5 min ago	0.52 bp	10.6 bp −$11	40.0 bp −$400	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.25 bp	7.6 bp −$8	8.1 bp −$81	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
Deribit XPL_USDC-PERPETUAL	−0.0274%	1h	0.09535	−0.031%	$46K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0240%	1h	0.09537	−0.010%	$554	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09536	−0.021%	$105K	—	100x	as long as short
Lighter XPL	−0.0024%	1h	0.09533	−0.052%	$4.3M	$3.0M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09545	+0.069%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.625%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09536	−0.022%	$72K	—	150x	as long as short
Backpack XPL_USDC_PERP	+0.0011%	1h	0.09533	−0.052%	$173K	$190K	10x	as long as short
Orderly PERP_XPL_USDC	+0.0015%	4h	0.09530	−0.084%	$29K	$320K	10x	as long as short
Paradex XPL-USD-PERP	+0.0064%	8h	0.09536	−0.025%	$12K	$696	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	0.09519	−0.197%	$1.2M	$2.4M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09554	+0.167%	$60.3M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09550	+0.130%	$247K	$430K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09549	+0.110%	$218K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09549	+0.115%	$43.3M	$100.3M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09536	−0.021%	$45.2M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAPlong	+0.0100%	4h	0.09538	long leg	$8.1M	$48.1M	50x
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.288%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09538	0.000%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09536	−0.021%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09540	+0.021%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09546	+0.084%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09537	−0.010%	—	$7.8M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09544	+0.067%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09537	−0.015%	$257K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09550	+0.126%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09533	−0.049%	$125K	$2.0M	10x
SunX XPL-USDT	+0.0100%	4h	0.09500	−0.398%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09530	−0.084%	$198	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09532	−0.063%	$139K	$184K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09536	−0.026%	$632K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09531	−0.074%	$28K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09575	+0.388%	$194K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09518	−0.210%	$1.7M	$940K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09640	+1.069%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2909%	1h	0.09557	+0.203%	$543K	$988K	10x	as long as short