Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.016%

Price spread now: Polymarket Perps against Orderly+0.112%7-day average +0.123% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.176%+$18 on $10k

Price spread, last 3 days (all we have)+0.138%+$14 · spread now +0.112%, 7d avg +0.123%

Together, before fees+0.313%+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.123%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_XPL_USDC	0.09704	0.0071	pay 0.0036% / 4h	1h 12m	$29K	$335K	10x
Short	Polymarket Perps XPL-USD	0.09715	0.0100	get 0.0013% / 1h	12m 56s	$129K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now +0.112%Rate

Funding earned: $6.05
Price spread: +0.112% → +0.123%: −$1.05
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$8.99
Costs to cover: 0.140%
Break-even: 17.4 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 1 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 1 min ago	4.53 bp	8.8 bp −$9	8.9 bp −$89	doesn't fit	doesn't fit

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
Backpack XPL_USDC_PERP	−0.0298%	1h	0.09716	+0.124%	$177K	$282K	10x	as long as short
01 Exchange XPLUSD	−0.0232%	1h	0.09702	−0.021%	$564	$708	5x	as long as short
Lighter XPL	−0.0216%	1h	0.09702	−0.021%	$4.4M	$4.1M	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0114% / S +0.0508%	1h	0.09708	+0.040%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09722	+0.182%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.985%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09712	+0.082%	$47K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09710	+0.062%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDClong	+0.0071%	4h	0.09704	long leg	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0084%	8h	0.09714	+0.100%	$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	0.09710	+0.067%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	+0.251%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09720	+0.167%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09718	+0.143%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09716	+0.128%	$43.9M	$107.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09717	+0.134%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09714	+0.103%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09725	+0.212%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09709	+0.052%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09715	+0.113%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09718	+0.144%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09720	+0.165%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09717	+0.134%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09719	+0.158%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	+0.160%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	+0.268%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09715	+0.112%	$129K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09710	+0.062%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	+0.062%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	+0.093%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09715	+0.109%	$656K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09711	+0.074%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09704	0.000%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09730	+0.268%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.577%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4594%	1h	0.09771	+0.694%	$561K	$995K	10x	as long as short