Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Polymarket Perps−0.454%56s7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as 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−$380.378% of the position

Long on Polymarket Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now −0.454%, 7d avg −0.092%

Together, before fees−0.149%−$15 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: Binance is 0.362% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$36 on $10k if it goes back to its 7-day average of −0.092%. The two prices were read 56 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	Polymarket Perps XPL-USD	0.09837	0.0100	pay 0.0013% / 1h	55m 33s	$133K	$2.7M	10x
Short	Binance XPLUSDT	0.09793	0.0100	get 0.0050% / 4h	2h 55m	$44.6M	$102.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Polymarket Perps. 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 Polymarket PerpsbpFee BinancebpOrdersPrice spread, now −0.454%Rate

Funding earned: $0
Price spread: −0.454% → −0.092%: −$36.21
Slippage, 4 orders: −$19.82
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$74.02
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Binance: live order book, 2 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 Polymarket Perps live order book, 3 min ago	1.92 bp	5.9 bp −$6	6.6 bp −$66	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.51 bp	12.6 bp −$13	27.7 bp −$277	113.2 bp −$11.3K	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	−0.0157%	1h	0.09829	−0.083%	$49K	$17K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0136%	1h	0.09808	−0.297%	$183K	$282K	10x	as long as short
Lighter XPL	−0.0128%	1h	0.09784	−0.541%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0104%	1h	0.09787	−0.510%	$569	$582	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0065% / S +0.0475%	1h	0.09828	−0.089%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09789	−0.491%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−23.037%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09829	−0.084%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0080%	4h	0.09829	−0.083%	$27K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0097%	8h	0.09789	−0.493%	$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	0.09791	−0.472%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09799	−0.388%	$64.5M	$45.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09798	−0.394%	$254K	$514K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09794	−0.437%	$222K	$19K	10x	as long as short
Binance XPLUSDTshort	+0.0100%	4h	0.09793	−0.454%	$44.6M	$102.8M	75x
Bybit XPLUSDT	+0.0100%	4h	0.09791	−0.470%	$47.3M	$51.9M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09795	−0.429%	$9.2M	$52.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09901	+0.649%	$143K	$11K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09789	−0.490%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09791	−0.470%	$13.1M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09795	−0.429%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09802	−0.358%	$8.6M	$11.0M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09794	−0.439%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09837	+0.003%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09841	+0.040%	$267K	$782K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09840	+0.028%	$25K	$82K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09837	long leg	$133K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09810	−0.277%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09830	−0.073%	$209	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09833	−0.043%	$139K	$245K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09795	−0.433%	$697K	$1.0M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09837	−0.002%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0318%	1h	0.09887	+0.506%	$202K	$646K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09826	−0.114%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0824%	1h	0.09965	+1.299%	$75K	$106K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3459%	1h	0.09887	+0.502%	$296K	$673K	10x	as long as short