Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bulk against Polymarket Perps−0.875%52s7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$420.419% of the position

Long on Polymarket Perps Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.195%−$20 · spread now −0.875%, 7d avg −0.045%

Together, before fees−0.195%−$20 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: Bulk is 0.830% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$83 on $10k if it goes back to its 7-day average of −0.045%. The two prices were read 52 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	0.09757	0.0100	pay 0.0013% / 1h	31m 36s	$131K	$2.6M	10x
Short	Bulk XPL-USD	0.09672	0.0100	get 0.0013% / 1h	31m 36s	$141K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.875%Rate

Funding earned: $0
Price spread: −0.875% → −0.045%: −$82.96
Slippage, 4 orders: −$26.89
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$124.85
Costs to cover: 0.419%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Bulk: live order book, 37 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, 2 min ago	2.62 bp	6.6 bp −$7	6.8 bp −$68	doesn't fit	doesn't fit
Sell Bulk live order book, 37 min ago	5.04 bp	18.2 bp −$18	19.5 bp −$195	42.6 bp −$4,259	131.9 bp −$65.9K

XPL on 35 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
01 Exchange XPLUSD	−0.0232%	1h	0.09733	−0.246%	$566	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0194% / S +0.0559%	1h	0.09747	−0.106%	$112K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0084%	1h	0.09742	−0.154%	$180K	$244K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09739	−0.189%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.406%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09746	−0.113%	$47K	$18K	25x	as long as short
Orderly PERP_XPL_USDC	+0.0003%	4h	0.09743	−0.143%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09748	−0.097%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0052%	4h	0.09729	−0.287%	$8.4M	$55.3M	50x	as long as short
Paradex XPL-USD-PERP	+0.0058%	8h	0.09731	−0.271%	$13K	$2K	5x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09724	−0.338%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09743	−0.143%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09748	−0.093%	$63.1M	$47.5M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09740	−0.174%	$247K	$526K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09737	−0.205%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09732	−0.256%	$44.3M	$109.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09727	−0.307%	$46.9M	$57.6M	75x	as long as short
Bulk XPL-USDshort	+0.0100%	1h	0.09672	−0.875%	$141K	$7K	10x
Gate XPL_USDT	+0.0100%	4h	0.09732	−0.256%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09734	−0.236%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09739	−0.184%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09735	−0.225%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09731	−0.266%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09688	−0.707%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09730	−0.277%	$266K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	−0.379%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09757	long leg	$131K	$2.6M	10x
SunX XPL-USDT	+0.0100%	4h	0.09740	−0.174%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09740	−0.174%	$196	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09744	−0.133%	$144K	$257K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09727	−0.308%	$659K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09745	−0.123%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09715	−0.430%	$197K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.092%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4374%	1h	0.09779	+0.223%	$554K	$1.0M	10x	as long as short