Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bybit against Polymarket Perps−0.282%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 3 days (all we have)−0.160%−$16 · spread now −0.282%, 7d avg −0.126%

Together, before fees−0.219%−$22 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: Bybit is 0.156% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.126%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09792	0.0100	pay 0.0013% / 1h	54m 43s	$130K	$2.7M	10x
Short	Bybit XPLUSDT	0.09764	0.0100	get 0.0050% / 4h	1h 54m	$47.6M	$53.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.282%Rate

Funding earned: $0
Price spread: −0.282% → −0.126%: −$15.57
Slippage, 4 orders: −$27.39
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$61.96
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	1.80 bp	5.8 bp −$6	6.0 bp −$60	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.51 bp	14.6 bp −$15	44.1 bp −$441	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	−0.0159%	1h	0.09777	−0.149%	$47K	$18K	25x	as long as short
01 Exchange XPLUSD	−0.0096%	1h	0.09776	−0.159%	$568	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0094% / S +0.0495%	1h	0.09781	−0.103%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09770	−0.225%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.682%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09779	−0.129%	$72K	—	150x	as long as short
Lighter XPL	+0.0056%	1h	0.09755	−0.374%	$4.4M	$4.1M	10x	as long as short
Orderly PERP_XPL_USDC	+0.0081%	4h	0.09774	−0.180%	$29K	$335K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0089%	1h	0.09780	−0.118%	$178K	$282K	10x	as long as short
Paradex XPL-USD-PERP	+0.0090%	8h	0.09776	−0.161%	$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	0.09781	−0.113%	$1.4M	$2.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09772	−0.197%	$253K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09780	−0.117%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09766	−0.261%	$43.9M	$105.8M	75x	as long as short
Bybit XPLUSDTshort	+0.0100%	4h	0.09764	−0.282%	$47.6M	$53.8M	75x
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09763	−0.292%	$9.0M	$53.6M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.933%	$140K	$10K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09766	−0.261%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09764	−0.282%	$12.6M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09769	−0.231%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09770	−0.221%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09764	−0.282%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09767	−0.250%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09751	−0.418%	$264K	$775K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09750	−0.425%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09792	long leg	$130K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09760	−0.323%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09770	−0.221%	$206	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09771	−0.210%	$139K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09764	−0.283%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09778	−0.136%	$38K	$5K	3x	as long as short
Hyperliquid XPL	+0.0121%	1h	0.09781	−0.104%	$63.0M	$47.4M	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09770	−0.221%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0485%	1h	0.09726	−0.670%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09794	+0.025%	$74K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4573%	1h	0.09817	+0.264%	$518K	$952K	10x	as long as short