Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.048%

Price spread now: Hyperliquid against Polymarket Perps+0.026%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Polymarket Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 7 days+0.040%+$4 · spread now +0.026%, 7d avg +0.001%

Together, before fees+0.162%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 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: Hyperliquid is 0.025% dearer against Polymarket Perps than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09671	0.0100	pay 0.0013% / 1h	21m 10s	$128K	$2.6M	10x
Short	Hyperliquid XPL	0.09673	0.0100	get 0.0013% / 1h	21m 10s	$60.7M	$48.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.026%Rate

Funding earned: $0
Price spread: +0.026% → +0.001%: $2.46
Slippage, 4 orders: −$24.79
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$39.33
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Hyperliquid: live order book, 12 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	2.90 bp	7.8 bp −$8	15.2 bp −$152	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 12 min ago	1.40 bp	14.7 bp −$15	doesn't fit	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
01 Exchange XPLUSD	−0.0384%	1h	0.09657	−0.144%	$561	$708	5x	as long as short
Backpack XPL_USDC_PERP	−0.0305%	1h	0.09662	−0.092%	$182K	$231K	10x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0261% / S +0.0584%	1h	0.09659	−0.119%	$106K	—	100x	as long as short
Bybit XPLUSDT	−0.0044%	4h	0.09655	−0.164%	$45.7M	$56.7M	75x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09649	−0.231%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.717%	—	—	—	as long as short
Orderly PERP_XPL_USDC	0.0000%	4h	0.09655	−0.164%	$29K	$335K	10x	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09659	−0.123%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09660	−0.117%	$73K	—	150x	as long as short
OKX XPL-USDT-SWAP	+0.0059%	4h	0.09657	−0.144%	$8.3M	$52.9M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0065%	8h	0.09661	−0.101%	$13K	$2K	5x	as long as short
Lighter XPL	+0.0096%	1h	0.09649	−0.226%	$4.4M	$4.2M	10x	as long as short
Gate XPL_USDT	+0.0098%	4h	0.09658	−0.133%	$3.0M	$3.8M	75x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09662	−0.089%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPLshort	+0.0100%	1h	0.09673	+0.026%	$60.7M	$48.2M	10x
Aster XPLUSDT	+0.0100%	4h	0.09669	−0.023%	$245K	$497K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09659	−0.126%	$220K	$48K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09658	−0.133%	$43.7M	$108.6M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09610	−0.630%	$140K	$5K	10x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09660	−0.113%	$12.4M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09661	−0.102%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09662	−0.092%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09656	−0.154%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09583	−0.914%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09658	−0.130%	$261K	$922K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09660	−0.113%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09671	long leg	$128K	$2.6M	10x
SunX XPL-USDT	+0.0100%	4h	0.09640	−0.320%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.113%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09649	−0.226%	$145K	$263K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09653	−0.185%	$636K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09656	−0.155%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0248%	1h	0.09672	+0.011%	$196K	$629K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09664	−0.071%	$1.7M	$1.0M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09670	−0.009%	$75K	$93K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3545%	1h	0.09697	+0.266%	$550K	$1.0M	10x	as long as short