Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: MEXC against Polymarket Perps−0.321%49s7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as 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−$200.201% of the position

Long on Polymarket Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now −0.321%, 7d avg −0.098%

Together, before fees−0.021%−$2 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: MEXC is 0.224% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$22 on $10k if it goes back to its 7-day average of −0.098%. The two prices were read 49 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	0.09834	0.0100	pay 0.0013% / 1h	52m 39s	$131K	$2.7M	10x
Short	MEXC XPL_USDT	0.09802	0.0100	get 0.0050% / 4h	52m 39s	$12.8M	$7.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.321%Rate

Funding earned: $0
Price spread: −0.321% → −0.098%: −$22.37
Slippage, 4 orders: −$12.1
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 0 bp × 2 orders: $0
Net: −$42.47
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; MEXC: live order book, 11 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, 1 min ago	2.70 bp	6.7 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit
Sell MEXC live order book, 11 min ago	0.51 bp	2.5 bp −$2	7.1 bp −$71	82.0 bp −$8,200	231.1 bp −$115.6K

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
Lighter XPL	−0.0360%	1h	0.09791	−0.433%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0264%	1h	0.09814	−0.199%	$571	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0157%	1h	0.09816	−0.179%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0124% / S +0.0514%	1h	0.09824	−0.098%	$113K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09807	−0.274%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−23.015%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09823	−0.111%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0063%	4h	0.09813	−0.209%	$30K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09799	−0.351%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09818	−0.154%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.09826	−0.081%	$63.6M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09817	−0.172%	$254K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09808	−0.262%	$223K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09798	−0.362%	$44.4M	$107.6M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09804	−0.301%	$48.1M	$55.0M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09801	−0.332%	$8.9M	$54.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09811	−0.230%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDTshort	+0.0100%	4h	0.09802	−0.321%	$12.8M	$7.6M	100x
KuCoin XPLUSDTM	+0.0100%	4h	0.09796	−0.382%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09810	−0.240%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09810	−0.240%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09821	−0.128%	$179K	$279K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09788	−0.462%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09812	−0.222%	$261K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09800	−0.342%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09834	long leg	$131K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09800	−0.342%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09810	−0.240%	$451	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09811	−0.230%	$139K	$246K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09790	−0.443%	$143K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09810	−0.244%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09819	−0.149%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09824	−0.098%	$199K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09816	−0.179%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	−0.087%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5063%	1h	0.09860	+0.271%	$568K	$1.0M	10x	as long as short