Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0047%/8h= −5.2% APRpaid last 24h 0.000%

Price spread now: OKX against Polymarket Perps−0.523%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$390.386% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.568%−$57 · spread now −0.523%, 7d avg −0.086%

Together, before fees−0.578%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.437% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of −0.086%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09724	0.0100	pay 0.0013% / 1h	27m 01s	$130K	$2.6M	10x
Short	OKX XPL-USDT-SWAP	0.09673	0.0053	get 0.0026% / 4h	2h 27m	$8.4M	$54.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.523%Rate

Funding earned: −$9.96
Price spread: −0.523% → −0.086%: −$43.71
Slippage, 4 orders: −$20.55
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$92.22
Costs to cover: 0.386%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; OKX: 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, 2 min ago	2.94 bp	6.9 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.52 bp	11.5 bp −$11	49.9 bp −$499	doesn't fit	doesn't fit

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	0.09710	−0.143%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0196% / S +0.0561%	1h	0.09716	−0.079%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0162%	1h	0.09715	−0.092%	$47K	$18K	25x	as long as short
Backpack XPL_USDC_PERP	−0.0089%	1h	0.09716	−0.081%	$179K	$244K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09711	−0.129%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−22.143%	—	—	—	as long as short
Orderly PERP_XPL_USDC	+0.0002%	4h	0.09712	−0.122%	$29K	$335K	10x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09716	−0.076%	$60K	—	150x	as long as short
OKX XPL-USDT-SWAPshort	+0.0053%	4h	0.09673	−0.523%	$8.4M	$54.9M	50x
Paradex XPL-USD-PERP	+0.0059%	8h	0.09705	−0.199%	$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	+0.0088%	1h	0.09704	−0.205%	$4.4M	$4.2M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09707	−0.174%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09723	−0.014%	$62.3M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09718	−0.061%	$247K	$513K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09718	−0.060%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09706	−0.187%	$44.1M	$110.0M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09680	−0.451%	$46.6M	$57.7M	75x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09672	−0.538%	$141K	$7K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09708	−0.164%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09710	−0.143%	$12.8M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09700	−0.246%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09716	−0.081%	$8.6M	$11.3M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09710	−0.143%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09726	+0.022%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09679	−0.461%	$264K	$877K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09700	−0.246%	$25K	$86K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09724	long leg	$130K	$2.6M	10x
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.246%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.143%	$194	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09703	−0.215%	$143K	$258K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09710	−0.143%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09710	−0.143%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09701	−0.236%	$196K	$657K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09766	+0.433%	$78K	$95K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4388%	1h	0.09749	+0.254%	$553K	$1.0M	10x	as long as short