Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0050%/8h= −5.4% APRpaid last 24h −0.016%

Price spread now: Orderly against Polymarket Perps−0.129%7-day average −0.122% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 3 days (all we have)−0.101%−$10 · spread now −0.129%, 7d avg −0.122%

Together, before fees−0.277%−$28 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.122%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09728	0.0100	pay 0.0013% / 1h	28m 02s	$130K	$2.7M	10x
Short	Orderly PERP_XPL_USDC	0.09715	0.0050	get 0.0025% / 4h	28m 02s	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.129%Rate

Funding earned: −$10.41
Price spread: −0.129% → −0.122%: −$0.66
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$25.07
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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, 6 min ago	2.93 bp	6.9 bp −$7	7.7 bp −$77	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0592%	1h	0.09711	−0.170%	$4.4M	$4.2M	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09710	−0.180%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0136% / S +0.0522%	1h	0.09720	−0.079%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09718	−0.098%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	−0.076%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.175%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09720	−0.077%	$76K	—	150x	as long as short
Paradex XPL-USD-PERP	+0.0021%	8h	0.09718	−0.097%	$13K	$2K	5x	as long as short
Orderly PERP_XPL_USDCshort	+0.0050%	4h	0.09715	−0.129%	$29K	$335K	10x
Gate XPL_USDT	+0.0074%	4h	0.09716	−0.118%	$3.0M	$4.0M	75x	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	0.09732	+0.050%	$62.8M	$48.1M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09723	−0.044%	$252K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09724	−0.038%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09723	−0.046%	$44.2M	$108.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09721	−0.067%	$47.3M	$55.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09721	−0.067%	$8.8M	$54.3M	50x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09719	−0.087%	$12.7M	$7.6M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09721	−0.067%	$2.4M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09726	−0.015%	$8.7M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09721	−0.067%	—	$7.9M	—	as long as short
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09721	−0.067%	$179K	$281K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09696	−0.320%	$1.6M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09699	−0.295%	$260K	$806K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	−0.180%	$25K	$88K	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09716	−0.118%	$1.4M	$2.6M	10x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09728	long leg	$130K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09690	−0.386%	$2K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	−0.077%	$198	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09716	−0.118%	$138K	$233K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09700	−0.285%	$141K	$9K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09714	−0.142%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09720	−0.077%	$38K	$5K	3x	as long as short
Phoenix XPL	+0.0327%	1h	0.09714	−0.139%	$197K	$651K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09720	−0.077%	$1.8M	$1.2M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0568%	1h	0.09825	+1.002%	$72K	$97K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.5108%	1h	0.09773	+0.472%	$564K	$1.0M	10x	as long as short