Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against BingX+0.746%51s7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as 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−$490.487% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 7 days−0.878%−$88 · spread now +0.746%, 7d avg +0.100%

Together, before fees−0.919%−$92 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: Polymarket Perps is 0.646% dearer against BingX than usual: you sell high and buy low, +$65 on $10k if it goes back to its 7-day average of +0.100%. The two prices were read 51 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	BingX XPL-USDT	0.09549	0.0100	pay 0.0050% / 4h	2h 34m	—	$7.8M	—
Short	Polymarket Perps XPL-USD	0.09620	0.0100	get 0.0013% / 1h	34m 33s	$126K	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BingX. 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 BingXbpFee Polymarket PerpsbpOrdersPrice spread, now +0.746%Rate

Funding earned: $0
Price spread: +0.746% → +0.100%: $64.59
Slippage, 4 orders: −$30.66
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $15.94
Costs to cover: 0.487%
Break-even: from the start

Slippage from BingX: live order book, 3 min ago; Polymarket Perps: 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 BingX live order book, 3 min ago	5.75 bp	16.4 bp −$16	29.3 bp −$293	94.1 bp −$9,411	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	1.88 bp	9.8 bp −$10	10.7 bp −$107	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
GMX XPL/USD [WBTC.b-USDC]	L −0.0234% / S +0.0570%	1h	0.09609	+0.631%	$106K	—	100x	as long as short
01 Exchange XPLUSD	−0.0224%	1h	0.09551	+0.021%	$555	$708	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09560	+0.115%	$9K	$600	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−20.716%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09611	+0.649%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09610	+0.637%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0015%	4h	0.09607	+0.607%	$29K	$320K	10x	as long as short
Lighter XPL	+0.0032%	1h	0.09547	−0.021%	$4.3M	$3.0M	10x	as long as short
Paradex XPL-USD-PERP	+0.0066%	8h	0.09558	+0.091%	$12K	$696	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09545	−0.042%	$1.2M	$2.4M	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	0.09572	+0.240%	$60.4M	$46.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09560	+0.117%	$251K	$429K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09560	+0.111%	$219K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09547	−0.020%	$43.3M	$100.1M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09546	−0.031%	$45.2M	$54.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09546	−0.031%	$8.1M	$48.1M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09565	+0.172%	$139K	$0	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09552	+0.031%	$3.0M	$3.4M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09550	+0.010%	$12.3M	$6.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09560	+0.115%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09558	+0.094%	$9.1M	$9.7M	75x	as long as short
BingX XPL-USDTlong	+0.0100%	4h	0.09549	long leg	—	$7.8M	—
Backpack XPL_USDC_PERP	+0.0100%	1h	0.09598	+0.513%	$174K	$190K	10x	as long as short
Variational Omni XPL	+0.0100%	4h	0.09579	+0.314%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09577	+0.288%	$254K	$1.1M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09590	+0.429%	$25K	$77K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09620	+0.746%	$126K	$2.0M	10x
SunX XPL-USDT	+0.0100%	4h	0.09590	+0.429%	$3K	$1.7M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09600	+0.534%	$203	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09559	+0.105%	$139K	$185K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09548	−0.011%	$604K	$1.2M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09610	+0.635%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0251%	1h	0.09549	0.000%	$193K	$536K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09614	+0.681%	$1.8M	$949K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0592%	1h	0.09640	+0.953%	$67K	$90K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2885%	1h	0.09635	+0.905%	$548K	$989K	10x	as long as short