Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Bybit+0.074%47s7-day average +0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as 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−$430.428% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)+1.039%+$104 · spread now +0.074%, 7d avg +0.129%

Together, before fees+1.098%+$110 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 0.054% cheaper against Bybit than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.129%. The two prices were read 47 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	Bybit XPLUSDT	0.09695	0.0100	pay 0.0050% / 4h	2h 43m	$46.7M	$58.2M	75x
Short	Polymarket Perps XPL-USD	0.09702	0.0100	get 0.0013% / 1h	43m 44s	$130K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bybit. 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 BybitbpFee Polymarket PerpsbpOrdersPrice spread, now +0.074%Rate

Funding earned: $0
Price spread: +0.074% → +0.129%: −$5.44
Slippage, 4 orders: −$23.82
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$48.26
Costs to cover: 0.428%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Polymarket Perps: live order book, 5 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 Bybit live order book, 5 min ago	0.51 bp	13.0 bp −$13	37.4 bp −$374	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	1.39 bp	10.1 bp −$10	10.4 bp −$104	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	−0.0216%	1h	0.09710	+0.155%	$565	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0188% / S +0.0555%	1h	0.09698	+0.034%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0114%	1h	0.09730	+0.361%	$180K	$242K	10x	as long as short
Lighter XPL	−0.0024%	1h	0.09699	+0.041%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09708	+0.129%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.911%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0003%	1h	0.09704	+0.092%	$78K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0007%	4h	0.09708	+0.134%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0057%	8h	0.09718	+0.240%	$13K	$2K	5x	as long as short
Deribit XPL_USDC-PERPETUAL	+0.0059%	1h	0.09716	+0.217%	$47K	$18K	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX XPL-USDT-SWAP	+0.0060%	4h	0.09701	+0.062%	$8.4M	$56.0M	50x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09692	−0.034%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09740	+0.464%	$63.1M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09729	+0.350%	$247K	$550K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09715	+0.206%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09715	+0.204%	$44.2M	$110.9M	75x	as long as short
Bybit XPLUSDTlong	+0.0100%	4h	0.09695	long leg	$46.7M	$58.2M	75x
Gate XPL_USDT	+0.0100%	4h	0.09701	+0.062%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09702	+0.072%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09700	+0.052%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09705	+0.103%	$8.6M	$11.5M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09703	+0.083%	—	$8.0M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09678	−0.175%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09719	+0.245%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09720	+0.258%	$25K	$90K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09702	+0.074%	$130K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09670	−0.258%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09720	+0.258%	$203	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09676	−0.196%	$141K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09710	+0.158%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09705	+0.101%	$655K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09715	+0.202%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09693	−0.021%	$196K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.113%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09692	−0.031%	$79K	$102K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4389%	1h	0.09745	+0.518%	$552K	$1.0M	10x	as long as short