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: BingX against Polymarket Perps+0.138%7-day average −0.115% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 4 days (all we have)−1.241%−$124 · spread now +0.138%, 7d avg −0.115%

Together, before fees−1.198%−$120 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: BingX is 0.253% dearer against Polymarket Perps than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of −0.115%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09698	0.0100	pay 0.0013% / 1h	47m 42s	$130K	$2.7M	10x
Short	BingX XPL-USDT	0.09711	0.0100	get 0.0050% / 4h	2h 47m	—	$8.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.138%Rate

Funding earned: $0
Price spread: +0.138% → −0.115%: $25.33
Slippage, 4 orders: −$32.44
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$25.12
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; BingX: 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 Polymarket Perps live order book, 1 min ago	1.39 bp	5.4 bp −$5	6.0 bp −$60	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	5.68 bp	18.8 bp −$19	38.3 bp −$383	98.8 bp −$9,879	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	−0.0280%	1h	0.09689	−0.089%	$563	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0186% / S +0.0554%	1h	0.09687	−0.107%	$111K	—	100x	as long as short
Backpack XPL_USDC_PERP	−0.0100%	1h	0.09699	+0.014%	$179K	$242K	10x	as long as short
Lighter XPL	−0.0072%	1h	0.09701	+0.035%	$4.4M	$4.2M	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09716	+0.185%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.932%	—	—	—	as long as short
Deribit XPL_USDC-PERPETUAL	0.0000%	1h	0.09692	−0.058%	$46K	$18K	25x	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09688	−0.103%	$77K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0006%	4h	0.09687	−0.109%	$29K	$335K	10x	as long as short
OKX XPL-USDT-SWAP	+0.0051%	4h	0.09711	+0.138%	$8.5M	$56.0M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0052%	8h	0.09702	+0.042%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09683	−0.153%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09728	+0.308%	$63.0M	$47.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09716	+0.191%	$247K	$555K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09714	+0.174%	$221K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09715	+0.180%	$44.2M	$110.7M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09709	+0.118%	$46.8M	$58.0M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09710	+0.128%	$3.0M	$3.8M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09707	+0.097%	$12.9M	$7.9M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09704	+0.066%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09722	+0.252%	$8.6M	$11.4M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.09711	+0.138%	—	$8.0M	—
Variational Omni XPL	+0.0100%	4h	0.09693	−0.047%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09693	−0.044%	$265K	$858K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09710	+0.128%	$25K	$89K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09698	long leg	$130K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09700	+0.025%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09690	−0.078%	$200	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09701	+0.035%	$142K	$255K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09755	+0.592%	$142K	$2K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09705	+0.077%	$650K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09685	−0.130%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09643	−0.563%	$195K	$657K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09706	+0.087%	$1.8M	$1.1M	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0496%	1h	0.09746	+0.499%	$80K	$103K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4395%	1h	0.09733	+0.366%	$551K	$1.0M	10x	as long as short