Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Nado against Polymarket Perps−0.164%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$430.429% of the position

Long on Polymarket Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.333%+$33 · spread now −0.164%, 7d avg −0.046%

Together, before fees+0.334%+ Points / potential airdropNado: Active · farm board+$33 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: Nado is 0.118% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09448	0.0100	pay 0.0013% / 1h	50m 19s	$124K	$1.2M	10x
Short	Nado XPL-PERP	0.09433	0.0100	get 0.0012% / 1h	50m 19s	$1.2M	$2.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now −0.164%Rate

Funding earned: $0
Price spread: −0.164% → −0.046%: −$11.85
Slippage, 4 orders: −$27.9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$54.75
Costs to cover: 0.429%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; Nado: live order book, 1 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	3.55 bp	8.3 bp −$8	1791.3 bp −$17.9K	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	1.06 bp	7.9 bp −$8	22.7 bp −$227	doesn't fit	doesn't fit

XPL on 36 exchanges

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	−0.0616%	1h	0.09432	−0.169%	$4.3M	$3.1M	10x	as long as short
01 Exchange XPLUSD	−0.0616%	1h	0.09426	−0.233%	$548	$873	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0598%	1h	0.09430	−0.191%	$46K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0420% / S +0.0679%	1h	0.09442	−0.068%	$104K	—	100x	as long as short
Bybit XPLUSDT	−0.0295%	4h	0.09428	−0.212%	$44.7M	$52.6M	75x	as long as short
Extended XPL-USD	−0.0144%	1h	0.09426	−0.229%	$596K	$1.1M	25x	as long as short
Paradex XPL-USD-PERP	−0.0124%	8h	0.09433	−0.158%	$12K	$696	5x	as long as short
Orderly PERP_XPL_USDC	−0.0092%	4h	0.09426	−0.233%	$30K	$183K	10x	as long as short
OKX XPL-USDT-SWAP	−0.0048%	4h	0.09431	−0.180%	$7.3M	$46.5M	50x	as long as short
Binance XPLUSDT	−0.0034%	4h	0.09432	−0.172%	$43.3M	$95.9M	75x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC XPL_USDT	−0.0032%	4h	0.09434	−0.148%	$13.1M	$6.4M	100x	as long as short
Backpack XPL_USDC_PERP	−0.0005%	1h	0.09443	−0.053%	$180K	$171K	10x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−19.870%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09452	+0.041%	$71K	—	150x	as long as short
Gate XPL_USDT	+0.0006%	4h	0.09435	−0.138%	$2.9M	$3.2M	75x	as long as short
Aevo XPL-PERP	+0.0072%	1h	0.09425	−0.243%	$28K	$18K	3x	as long as short
Nado XPL-PERPshort	+0.0100%	1h	0.09433	−0.164%	$1.2M	$2.2M	10x
Hyperliquid XPL	+0.0100%	1h	0.09450	+0.017%	$59.9M	$41.9M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09442	−0.064%	$252K	$361K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09445	−0.036%	$216K	$46K	10x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09436	−0.127%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09439	−0.095%	$8.8M	$9.9M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09434	−0.148%	—	$7.7M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09434	−0.147%	$1.8M	$2.0M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09447	−0.014%	$258K	$1.3M	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09460	+0.127%	$25K	$68K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09448	long leg	$124K	$1.2M	10x
SunX XPL-USDT	+0.0100%	4h	0.09420	−0.296%	$3K	$1.5M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09430	−0.191%	$178	$9K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09448	0.000%	$134K	$215K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09455	+0.074%	$138K	$5K	10x	as long as short
BloFin XPL-USDT	+0.0208%	4h	0.09439	−0.095%	$1.7M	$840K	75x	as long as short
Phoenix XPL	+0.0252%	1h	0.09456	+0.085%	$191K	$435K	10x	as long as short
dYdX XPL-USD	+0.0421%	1h	0.09440	−0.086%	$9K	$1K	5x	as long as short
Coinbase International XPL-PERP-INTX	+0.0712%	1h	0.09538	+0.953%	$64K	$91K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.1353%	1h	0.09454	+0.059%	$553K	$1.0M	10x	as long as short