Funding arb · Price arb /

POL

all POL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0505%/8h= −55.3% APRpaid last 24h −0.098%

Price spread now: Coinbase International against Orderly−0.173%7-day average −0.341% · you buy dearer than you sell

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.029%−$3 on $10k

Price spread, last 4 days (all we have)−0.628%−$63 · spread now −0.173%, 7d avg −0.341%

Together, before fees−0.657%−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.167% dearer against Orderly than usual: you sell high and buy low (spread −0.173% now, against its 7-day average of −0.341%): +$17 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 7 days (−0.029% in total) that is about 41 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.029% in total (about -1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_POL_USDC	0.1096	0.0033	pay 0.0016% / 4h	1h 57m	$11K	$1.1M	20x
Short	Coinbase International POL-PERP-INTX	0.1094	−0.0472	pay 0.0059% / 1h	57m 44s	$202K	$203K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now −0.173%Rate

Funding earned: −$106.02
Price spread: −0.173% → −0.341%: $16.75
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$105.28
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 50 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 50 min ago	18.33 bp	104.1 bp −$104	doesn't fit	doesn't fit	doesn't fit

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.

POL on 25 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
Coinbase International POL-PERP-INTXshort	−0.0472%	1h	0.1094	−0.173%	$202K	$203K	50x
Kraken Futures PF_POLUSD	−0.0378%	1h	0.1096	−0.012%	$1.2M	$1.0M	50x	as long as short
Gate POL_USDT	−0.0194%	4h	0.1094	−0.137%	$1.8M	$1.3M	75x	as long as short
Reya POLRUSDPERP	−0.0006%	1h	0.1096	−0.008%	$3K	—	—	as long as short
dYdX POL-USD	0.0000%	1h	0.1096	0.000%	$19K	$3K	5x	as long as short
gTrade (Gains Network) POL/USD	L +0.0003% / S −0.0001%	1h	0.1096	+0.036%	$12K	—	150x	as long as short
Orderly PERP_POL_USDClong	+0.0033%	4h	0.1096	long leg	$11K	$1.1M	20x
Injective POL/USDC PERP	+0.0033%	1h	0.1111	+1.378%	$3K	$124K	12x	as long as short
Lighter POL	+0.0096%	1h	0.1095	−0.073%	$277K	$542K	8x	as long as short
Hyperliquid POL	+0.0100%	1h	0.1097	+0.091%	$7.4M	$3.7M	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster POLUSDT	+0.0100%	4h	0.1096	+0.002%	$363K	$240K	20x	as long as short
Binance POLUSDT	+0.0100%	4h	0.1095	−0.101%	$16.7M	$37.9M	75x	as long as short
Bybit POLUSDT	+0.0100%	4h	0.1095	−0.064%	$15.7M	$10.3M	75x	as long as short
OKX POL-USDT-SWAP	+0.0100%	4h	0.1095	−0.064%	$5.7M	$9.6M	50x	as long as short
MEXC POL_USDT	+0.0100%	4h	0.1095	−0.046%	$24.7M	$3.3M	125x	as long as short
KuCoin POLUSDTM	+0.0100%	4h	0.1096	−0.018%	$2.9M	$938K	50x	as long as short
Bitget POLUSDT	+0.0100%	4h	0.1095	−0.064%	$4.0M	$4.1M	50x	as long as short
BingX POL-USDC	+0.0100%	4h	0.1095	−0.046%	—	$1.6M	—	as long as short
Variational Omni POL	+0.0100%	4h	0.1095	−0.087%	$605K	$167K	—	as long as short
GRVT POL_USDT_Perp	+0.0100%	4h	0.1096	−0.028%	$1.1M	$2.8M	10x	as long as short
ApeX Omni POLUSDT	+0.0100%	1h	0.1096	+0.009%	$195K	$634K	50x	as long as short
Extended POL-USD	+0.0104%	1h	0.1095	−0.062%	$91K	$268K	10x	as long as short
Aevo POL-PERP	+0.0104%	1h	0.1094	−0.140%	$40K	—	3x	as long as short
GMX POL/USD [ETH-USDC]	L +0.0210% / S −0.0388%	1h	0.1096	+0.050%	$3K	—	100x	as long as short
BloFin POL-USDT	+0.0340%	4h	0.1096	−0.009%	$896K	$155K	75x	as long as short