Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h 0.000%

Price spread now: Polymarket Perps against Bybit+0.093%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$470.465% 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 7 days−0.195%−$20 · spread now +0.093%, 7d avg +0.112%

Together, before fees−0.136%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.112%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% 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	Bybit XPLUSDT	0.09638	−0.0085	get 0.0042% / 4h	24m 00s	$45.6M	$54.7M	75x
Short	Polymarket Perps XPL-USD	0.09647	0.0100	get 0.0013% / 1h	24m 00s	$124K	$2.0M	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 +0.093%Rate

Funding earned: $38.75
Price spread: +0.093% → +0.112%: −$1.85
Slippage, 4 orders: −$27.5
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$9.6
Costs to cover: 0.465%
Break-even: 8.7 days

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	0.52 bp	16.7 bp −$17	48.2 bp −$482	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.08 bp	9.3 bp −$9	9.9 bp −$99	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	−0.0368%	1h	0.09633	−0.052%	$560	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0310% / S +0.0614%	1h	0.09641	+0.029%	$106K	—	100x	as long as short
Bybit XPLUSDTlong	−0.0085%	4h	0.09638	long leg	$45.6M	$54.7M	75x
Deribit XPL_USDC-PERPETUAL	−0.0061%	1h	0.09642	+0.042%	$46K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09641	+0.029%	$9K	$585	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.449%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09642	+0.037%	$73K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0013%	4h	0.09638	0.000%	$29K	$339K	10x	as long as short
Backpack XPL_USDC_PERP	+0.0029%	1h	0.09643	+0.052%	$178K	$223K	10x	as long as short
Paradex XPL-USD-PERP	+0.0080%	8h	0.09638	−0.002%	$13K	$2K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter XPL	+0.0096%	1h	0.09632	−0.062%	$4.4M	$3.3M	10x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09635	−0.031%	$1.2M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09658	+0.204%	$60.9M	$46.7M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09647	+0.090%	$242K	$469K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09640	+0.017%	$220K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09640	+0.021%	$43.9M	$103.4M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09640	+0.021%	$8.3M	$49.5M	50x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09638	0.000%	$3.0M	$3.6M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09639	+0.010%	$12.4M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09641	+0.031%	$2.3M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09641	+0.031%	$8.6M	$10.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09642	+0.042%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09615	−0.242%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09612	−0.275%	$252K	$983K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09620	−0.187%	$25K	$78K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09647	+0.093%	$124K	$2.0M	10x
SunX XPL-USDT	+0.0100%	4h	0.09610	−0.291%	$3K	$1.8M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09640	+0.021%	$197	$12K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09645	+0.073%	$141K	$206K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09630	−0.083%	$140K	$5K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09638	0.000%	$653K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09640	+0.021%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0334%	1h	0.09626	−0.125%	$195K	$617K	10x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09643	+0.052%	$1.7M	$994K	75x	as long as short
Coinbase International XPL-PERP-INTX	+0.0616%	1h	0.09676	+0.394%	$75K	$87K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3295%	1h	0.09681	+0.444%	$549K	$975K	10x	as long as short