XPL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0692%/8h= −75.8% APRnext payment −$0.86 per $10,000 · paid last 24h −0.200%

Price spread now: Polymarket Perps against Coinbase International−0.332%7-day average −0.634% · you buy dearer than you sell

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$1241.243% of the position

Long on Coinbase International Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 3 days (all we have)−0.234%−$23 · spread now −0.332%, 7d avg −0.634%

Together, before fees−0.242%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Polymarket Perps is 0.302% dearer against Coinbase International than usual: you sell high and buy low (spread −0.332% now, against its 7-day average of −0.634%): +$30 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.008% in total) that is about 9 months.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.008% in total (about -0.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.86 per $10,000. 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	Coinbase International XPL-PERP-INTX	0.09760	0.0792	pay 0.0099% / 1h	19m 38s	$72K	$104K	50x
Short	Polymarket Perps XPL-USD	0.09728	0.0100	get 0.0013% / 1h	19m 38s	$129K	$2.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Coinbase International. 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 Coinbase InternationalbpFee Polymarket PerpsbpOrdersPrice spread, now −0.332%Rate

Funding earned: −$145.32
Price spread: −0.332% → −0.634%: $30.24
Slippage, 4 orders: −$106.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$239.38
Costs to cover: 1.243%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 63 min ago; Polymarket Perps: live order book, 4 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 Coinbase International live order book, 63 min ago	38.25 bp	45.0 bp −$45	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	4.72 bp	8.9 bp −$9	doesn't fit	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
Backpack XPL_USDC_PERP	−0.0306%	1h	0.09720	−0.410%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0232%	1h	0.09703	−0.584%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0224%	1h	0.09715	−0.461%	$565	$708	5x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0161%	1h	0.09717	−0.441%	$47K	$18K	25x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0111% / S +0.0506%	1h	0.09721	−0.394%	$112K	—	100x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	−0.407%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.433%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09723	−0.383%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0072%	4h	0.09712	−0.492%	$29K	$335K	10x	as long as short
Paradex XPL-USD-PERP	+0.0082%	8h	0.09710	−0.507%	$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
Nado XPL-PERP	+0.0100%	1h	0.09721	−0.400%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09731	−0.296%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09722	−0.386%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09719	−0.416%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09712	−0.492%	$43.8M	$106.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09713	−0.482%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09711	−0.502%	$8.9M	$53.8M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09725	−0.363%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09713	−0.482%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09715	−0.461%	$12.6M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09720	−0.410%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09724	−0.369%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09714	−0.471%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09717	−0.438%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09766	+0.061%	$260K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09780	+0.205%	$25K	$87K	50x	as long as short
Polymarket Perps XPL-USDshort	+0.0100%	1h	0.09728	−0.332%	$129K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.615%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.512%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	−0.482%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09715	−0.460%	$660K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09720	−0.410%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09748	−0.123%	$1.7M	$1.2M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	−0.164%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTXlong	+0.0792%	1h	0.09760	long leg	$72K	$104K	50x
Kraken Futures PF_XPLUSD	+0.4594%	1h	0.09771	+0.118%	$561K	$996K	10x	as long as short