Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hpaid last 24h 0.000%

Price spread now: BingX against Polymarket Perps−0.169%7-day average −0.111% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$510.506% 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+0.044%+$4 on $10k

Price spread, last 3 days (all we have)−0.934%−$93 · spread now −0.169%, 7d avg −0.111%

Together, before fees−0.890%−$89 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 0.057% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.111%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.1008	0.0100	pay 0.0013% / 1h	5m 58s	$137K	$2.7M	10x
Short	BingX XPL-USDT	0.1006	0.0100	get 0.0050% / 4h	5m 58s	—	$7.9M	—

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 −0.169%Rate

Funding earned: $0
Price spread: −0.169% → −0.111%: −$5.73
Slippage, 4 orders: −$32.6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$56.33
Costs to cover: 0.506%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; BingX: live order book, 6 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, 2 min ago	2.48 bp	6.5 bp −$6	7.1 bp −$71	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	5.48 bp	18.9 bp −$19	36.0 bp −$360	94.1 bp −$9,412	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
Deribit XPL_USDC-PERPETUAL	−0.0247%	1h	0.1006	−0.208%	$50K	$17K	25x	as long as short
Lighter XPL	−0.0168%	1h	0.1004	−0.337%	$4.6M	$4.3M	10x	as long as short
Backpack XPL_USDC_PERP	−0.0165%	1h	0.1007	−0.119%	$186K	$281K	10x	as long as short
01 Exchange XPLUSD	−0.0128%	1h	0.1007	−0.069%	$586	$582	5x	as long as short
dYdX XPL-USD	0.0000%	1h	0.1007	−0.089%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−24.889%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.1006	−0.159%	$74K	—	150x	as long as short
Orderly PERP_XPL_USDC	+0.0064%	4h	0.1006	−0.238%	$28K	$333K	10x	as long as short
Paradex XPL-USD-PERP	+0.0098%	8h	0.1005	−0.258%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.1007	−0.099%	$1.4M	$2.6M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid XPL	+0.0100%	1h	0.1008	−0.003%	$66.4M	$44.4M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.1007	−0.110%	$264K	$509K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.1006	−0.152%	$228K	$14K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.1006	−0.166%	$45.9M	$101.2M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.1006	−0.228%	$49.3M	$50.3M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.1005	−0.278%	$9.6M	$53.5M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.1002	−0.537%	$142K	$55K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.1006	−0.238%	$3.1M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.1006	−0.169%	$14.0M	$7.5M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.1006	−0.169%	$2.5M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.1006	−0.198%	$8.8M	$10.9M	75x	as long as short
BingX XPL-USDTshort	+0.0100%	4h	0.1006	−0.169%	—	$7.9M	—
Variational Omni XPL	+0.0100%	4h	0.1003	−0.511%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.1003	−0.486%	$264K	$669K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.1008	+0.010%	$26K	$83K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.1008	long leg	$137K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.1004	−0.387%	$3K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.1005	−0.288%	$212	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.1007	−0.119%	$143K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.1005	−0.248%	$728K	$979K	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.1006	−0.182%	$39K	$5K	3x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L +0.0208% / S +0.0037%	1h	0.1006	−0.179%	$141K	—	100x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.1005	−0.288%	$1.8M	$1.2M	75x	as long as short
Phoenix XPL	+0.0404%	1h	0.1004	−0.367%	$205K	$627K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0880%	1h	0.1013	+0.506%	$77K	$120K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.2783%	1h	0.1009	+0.129%	$298K	$700K	10x	as long as short