Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h 0.000%

Price spread now: OKX against Polymarket Perps−0.126%7-day average −0.086% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.966%−$97 · spread now −0.126%, 7d avg −0.086%

Together, before fees−0.975%−$98 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.040% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.086%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09683	0.0100	pay 0.0013% / 1h	56m 22s	$132K	$2.6M	10x
Short	OKX XPL-USDT-SWAP	0.09671	0.0037	get 0.0018% / 4h	1h 56m	$8.4M	$53.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.126%Rate

Funding earned: −$13.24
Price spread: −0.126% → −0.086%: −$3.96
Slippage, 4 orders: −$18.83
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$54.02
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; OKX: live order book, 2 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, 3 min ago	1.09 bp	5.1 bp −$5	5.5 bp −$55	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.52 bp	11.5 bp −$12	34.6 bp −$346	doesn't fit	doesn't fit

XPL on 35 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	−0.0886%	1h	0.09620	−0.653%	$178K	$242K	10x	as long as short
01 Exchange XPLUSD	−0.0408%	1h	0.09671	−0.126%	$562	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0212% / S +0.0571%	1h	0.09676	−0.075%	$111K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0163%	1h	0.09672	−0.116%	$46K	$18K	25x	as long as short
Lighter XPL	−0.0064%	1h	0.09652	−0.322%	$4.4M	$4.2M	10x	as long as short
Orderly PERP_XPL_USDC	−0.0002%	4h	0.09669	−0.147%	$29K	$335K	10x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09674	−0.091%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07571	−21.818%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09673	−0.109%	$55K	—	150x	as long as short
OKX XPL-USDT-SWAPshort	+0.0037%	4h	0.09671	−0.126%	$8.4M	$53.3M	50x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex XPL-USD-PERP	+0.0043%	8h	0.09683	−0.006%	$13K	$2K	5x	as long as short
Nado XPL-PERP	+0.0100%	1h	0.09672	−0.116%	$1.2M	$2.8M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09685	+0.013%	$61.5M	$47.6M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09678	−0.055%	$246K	$499K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09673	−0.101%	$220K	$47K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09671	−0.122%	$43.8M	$107.8M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09667	−0.167%	$46.5M	$55.7M	75x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09671	−0.126%	$3.0M	$3.7M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09677	−0.064%	$12.6M	$7.8M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09665	−0.188%	$2.3M	$1.5M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09675	−0.085%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09670	−0.136%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09670	−0.138%	$1.7M	$1.8M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09656	−0.280%	$259K	$900K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09670	−0.136%	$25K	$83K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09683	long leg	$132K	$2.6M	10x
SunX XPL-USDT	+0.0100%	4h	0.09660	−0.240%	$2K	$1.9M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09660	−0.240%	$2K	$11K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09620	−0.653%	$143K	$250K	20x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09660	−0.240%	$141K	$7K	10x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09665	−0.185%	$651K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09666	−0.178%	$29K	$18K	3x	as long as short
Phoenix XPL	+0.0328%	1h	0.09667	−0.167%	$196K	$620K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0672%	1h	0.09766	+0.855%	$78K	$94K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.3542%	1h	0.09706	+0.234%	$550K	$1.0M	10x	as long as short