Funding arb · Price arb /

XPL

all XPL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0029%/8h= −3.2% APRpaid last 24h −0.016%

Price spread now: Orderly against Polymarket Perps−0.171%7-day average −0.123% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.176%−$18 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now −0.171%, 7d avg −0.123%

Together, before fees−0.255%−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.048% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.123%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps XPL-USD	0.09732	0.0100	pay 0.0013% / 1h	18m 34s	$129K	$2.7M	10x
Short	Orderly PERP_XPL_USDC	0.09715	0.0071	get 0.0035% / 4h	1h 18m	$29K	$335K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.171%Rate

Funding earned: −$6.09
Price spread: −0.171% → −0.123%: −$4.78
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$24.87
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 5 min ago; Orderly: no order-book sample. 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 Polymarket Perps live order book, 5 min ago	4.72 bp	8.8 bp −$9	5863.1 bp −$58.6K	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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.

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	−0.0307%	1h	0.09722	−0.099%	$177K	$282K	10x	as long as short
Lighter XPL	−0.0240%	1h	0.09703	−0.294%	$4.4M	$4.1M	10x	as long as short
01 Exchange XPLUSD	−0.0224%	1h	0.09706	−0.263%	$564	$708	5x	as long as short
GMX XPL/USD [WBTC.b-USDC]	L −0.0111% / S +0.0506%	1h	0.09725	−0.064%	$112K	—	100x	as long as short
Deribit XPL_USDC-PERPETUAL	−0.0059%	1h	0.09718	−0.140%	$47K	$18K	25x	as long as short
dYdX XPL-USD	0.0000%	1h	0.09720	−0.117%	$8K	—	5x	as long as short
Reya XPLRUSDPERP	0.0000%	1h	0.07570	−22.207%	—	—	—	as long as short
gTrade (Gains Network) XPL/USD	L +0.0005% / S −0.0004%	1h	0.09724	−0.082%	$72K	—	150x	as long as short
Orderly PERP_XPL_USDCshort	+0.0071%	4h	0.09715	−0.171%	$29K	$335K	10x
Paradex XPL-USD-PERP	+0.0083%	8h	0.09719	−0.134%	$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	−0.109%	$1.4M	$2.6M	10x	as long as short
Hyperliquid XPL	+0.0100%	1h	0.09730	−0.021%	$62.9M	$47.8M	10x	as long as short
Aster XPLUSDT	+0.0100%	4h	0.09723	−0.085%	$251K	$527K	20x	as long as short
Pacifica XPL	+0.0100%	1h	0.09721	−0.104%	$221K	$46K	10x	as long as short
Binance XPLUSDT	+0.0100%	4h	0.09714	−0.181%	$43.8M	$106.9M	75x	as long as short
Bybit XPLUSDT	+0.0100%	4h	0.09717	−0.150%	$47.9M	$54.8M	75x	as long as short
OKX XPL-USDT-SWAP	+0.0100%	4h	0.09714	−0.181%	$8.9M	$53.9M	50x	as long as short
Bulk XPL-USD	+0.0100%	1h	0.09725	−0.073%	$142K	$9K	10x	as long as short
Gate XPL_USDT	+0.0100%	4h	0.09715	−0.171%	$3.0M	$4.0M	75x	as long as short
MEXC XPL_USDT	+0.0100%	4h	0.09713	−0.191%	$12.5M	$7.7M	100x	as long as short
KuCoin XPLUSDTM	+0.0100%	4h	0.09713	−0.191%	$2.4M	$1.4M	50x	as long as short
Bitget XPLUSDT	+0.0100%	4h	0.09723	−0.088%	$8.6M	$11.1M	75x	as long as short
BingX XPL-USDT	+0.0100%	4h	0.09716	−0.160%	—	$7.9M	—	as long as short
Variational Omni XPL	+0.0100%	4h	0.09717	−0.147%	$1.7M	$1.9M	—	as long as short
GRVT XPL_USDT_Perp	+0.0100%	4h	0.09720	−0.119%	$259K	$787K	10x	as long as short
ApeX Omni XPLUSDT	+0.0100%	1h	0.09730	−0.016%	$25K	$88K	50x	as long as short
Polymarket Perps XPL-USDlong	+0.0100%	1h	0.09732	long leg	$129K	$2.7M	10x
SunX XPL-USDT	+0.0100%	4h	0.09700	−0.325%	$3K	$2.0M	20x	as long as short
SoDEX XPL-USD	+0.0100%	1h	0.09710	−0.222%	$447	$10K	10x	as long as short
HTX XPL-USDT	+0.0100%	4h	0.09713	−0.191%	$138K	$246K	20x	as long as short
Extended XPL-USD	+0.0104%	1h	0.09713	−0.195%	$657K	$1.1M	25x	as long as short
Aevo XPL-PERP	+0.0104%	1h	0.09720	−0.119%	$38K	$5K	3x	as long as short
BloFin XPL-USDT	+0.0340%	4h	0.09710	−0.222%	$1.7M	$1.1M	75x	as long as short
Phoenix XPL	+0.0412%	1h	0.09744	+0.127%	$197K	$652K	10x	as long as short
Coinbase International XPL-PERP-INTX	+0.0792%	1h	0.09760	+0.292%	$72K	$104K	50x	as long as short
Kraken Futures PF_XPLUSD	+0.4595%	1h	0.09769	+0.386%	$561K	$996K	10x	as long as short