Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h −0.033%

Price spread now: BloFin against Polymarket Perps−0.056%7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 3 days (all we have)+0.030%+$3 · spread now −0.056%, 7d avg −0.004%

Together, before fees−0.008%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.052% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of −0.004%). If the spread goes back, that is −$5 on $10k: about 42 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BTC-USD	86,395	0.0100	pay 0.0013% / 1h	38m 45s	$11.1M	$14.1M	50x
Short	BloFin BTC-USDT	86,346.7	0.0198	get 0.0198% / 8h	7h 38m	$415.9M	$648.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.056%Rate

Funding earned: $20.61
Price spread: −0.056% → −0.004%: −$5.17
Slippage, 4 orders: −$0.41
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$4.97
Costs to cover: 0.204%
Break-even: 8.7 days

Slippage from Polymarket Perps: live order book, 5 min ago; BloFin: 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 Polymarket Perps live order book, 5 min ago	0.06 bp	4.3 bp −$4	4.9 bp −$49	8.2 bp −$822	doesn't fit
Sell BloFin live order book, 5 min ago	0.01 bp	6.0 bp −$6	6.2 bp −$62	6.5 bp −$646	8.2 bp −$4,077

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,448	+0.061%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,422	+0.031%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,397.5	+0.003%	$361K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	86,435.6	+0.047%	$499K	$21.8M	6.7x	as long as short
Deribit BTC-PERPETUAL	0.0000%	1h	86,397.7	+0.003%	$903.6M	$1.51B	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,402.9	+0.009%	$36.9M	—	200x	as long as short
dYdX BTC-USD	+0.0020%	1h	86,402.9	+0.009%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0021%	8h	86,363.3	−0.037%	$500.8M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,616	+0.256%	$333K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0033%	8h	86,356.4	−0.045%	$153.5M	$475.3M	150x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0037%	8h	86,358	−0.043%	$830.7M	$723.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0043%	1h	86,390.8	−0.005%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0049%	8h	86,357.1	−0.044%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,410.3	+0.018%	$8.3M	$42.5M	25x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,345.5	−0.057%	$2.97B	$5.05B	150x	as long as short
MEXC BTC_USDT	+0.0078%	8h	86,350.5	−0.052%	$5.13B	$5.68B	500x	as long as short
Binance BTCUSDT	+0.0078%	8h	86,349.9	−0.052%	$9.40B	$24.37B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,349.2	−0.053%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,361.1	−0.039%	$170.1M	$984.5M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,370.4	−0.028%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,387	−0.009%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,369	−0.030%	$201K	$7.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,378.2	−0.019%	$4.5M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,419.3	+0.028%	$21.9M	$229.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,415	+0.023%	$3.79B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,389.6	−0.006%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,359.6	−0.041%	$5.25B	$9.69B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,366.7	−0.033%	$2.56B	$12.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,433	+0.044%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,431.1	+0.042%	$7.2M	$95.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,366.8	−0.033%	$5.81B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,355.4	−0.046%	$37.5M	$155.6M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,351.7	−0.050%	$158.4M	$564.0M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,362.3	−0.038%	$278.9M	$950.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,468.6	+0.085%	$217.0M	$165.5M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,361.6	−0.039%	$141.6M	$322.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,404	+0.010%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,442.5	+0.055%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	86,395	long leg	$11.1M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	86,390	−0.006%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,372.7	−0.026%	$2.5M	$8.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	86,405.1	+0.012%	$144K	$667K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.2	+0.003%	$30.5M	$62.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,362.2	−0.038%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,360	−0.041%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,350	−0.052%	$2.29B	$963.4M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,336.3	−0.068%	$571.6M	$13.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	86,346.7	−0.056%	$45.9M	$222.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,414.7	+0.023%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,397.8	+0.003%	$132.2M	$5.46B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,384.1	−0.013%	$192.1M	$943.3M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,435.3	+0.047%	$712K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0165%	1h	86,418.2	+0.027%	$78K	$217K	20x	as long as short
BloFin BTC-USDTshort	+0.0198%	8h	86,346.7	−0.056%	$415.9M	$648.6M	150x
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0217%	1h	86,402.4	+0.009%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,430	+0.041%	$9.9M	$762.4M	6.4x	as long as short