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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.0110%/8h= +12.0% APRnext payment +$0.14 per $10,000 · paid last 24h +0.029%
Price spread now: Polymarket Perps against GMX+0.034%7-day average −0.015% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Polymarket Perps
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.006%+$1 on $10k
Price spread, last 4 days (all we have)−0.087%−$9 · spread now +0.034%, 7d avg −0.015%
Together, before fees−0.081%−$8 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Polymarket Perps is 0.048% dearer against GMX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.015%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX ETH/USD [ETH-USDC]2,723.3L −0.0010% / S +0.0043%get 0.0001% / 1h41m 55s$11.9M—200x
ShortPolymarket Perps ETH-USD2,724.20.0100get 0.0013% / 1h41m 55s$11.2M$9.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Polymarket Perps against GMX. 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

Funding earned
$23.03
Price spread: +0.034% → −0.015%
$4.83
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Net
$7.86
Costs to cover
0.200%
Break-even
4.6 days
Slippage unknown: GMX: no order-book sample; Polymarket Perps: live order book, 2 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Polymarket Perps live order book, 2 min ago0.18 bp4.5 bp −$44.9 bp −$4913.5 bp −$1,350doesn't fit
GMX: 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.

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,723.6+0.011%$286K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,723.8+0.019%$5K$1K50xas long as short
HTX ETH-USDT−0.0013%8h2,722.9−0.015%$1.05B$1.21B200xas long as short
GMX ETH/USD [ETH-USDC]longL −0.0010% / S +0.0043%1h2,723.3long leg$11.9M—200x
Phoenix ETH−0.0009%1h2,727+0.137%$814K$3.0M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,723.4+0.005%$28.0M—200xas long as short
Injective ETH/USDC PERP+0.0009%1h2,727.5+0.155%$117K$22.5M52xas long as short
dYdX ETH-USD+0.0017%1h2,725+0.063%$10.7M$42.2M50xas long as short
BingX ETH-USDC+0.0032%8h2,722.8−0.018%—$18.5M—as long as short
01 Exchange ETHUSD+0.0040%1h2,723.5+0.008%$185K$784K50xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit ETHUSDT+0.0041%8h2,722.4−0.032%$2.35B$4.40B150xas long as short
SunX ETH-USDT+0.0063%8h2,722.5−0.030%$955K$11.2M100xas long as short
Aftermath Perps ETHUSD+0.0066%1h2,727+0.135%$30K$20K20xas long as short
Bullet ETH-USD+0.0066%1h2,722.9−0.014%$178K$1.7M20xas long as short
KuCoin ETHUSDTM+0.0071%8h2,723.6+0.011%$376.7M$576.8M100xas long as short
Aevo ETH-PERP+0.0080%1h2,721.3−0.073%$4.9M$155K20xas long as short
Aster ETHUSDT+0.0080%8h2,722.9−0.016%$252.0M$843.8M200xas long as short
Binance ETHUSDT+0.0087%8h2,723−0.010%$6.31B$16.00B150xas long as short
Phemex ETHUSDT+0.0087%8h2,723.2−0.003%$263.4M$64.1M150xas long as short
MEXC ETH_USDT+0.0087%8h2,723.3+0.001%$1.56B$2.56B500xas long as short
OKX ETH-USDT-SWAP+0.0088%8h2,722.4−0.032%$1.66B$10.74B100xas long as short
Lighter ETH+0.0096%1h2,723.7+0.015%$111.6M$430.4M50xas long as short
Lighter RH ETH+0.0096%1h2,725.3+0.073%$23.4M$102.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,723.6+0.010%—$31.1M500xas long as short
Katana Perps ETH-USD+0.0100%8h2,723−0.010%$498K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,725.5+0.081%$15.3M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,724.8+0.055%$13.7M$104.9M50xas long as short
Hyperliquid ETH+0.0100%1h2,725.2+0.070%$3.08B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,724.3+0.039%$31.8M$333.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,722.6−0.025%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,723.8+0.018%$1.5M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,723.8+0.020%$163.8M$329.7M25xas long as short
Gate ETH_USDT+0.0100%8h2,723.3−0.001%$3.32B$8.86B200xas long as short
Bitget ETHUSDT+0.0100%8h2,722.1−0.043%$2.07B$2.74B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,722.7−0.021%$14.9M$43.1M50xas long as short
Variational Omni ETH+0.0100%8h2,725.3+0.075%$134.6M$325.1M—as long as short
edgeX ETHUSDC+0.0100%4h2,727.9+0.170%$183.2M$672.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.9+0.134%$158.6M$87.3M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,726.8+0.128%$8.7M$31.2M100xas long as short
StandX ETH-USD+0.0100%1h2,727.9+0.170%$21.0M$73.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,724.6+0.049%—$860K50xas long as short
Polymarket Perps ETH-USDshort+0.0100%1h2,724.2+0.034%$11.2M$9.5M50x
Bluefin ETH-PERP+0.0100%1h2,723.7+0.016%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,724.7+0.054%$40.8M$30.1M15xas long as short
SoDEX ETH-USD+0.0100%1h2,723.5+0.008%$54.2M$187.9M40xas long as short
Extended ETH-USD+0.0104%1h2,721.3−0.073%$30.5M$74.0M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,724.7+0.053%$50.0M$4.27B50xas long as short
Deribit ETH-PERPETUAL+0.0106%1h2,724.7+0.051%$258.4M$203.5M50xas long as short
RISEx ETH/USDC+0.0108%1h2,723.7+0.015%$5.6M$11.7M25xas long as short
Kalshi KXETHPERP+0.0157%8h2,724.2+0.034%$6.3M$689.9M4.9xas long as short
Kraken Futures PF_ETHUSD+0.0176%1h2,724.2+0.034%$82.8M$316.0M100xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,726.2+0.105%$32.0M$11.5M100xas long as short
Reya ETHRUSDPERP+0.0203%1h2,722.4−0.033%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0240%1h2,725.6+0.084%$249K$1.4M20xas long as short
BloFin ETH-USDT+0.0349%8h2,723.2−0.003%$282.0M$174.1M150xas long as short