Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Polymarket Perps against Nado+0.104%58s7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.167% of the position

Long on Nado Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days−0.079%−$8 · spread now +0.104%, 7d avg −0.004%

Together, before fees−0.077%+ Points / potential airdropNado: Active · farm board−$8 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: Polymarket Perps is 0.108% dearer against Nado than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.004%. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado ETH-PERP	2,771.5	0.0100	pay 0.0012% / 1h	41m 36s	$14.8M	$116.1M	50x
Short	Polymarket Perps ETH-USD	2,774.4	0.0100	get 0.0013% / 1h	41m 36s	$10.6M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Nado. 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 NadobpFee Polymarket PerpsbpOrdersPrice spread, now +0.104%Rate

Funding earned: $0
Price spread: +0.104% → −0.004%: $10.77
Slippage, 4 orders: −$1.72
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$5.95
Costs to cover: 0.167%
Break-even: 610979386560726.8 days

Slippage from Nado: live order book, 3 min ago; Polymarket Perps: live order book, 3 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 Nado live order book, 3 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	5.6 bp −$562	12.6 bp −$6,316
Sell Polymarket Perps live order book, 3 min ago	0.54 bp	4.8 bp −$5	7.2 bp −$72	14.0 bp −$1,396	doesn't fit

ETH on 55 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
Injective ETH/USDC PERP	−0.0752%	1h	2,770.4	−0.040%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,771.4	−0.005%	$5.7M	$11.4M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,773.8	+0.080%	$301K	$6.5M	8.3x	as long as short
Phemex ETHUSDT	−0.0098%	8h	2,774.1	+0.093%	$270.1M	$67.6M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.6	+0.003%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,771.4	−0.004%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.8	+0.010%	$878K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.4	−0.005%	$12.2M	$46.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,775	+0.126%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0020%	1h	2,774.1	+0.093%	$183K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.4	−0.003%	$1.71B	$11.37B	100x	as long as short
Gate ETH_USDT	+0.0024%	8h	2,771.4	−0.005%	$3.35B	$8.95B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,774.7	+0.115%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0043%	8h	2,772.2	+0.026%	$256.9M	$899.1M	200x	as long as short
SoDEX ETH-USD	+0.0044%	1h	2,774.3	+0.100%	$55.3M	$208.4M	40x	as long as short
Aftermath Perps ETHUSD	+0.0048%	1h	2,772.9	+0.049%	$31K	$23K	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,771.8	+0.010%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,770.6	−0.035%	$1.63B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,771.2	−0.010%	$6.47B	$16.57B	150x	as long as short
Bitget ETHUSDT	+0.0069%	8h	2,771.1	−0.017%	$2.10B	$2.92B	150x	as long as short
HTX ETH-USDT	+0.0074%	8h	2,773.9	+0.084%	$1.08B	$1.27B	200x	as long as short
ApeX Omni ETHUSDT	+0.0079%	1h	2,772.6	+0.040%	$8.7M	$32.4M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,775.5	+0.144%	$60.4M	$4.50B	50x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,772.3	+0.029%	$420.6M	$643.6M	100x	as long as short
Vest ETH-PERP	+0.0086%	1h	2,774.2	+0.096%	—	$881K	50x	as long as short
Lighter ETH	+0.0096%	1h	2,771.4	−0.005%	$115.2M	$456.7M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.9	+0.087%	$25.3M	$110.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,770.4	−0.041%	$15.9M	$9.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.3	−0.008%	$487K	$2.8M	50x	as long as short
Nado ETH-PERPlong	+0.0100%	1h	2,771.5	long leg	$14.8M	$116.1M	50x
Hyperliquid ETH	+0.0100%	1h	2,774.9	+0.123%	$3.17B	$2.31B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.1	+0.022%	$31.2M	$322.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.6	+0.004%	$2.50B	$4.44B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.6	−0.033%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.7	+0.008%	$2.7M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.9	−0.057%	$170.3M	$272.1M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,770.7	−0.031%	—	$17.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,774.1	+0.094%	$15.2M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.045%	$151.3M	$342.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.2	+0.026%	$182.0M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.3	+0.101%	$161.3M	$85.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,774.2	+0.097%	$21.5M	$60.2M	40x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,774.4	+0.104%	$10.6M	$8.0M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,774.5	+0.109%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,776.3	+0.172%	$42.7M	$29.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,773.8	+0.083%	$972K	$13.4M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	−0.045%	$32.5M	$73.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,775	+0.124%	—	$38.3M	500x	as long as short
Kalshi KXETHPERP	+0.0105%	8h	2,774.7	+0.115%	$8.1M	$686.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0128%	1h	2,775.7	+0.151%	$259.1M	$210.9M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,775.7	+0.152%	$93.4M	$323.0M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0148%	8h	2,777.2	+0.206%	$32.7M	$11.6M	100x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,775.3	+0.137%	$253K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0179%	8h	2,774.3	+0.101%	$287.9M	$188.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,774.1	+0.092%	$7.4M	$1.2M	25x	as long as short