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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 22:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h +0.012%
Price spread now: Polymarket Perps against Phemex+0.051%7-day average +0.014% · you sell dearer than you buy
Net, funding: paid 7d − costs−$11as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$210.213% of the position
Long on PhemexShort on Polymarket Perps
What this pair did over the last
the charts below follow
Funding, last 7 days+0.102%+$10 on $10k
Price spread, last 3 days (all we have)+0.076%+$8 · spread now +0.051%, 7d avg +0.014%
Together, before fees+0.177%+$18 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.037% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.014%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex ETHUSDT2,770.10.0024pay 0.0024% / 8h2h 50m$266.5M$66.0M150x
ShortPolymarket Perps ETH-USD2,771.50.0100get 0.0013% / 1h50m 34s$10.8M$7.9M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phemex. 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

Funding earned
$15.87
Price spread: +0.051% → +0.014%
$3.69
Slippage, 4 orders
−$1.34
Fee Phemex: 6 bp × 2 orders
−$12
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Net
−$1.79
Costs to cover
0.213%
Break-even
7.8 days
Slippage from Phemex: live order book, 4 min ago; Polymarket Perps: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 4 min ago0.02 bp6.0 bp −$67.4 bp −$7411.7 bp −$1,17116.5 bp −$8,227
Sell Polymarket Perps live order book, 4 min ago0.18 bp4.9 bp −$56.1 bp −$6114.1 bp −$1,414doesn't fit

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%43m2,769.7−0.014%$289K$6.9M8.3xas long as short
ApeX Omni ETHUSDT−0.0176%1h2,772.5+0.087%$10.5M$31.0M100xas long as short
Injective ETH/USDC PERP−0.0107%1h2,774.7+0.167%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,770.4+0.012%$5K$2K50xas long as short
01 Exchange ETHUSD−0.0072%1h2,771.1+0.037%$172K$1.2M50xas long as short
Phoenix ETH−0.0023%1h2,776.7+0.239%$797K$3.7M25xas long as short
RISEx ETH/USDC−0.0011%1h2,771.2+0.040%$5.8M$12.0M25xas long as short
dYdX ETH-USD0.0000%1h2,771.5+0.049%$12.9M$45.3M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,770.9+0.029%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0022%8h2,770.1+0.001%$1.70B$11.90B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDTlong+0.0024%8h2,770.1long leg$266.5M$66.0M150x
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,770.7+0.023%$13.0M—200xas long as short
Aftermath Perps ETHUSD+0.0034%1h2,775.8+0.205%$29K$22K20xas long as short
Aevo ETH-PERP+0.0040%1h2,767.3−0.100%$5.0M$636K20xas long as short
MEXC ETH_USDT+0.0043%8h2,771+0.032%$1.59B$2.62B500xas long as short
Aster ETHUSDT+0.0043%8h2,770.5+0.015%$255.8M$999.1M200xas long as short
Binance ETHUSDT+0.0043%8h2,770.8+0.027%$6.45B$17.26B150xas long as short
Gate ETH_USDT+0.0056%8h2,771+0.031%$3.29B$9.54B200xas long as short
SoDEX ETH-USD+0.0070%1h2,769.1−0.035%$55.1M$228.6M40xas long as short
Bitget ETHUSDT+0.0073%8h2,770.9+0.029%$2.09B$3.14B150xas long as short
Bullet ETH-USD+0.0080%1h2,769.7−0.013%$186K$1.8M20xas long as short
Variational Omni ETH+0.0091%8h2,769.8−0.009%$141.1M$319.9M—as long as short
Lighter ETH+0.0096%1h2,771.3+0.045%$115.2M$508.1M50xas long as short
Lighter RH ETH+0.0096%1h2,772.2+0.078%$25.3M$121.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,770.4+0.012%—$42.7M500xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,772.1+0.073%$15.9M$11.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,771.2+0.040%$490K$2.7M50xas long as short
Nado ETH-PERP+0.0100%1h2,770.9+0.029%$16.1M$115.2M50xas long as short
Hyperliquid ETH+0.0100%1h2,773.3+0.116%$3.20B$2.38B25xas long as short
Pacifica ETH+0.0100%1h2,771.4+0.049%$31.2M$281.2M50xas long as short
Bybit ETHUSDT+0.0100%8h2,771.3+0.044%$2.51B$4.65B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,771.1+0.037%$2.9M$16.6M25xas long as short
Arcus ETH-USD+0.0100%1h2,773.2+0.111%$2.8M$17.7M25xas long as short
Bulk ETH-USD+0.0100%1h2,770.8+0.027%$164.5M$255.4M25xas long as short
KuCoin ETHUSDTM+0.0100%8h2,771+0.033%$426.3M$745.3M100xas long as short
BingX ETH-USDT+0.0100%8h2,770.9+0.029%—$1.19B—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,770.9+0.028%$15.4M$42.5M50xas long as short
edgeX ETHUSDC+0.0100%4h2,772.9+0.103%$178.4M$789.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777+0.251%$161.5M$98.2M50xas long as short
StandX ETH-USD+0.0100%1h2,771.2+0.040%$21.4M$57.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,771.3+0.044%—$1.1M50xas long as short
Polymarket Perps ETH-USDshort+0.0100%1h2,771.5+0.051%$10.8M$7.9M50x
Bluefin ETH-PERP+0.0100%1h2,770.4+0.012%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,772.3+0.079%$42.9M$29.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,769.6−0.017%$972K$14.3M100xas long as short
HTX ETH-USDT+0.0100%8h2,768.9−0.043%$1.08B$1.32B200xas long as short
Extended ETH-USD+0.0104%1h2,770.6+0.019%$31.6M$76.3M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,771.4+0.046%$60.2M$4.65B50xas long as short
Kalshi KXETHPERP+0.0113%8h2,770.9+0.030%$8.6M$671.4M4.9xas long as short
Orderly PERP_ETH_USDC+0.0128%8h2,772.8+0.097%$32.5M$11.8M100xas long as short
Deribit ETH-PERPETUAL+0.0151%1h2,771.3+0.044%$258.9M$223.4M50xas long as short
BloFin ETH-USDT+0.0163%8h2,769−0.039%$286.4M$197.5M150xas long as short
Reya ETHRUSDPERP+0.0192%1h2,769−0.037%$7.5M$992K25xas long as short
Kraken Futures PF_ETHUSD+0.0240%1h2,770.9+0.029%$88.5M$331.2M100xas long as short
Hibachi ETH/USDT-P+0.0368%1h2,774.6+0.164%$273K$1.5M20xas long as short