Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Nado against Polymarket Perps−0.137%58s7-day average +0.004% · you buy dearer than you sell

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 Polymarket Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.137%, 7d avg +0.004%

Together, before fees+0.107%+ Points / potential airdropNado: Active · farm board+$11 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: Nado is 0.141% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$14 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	Polymarket Perps ETH-USD	2,774.6	0.0100	pay 0.0013% / 1h	52m 36s	$10.8M	$7.9M	50x
Short	Nado ETH-PERP	2,770.8	0.0100	get 0.0012% / 1h	52m 36s	$16.1M	$115.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.137%Rate

Funding earned: $0
Price spread: −0.137% → +0.004%: −$14.09
Slippage, 4 orders: −$1.67
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$30.76
Costs to cover: 0.167%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Nado: live order book, 2 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, 2 min ago	0.18 bp	4.5 bp −$4	4.9 bp −$49	10.0 bp −$998	doesn't fit
Sell Nado live order book, 2 min ago	0.18 bp	3.7 bp −$4	3.7 bp −$37	6.2 bp −$621	14.6 bp −$7,306

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
Perpl ETH	−0.0447%	43m	2,773.7	−0.032%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.049%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	+0.004%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.6	−0.072%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,770.8	−0.137%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.076%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,771	−0.131%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773	−0.058%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	−0.043%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,770.7	−0.142%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0022%	8h	2,771.9	−0.098%	$266.7M	$65.9M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.8	−0.137%	$1.70B	$11.90B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.3	−0.048%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,777.8	+0.115%	$29K	$22K	20x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,770.9	−0.135%	$6.45B	$17.26B	150x	as long as short
MEXC ETH_USDT	+0.0044%	8h	2,771	−0.130%	$1.60B	$2.62B	500x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,771.4	−0.114%	$256.2M	$999.1M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.191%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,771	−0.131%	$3.29B	$9.53B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0060%	1h	2,773.6	−0.036%	$258.9M	$223.5M	50x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,771.7	−0.105%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,770.6	−0.144%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,772.7	−0.069%	$188K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.041%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,771.5	−0.112%	$115.2M	$507.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,773.6	−0.037%	$25.4M	$121.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	−0.016%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.6	−0.072%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.6	−0.108%	$492K	$2.6M	50x	as long as short
Nado ETH-PERPshort	+0.0100%	1h	2,770.8	−0.137%	$16.1M	$115.2M	50x
Hyperliquid ETH	+0.0100%	1h	2,774.6	0.000%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,771.9	−0.097%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.8	−0.138%	$2.51B	$4.66B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,771.1	−0.126%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773	−0.058%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.213%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.1	−0.126%	$426.6M	$745.4M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	−0.066%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.5	−0.004%	$177.5M	$786.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.088%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.9	−0.025%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,774.6	long leg	$10.8M	$7.9M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,773	−0.059%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.4	−0.006%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.1	−0.089%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,771.5	−0.110%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.1	−0.019%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.3	−0.156%	$31.6M	$76.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.2	−0.050%	$60.4M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,773.9	−0.025%	$8.6M	$671.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.6	0.000%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,773.2	−0.052%	$287.2M	$197.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,772.6	−0.072%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.1	−0.053%	$88.6M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0360%	1h	2,773.8	−0.030%	$273K	$1.5M	20x	as long as short