Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h −0.015%

Price spread now: Phemex against Polymarket Perps−0.058%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now −0.058%, 7d avg −0.015%

Together, before fees−0.083%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.043% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ETH-USD	2,730.1	0.0100	pay 0.0013% / 1h	12m 56s	$11.2M	$9.4M	50x
Short	Phemex ETHUSDT	2,728.5	0.0086	get 0.0086% / 8h	3h 12m	$264.4M	$64.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$2.86
Price spread: −0.058% → −0.015%: −$4.26
Slippage, 4 orders: −$3.41
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$30.53
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	0.73 bp	5.0 bp −$5	5.8 bp −$58	12.9 bp −$1,289	doesn't fit
Sell Phemex live order book, 6 min ago	0.81 bp	6.9 bp −$7	7.7 bp −$77	10.3 bp −$1,033	14.3 bp −$7,162

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	−0.0335%	43m	2,728.6	−0.056%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.2	+0.004%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0017%	8h	2,727.9	−0.082%	$1.05B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	−0.048%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729	−0.040%	$816K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,729.3	−0.029%	$6.2M	$686.2M	4.9x	as long as short
dYdX ETH-USD	+0.0006%	1h	2,729.5	−0.021%	$10.7M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.9	−0.042%	$28.0M	—	200x	as long as short
BingX ETH-USDC	+0.0027%	8h	2,727.7	−0.089%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0031%	1h	2,728.4	−0.063%	$178K	$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
Bybit ETHUSDT	+0.0036%	8h	2,728.3	−0.067%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,729	−0.040%	$187K	$814K	50x	as long as short
SunX ETH-USDT	+0.0062%	8h	2,727.6	−0.092%	$957K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,728.4	−0.063%	$377.8M	$575.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0076%	1h	2,729.4	−0.025%	$258.6M	$202.4M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,728.3	−0.065%	$1.67B	$10.74B	100x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,725.9	−0.154%	$4.9M	$155K	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,728.4	−0.061%	$250.8M	$840.3M	200x	as long as short
Phemex ETHUSDTshort	+0.0086%	8h	2,728.5	−0.058%	$264.4M	$64.8M	150x
Binance ETHUSDT	+0.0087%	8h	2,728	−0.075%	$6.32B	$15.94B	150x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,728	−0.077%	$1.56B	$2.58B	500x	as long as short
SoDEX ETH-USD	+0.0088%	1h	2,728.3	−0.066%	$54.3M	$187.8M	40x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,731	+0.033%	$8.6M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,728.7	−0.053%	$112.3M	$435.2M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,729.9	−0.006%	$23.4M	$104.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,729.3	−0.029%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,730.8	+0.026%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,728.7	−0.051%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.4	+0.010%	$15.5M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,728.6	−0.055%	$13.9M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.6	+0.018%	$3.09B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,729.8	−0.010%	$31.9M	$334.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729	−0.040%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.4	−0.024%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.069%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,728.4	−0.063%	$3.33B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,728.1	−0.074%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.2	−0.071%	$14.9M	$41.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.8	−0.047%	$134.7M	$323.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,729.5	−0.023%	$183.6M	$673.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,730	−0.002%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,730	−0.004%	$21.0M	$70.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.5	−0.023%	—	$845K	50x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,730.1	long leg	$11.2M	$9.4M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,729.3	−0.031%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,730.1	+0.001%	$41.0M	$29.9M	15x	as long as short
Aftermath Perps ETHUSD	+0.0101%	1h	2,730.4	+0.010%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,727.2	−0.106%	$30.5M	$73.5M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,729.3	−0.028%	$5.6M	$11.7M	25x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,729.7	−0.016%	$50.5M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,729.1	−0.036%	$83.6M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0191%	8h	2,730.6	+0.018%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0208%	1h	2,727.8	−0.083%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,731.3	+0.046%	$246K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0347%	8h	2,728.2	−0.069%	$282.3M	$174.6M	150x	as long as short