Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Bybit against Polymarket Perps−0.032%57s7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

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

costs, in and out, $10k−$560.561% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.032% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$3 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 57 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 ETHFI-USD	0.7187	0.0100	pay 0.0013% / 1h	19m 33s	$71K	$116K	5x
Short	Bybit ETHFIUSDT	0.7185	0.0100	get 0.0050% / 4h	3h 19m	$18.2M	$12.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.032%Rate

Funding earned: $0
Price spread: −0.032% → 0.000%: −$3.2
Slippage, 4 orders: −$37.11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$59.31
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 18 min ago; Bybit: live order book, 4 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, 18 min ago	4.80 bp	15.7 bp −$16	2320.3 bp −$23.2K	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.69 bp	14.7 bp −$15	40.6 bp −$406	doesn't fit	doesn't fit

ETHFI on 24 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
HTX ETHFI-USDT	−0.0838%	4h	0.7171	−0.227%	$83K	$159K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0584%	1h	0.7191	+0.051%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0204%	4h	0.7189	+0.024%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0038%	4h	0.7177	−0.139%	$1.0M	$725K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0006%	8h	0.7180	−0.103%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.733%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0062%	4h	0.7179	−0.115%	$15.4M	$3.8M	125x	as long as short
Binance ETHFIUSDT	+0.0062%	4h	0.7180	−0.102%	$25.1M	$36.5M	75x	as long as short
Extended ETHFI-USD	+0.0064%	1h	0.7174	−0.182%	$100K	$392K	10x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7192	+0.064%	$1.1M	$894K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0096%	1h	0.7187	+0.002%	$9K	—	3x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7192	+0.065%	$18.0M	$8.6M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7190	+0.031%	$184K	$256K	10x	as long as short
Bybit ETHFIUSDTshort	+0.0100%	4h	0.7185	−0.032%	$18.2M	$12.7M	25x
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7189	+0.024%	$5.0M	$12.3M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7184	−0.046%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7182	−0.074%	$1.2M	$264K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7178	−0.129%	$6.1M	$5.6M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7182	−0.074%	—	$26.1M	—	as long as short
Polymarket Perps ETHFI-USDlong	+0.0100%	1h	0.7187	long leg	$71K	$116K	5x
SunX ETHFI-USDT	+0.0100%	4h	0.7191	+0.051%	$2K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0168%	1h	0.7237	+0.691%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0220%	1h	0.7195	+0.108%	$273K	$166K	20x	as long as short
BloFin ETHFI-USDT	+0.0245%	4h	0.7185	−0.032%	$1.3M	$272K	75x	as long as short