Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Bybit against Polymarket Perps−0.101%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$330.333% 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+0.231%+$23 on $10k

Price spread, last 7 days+0.092%+$9 · spread now −0.101%, 7d avg −0.006%

Together, before fees+0.323%+$32 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: Bybit is 0.094% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7152	0.0100	pay 0.0013% / 1h	8m 57s	$53K	$1.1M	5x
Short	Bybit VIRTUALUSDT	0.7145	0.0100	get 0.0050% / 4h	3h 08m	$16.5M	$18.6M	50x

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 −0.101%Rate

Funding earned: $0
Price spread: −0.101% → −0.006%: −$9.42
Slippage, 4 orders: −$14.26
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.68
Costs to cover: 0.333%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Bybit: live order book, 5 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, 4 min ago	1.32 bp	5.7 bp −$6	6.0 bp −$60	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.70 bp	9.5 bp −$10	21.6 bp −$216	140.8 bp −$14.1K	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0589%	1h	0.7146	−0.087%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0224%	1h	0.7139	−0.190%	$324K	$407K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0160%	1h	0.7149	−0.045%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7145	−0.097%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0050%	1h	0.7140	−0.164%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7175	+0.322%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7149	−0.038%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.492%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7147	−0.073%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7158	+0.084%	$8.8M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7149	−0.040%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7155	+0.044%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7144	−0.116%	$16.1M	$41.2M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7145	−0.101%	$16.5M	$18.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7148	−0.059%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7149	−0.045%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7141	−0.157%	$16.0M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7149	−0.045%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7150	−0.031%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7144	−0.115%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7148	−0.059%	$237K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7155	+0.042%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7173	+0.296%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	+0.292%	$637K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7181	+0.403%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7152	long leg	$53K	$1.1M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7153	+0.011%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7145	−0.102%	$54K	$258K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7142	−0.148%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7147	−0.071%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7141	−0.157%	$792K	$947K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.668%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0489%	1h	0.7152	−0.001%	$586K	$670K	50x	as long as short