Funding arb · Price arb /

META

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.017%

Price spread now: Polymarket Perps against Phemex−0.080%46s7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as 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−$980.982% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now −0.080%, 7d avg −0.047%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.033% cheaper against Phemex than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of −0.047%). If the spread goes back, that is −$3 on $10k: about 2.2 days of funding at the current rate (+$2 a day). The two prices were read 46 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	Phemex METAUSDT	738.64	0	get 0.0000% / 4h	48m 24s	$2.0M	$9K	10x
Short	Polymarket Perps META-USD	738.05	0.0050	get 0.0006% / 1h	48m 24s	$556K	$590K	10x

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

Position, each leg$Hold fordaysFee PhemexbpFee Polymarket PerpsbpOrdersPrice spread, now −0.080%Rate

Funding earned: $10.5
Price spread: −0.080% → −0.047%: −$3.26
Slippage, 4 orders: −$78.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$90.96
Costs to cover: 0.982%
Break-even: 67.6 days

Slippage from Phemex: live order book, 3 min ago; Polymarket Perps: live order book, 57 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 Phemex live order book, 3 min ago	1.08 bp	50.2 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 57 min ago	1.42 bp	5.6 bp −$6	8.8 bp −$88	doesn't fit	doesn't fit

META on 37 exchanges

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
Hotstuff META-PERP	−0.1600%	1h	738.73	+0.012%	$33K	$105	20x	as long as short
BloFin META-USDT	−0.0120%	8h	738.31	−0.045%	$339K	$1.1M	20x	as long as short
Aster METAUSDT	0.0000%	8h	738.11	−0.071%	$491K	$644K	20x	as long as short
Extended META_24_5-USD	0.0000%	1h	738.17	−0.064%	$547K	$3.3M	17x	as long as short
Binance METAUSDT	0.0000%	8h	738.37	−0.036%	$25.2M	$192.3M	20x	as long as short
Bybit METAUSDT	0.0000%	8h	738.31	−0.045%	$7.4M	$16.3M	100x	as long as short
OKX META-USDT-SWAP	0.0000%	8h	738.51	−0.018%	$6.0M	$13.1M	20x	as long as short
Gate META_USDT	0.0000%	8h	737.94	−0.095%	$494K	$6.3M	100x	as long as short
Bitget METAUSDT	0.0000%	8h	738.44	−0.027%	$5.9M	$12.3M	100x	as long as short
Variational Omni META	0.0000%	8h	738.31	−0.045%	$2.6M	$3.1M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT META_USDT_Perp	0.0000%	8h	738.66	+0.003%	$12K	$422K	10x	as long as short
SunX META-USDT	0.0000%	8h	738.52	−0.016%	$751	$6.7M	20x	as long as short
Deribit META_USDC-PERPETUAL	0.0000%	1h	737.91	−0.099%	$36K	$209K	10x	as long as short
HTX META-USDT	0.0000%	8h	738.20	−0.060%	$108K	$309K	30x	as long as short
Phemex METAUSDTlong	0.0000%	4h	738.64	long leg	$2.0M	$9K	10x
Lighter RH META	+0.0032%	1h	738.64	0.000%	$854K	$2.8M	20x	as long as short
Vest META-USD-PERP	+0.0046%	1h	738.58	−0.008%	—	$12K	25x	as long as short
Popdex METAUSDT	+0.0048%	1h	738.28	−0.049%	$177K	$200K	20x	as long as short
Polymarket Perps META-USDshort	+0.0050%	1h	738.05	−0.080%	$556K	$590K	10x
SoDEX META-USD	+0.0050%	1h	738.44	−0.027%	$24K	$3K	10x	as long as short
Ondo Perps META-USD.P	+0.0050%	1h	737.60	−0.141%	$753K	$5.1M	10x	as long as short
QFEX META-USD	+0.0056%	1h	738.29	−0.047%	$2.2M	$14.0M	10x	as long as short
Paradex META-USD-PERP	+0.0067%	8h	738.20	−0.060%	—	—	5x	as long as short
Aftermath Perps METAUSD	+0.0080%	1h	739.13	+0.066%	$53K	$85K	10x	as long as short
Nado META-PERP	+0.0081%	1h	738.10	−0.073%	$473K	$536K	20x	as long as short
Coinbase International META-PERP-INTX	+0.0088%	1h	738.14	−0.068%	$670K	$7.4M	10x	as long as short
Pacifica META	+0.0100%	1h	737.97	−0.091%	$611	$3K	10x	as long as short
KuCoin METAUSDTM	+0.0100%	8h	738.48	−0.022%	$1.6M	$937K	20x	as long as short
ApeX Omni METAUSDT	+0.0100%	1h	737.86	−0.106%	$165K	$71K	50x	as long as short
Orderly PERP_META_USDC_mythos	+0.0100%	8h	738.33	−0.042%	$1K	$338	10x	as long as short
Aevo META-PERP	+0.0104%	1h	737.98	−0.089%	$266	—	10x	as long as short
Arcus META-USD	+0.0209%	1h	738.00	−0.087%	$110K	$292K	10x	as long as short
Injective META/USDC PERP	+0.0220%	1h	740.69	+0.278%	$167K	$61K	30x	as long as short
tradeXYZ xyz:META	+0.0277%	1h	738.29	−0.047%	$86.8M	$136.2M	20x	as long as short
Lighter META	+0.0320%	1h	738.67	+0.004%	$1.2M	$2.6M	20x	as long as short
Phoenix META	+0.0626%	1h	739.51	+0.118%	$790K	$1.6M	20x	as long as short
edgeX METAUSDC	+0.0757%	4h	738.57	−0.009%	$62K	$350K	10x	as long as short