Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.168%

Price spread now: Polymarket Perps against Bybit−0.077%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.604%+$60 on $10k

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

Together, before fees—needs both histories

Funding pays, the price is against you. Polymarket Perps is 0.077% cheaper against Bybit than usual: you would sell low and buy high (spread −0.077% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 5.1 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.604% in total) that is about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit ZMUSDT	91.180	0	get 0.0000% / 8h	6h 58m	$95K	$30K	25x
Short	Polymarket Perps ZM-USD	91.110	0.0050	get 0.0006% / 1h	58m 25s	$105K	$381K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bybit. 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 BybitbpFee Polymarket PerpsbpOrdersPrice spread, now −0.077%Rate

Funding earned: $10.5
Price spread: −0.077% → 0.000%: −$7.68
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$16.18
Costs to cover: 0.190%
Break-even: 17.8 days

Slippage unknown: Bybit: no order-book sample; Polymarket Perps: live order book, 65 min ago. Net counts fees only.

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 Bybit no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 65 min ago	1.65 bp	7.8 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit

Bybit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ZM on 13 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
Aster ZMUSDT	0.0000%	8h	91.191	+0.012%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.239	+0.065%	$410K	$484K	20x	as long as short
Bybit ZMUSDTlong	0.0000%	8h	91.180	long leg	$95K	$30K	25x
OKX ZM-USDT-SWAP	0.0000%	8h	90.940	−0.263%	$166K	$108K	20x	as long as short
Gate ZM_USDT	0.0000%	8h	91.120	−0.066%	$248K	$126K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	91.180	0.000%	$201K	$63K	20x	as long as short
Variational Omni ZM	0.0000%	8h	91.193	+0.014%	$12K	$20K	—	as long as short
SunX ZM-USDT	0.0000%	8h	91.230	+0.055%	$1K	$504K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.070	−0.121%	$6K	$36K	10x	as long as short
Polymarket Perps ZM-USDshort	+0.0050%	1h	91.110	−0.077%	$105K	$381K	10x

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX ZM-USD	+0.0067%	1h	91.240	+0.066%	$1.1M	$7.9M	10x	as long as short
KuCoin ZMUSDTM	+0.0100%	8h	91.090	−0.099%	$59K	$1.5M	20x	as long as short
tradeXYZ xyz:ZM	+0.0958%	1h	91.109	−0.078%	$556K	$85K	10x	as long as short