Funding arb · Price arb /

ZM

RWAall ZM markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0434%/8h= −47.5% APRpaid last 24h −0.180%

Price spread now: OKX against Polymarket Perps−0.143%7-day average −0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$217as in the Funding arb table

Net, price: spread back to 7d avg − costs−$173as in the Price arb table

costs, in and out, $10k−$1641.641% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.531%−$53 on $10k

Price spread, last 4 days (all we have)+0.224%+$22 · spread now −0.143%, 7d avg −0.050%

Together, before fees−0.307%−$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and OKX is 0.092% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ZM-USD	91.070	0.0434	pay 0.0054% / 1h	46m 55s	$99K	$392K	10x
Short	OKX ZM-USDT-SWAP	90.940	0	get 0.0000% / 8h	3h 46m	$166K	$113K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$91.16
Price spread: −0.143% → −0.050%: −$9.23
Slippage, 4 orders: −$146.09
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$264.48
Costs to cover: 1.641%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 36 min ago; OKX: live order book, 3 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, 36 min ago	2.74 bp	7.8 bp −$8	11.1 bp −$111	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	10.43 bp	92.2 bp −$92	doesn't fit	doesn't fit	doesn't fit

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	90.975	−0.104%	$7K	$598	20x	as long as short
Binance ZMUSDT	0.0000%	8h	91.000	−0.077%	$414K	$538K	20x	as long as short
Bybit ZMUSDT	0.0000%	8h	90.890	−0.198%	$95K	$34K	25x	as long as short
OKX ZM-USDT-SWAPshort	0.0000%	8h	90.940	−0.143%	$166K	$113K	20x
Gate ZM_USDT	0.0000%	8h	90.940	−0.143%	$247K	$138K	20x	as long as short
Bitget ZMUSDT	0.0000%	8h	90.990	−0.088%	$200K	$73K	20x	as long as short
Variational Omni ZM	0.0000%	8h	90.994	−0.083%	$11K	$51K	—	as long as short
SunX ZM-USDT	0.0000%	8h	90.980	−0.099%	$883	$505K	10x	as long as short
HTX ZM-USDT	0.0000%	8h	91.020	−0.055%	$6K	$35K	10x	as long as short
tradeXYZ xyz:ZM	+0.0050%	1h	90.931	−0.153%	$523K	$81K	10x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ZMUSDTM	+0.0100%	8h	91.070	0.000%	$85K	$1.5M	20x	as long as short
QFEX ZM-USD	+0.0160%	1h	91.000	−0.077%	$1.1M	$6.0M	10x	as long as short
Polymarket Perps ZM-USDlong	+0.0434%	1h	91.070	long leg	$99K	$392K	10x