Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0103%/8h= −11.3% APRpaid last 24h +0.033%

Price spread now: Polymarket Perps against BloFin−0.146%105s7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as 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−$220.219% of the position

Long on BloFin Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.172%+$17 · spread now −0.146%, 7d avg +0.004%

Together, before fees+0.210%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Polymarket Perps is 0.151% cheaper against BloFin than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.004%). Swap the legs. The two prices were read 105 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	BloFin BTC-USDT	86,079.9	0.0203	pay 0.0203% / 8h	7h 03m	$415.6M	$640.3M	150x
Short	Polymarket Perps BTC-USD	85,954	0.0100	get 0.0013% / 1h	3m 27s	$11.0M	$14.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BloFin. 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 BloFinbpFee Polymarket PerpsbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$21.66
Price spread: −0.146% → +0.004%: −$15.05
Slippage, 4 orders: −$1.94
Fee BloFin: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$58.65
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Polymarket Perps: live order book, 6 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 BloFin live order book, 6 min ago	0.35 bp	6.4 bp −$6	6.4 bp −$64	6.7 bp −$667	7.8 bp −$3,892
Sell Polymarket Perps live order book, 6 min ago	0.06 bp	4.1 bp −$4	4.1 bp −$41	6.0 bp −$597	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,100	+0.023%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,961	−0.138%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,944.2	−0.158%	$362K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,939.7	−0.163%	$525K	$21.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,964.3	−0.134%	$36.7M	—	200x	as long as short
dYdX BTC-USD	+0.0023%	1h	85,950.3	−0.151%	$16.8M	$20.5M	50x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,155	+0.087%	$342K	$26.9M	52x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,947.8	−0.153%	$498.3M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	85,950.7	−0.150%	$819.0M	$715.8M	125x	as long as short
Reya BTCRUSDPERP	+0.0050%	1h	85,953	−0.147%	$6.7M	$145.8M	40x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx BTC/USDC	+0.0052%	1h	85,960	−0.139%	$8.2M	$42.4M	25x	as long as short
BingX BTC-USDT	+0.0053%	8h	85,944.8	−0.157%	—	$1.58B	—	as long as short
HTX BTC-USDT	+0.0056%	8h	86,045.8	−0.040%	$2.28B	$959.1M	200x	as long as short
Bitget BTCUSDT	+0.0066%	8h	85,955.7	−0.144%	$2.95B	$5.08B	150x	as long as short
Phemex BTCUSDT	+0.0066%	8h	86,057.3	−0.026%	$155.2M	$473.2M	150x	as long as short
SoDEX BTC-USD	+0.0069%	1h	86,066	−0.016%	$60.3M	$338.3M	40x	as long as short
Gate BTC_USDT	+0.0080%	8h	85,948.4	−0.153%	$5.73B	$10.69B	200x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,943.4	−0.159%	$2.5M	$1.8M	20x	as long as short
Binance BTCUSDT	+0.0082%	8h	85,952.4	−0.148%	$9.35B	$24.35B	150x	as long as short
MEXC BTC_USDT	+0.0082%	8h	85,926.3	−0.178%	$5.09B	$5.78B	500x	as long as short
Bluefin BTC-PERP	+0.0096%	1h	85,982.2	−0.113%	$144K	$666K	40x	as long as short
Lighter BTC	+0.0096%	1h	85,960.1	−0.139%	$169.8M	$998.3M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,961.9	−0.137%	$23.5M	$152.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,941	−0.161%	$8.4M	$52.1M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,923	−0.182%	$202K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,946.5	−0.155%	$4.2M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	85,900.1	−0.209%	$21.8M	$226.1M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,028	−0.060%	$3.77B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,984	−0.111%	$40.7M	$560.8M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,959.3	−0.140%	$5.23B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,971.8	−0.126%	$2.54B	$12.43B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,943	−0.159%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,949.8	−0.151%	$7.3M	$96.7M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,014	−0.077%	$35.4M	$161.8M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,079.3	−0.001%	$156.4M	$555.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,114.1	+0.040%	$278.1M	$940.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,079	−0.001%	$216.0M	$163.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,088.3	+0.010%	$140.8M	$320.1M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,109.6	+0.034%	$30.6M	$206.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,028.5	−0.060%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,954	−0.146%	$11.0M	$14.1M	50x
Bullet BTC-USD	+0.0100%	1h	85,936	−0.167%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,953	−0.147%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,970.5	−0.127%	$30.1M	$57.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,047.1	−0.038%	$3.3M	$5.4M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,141.5	+0.072%	$581.0M	$76.4M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,936.7	−0.166%	$45.7M	$224.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,029.4	−0.059%	—	$99.2M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,084.4	+0.005%	$132.2M	$5.27B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0122%	1h	86,090	+0.012%	$190.1M	$954.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0128%	1h	86,135.7	+0.065%	$722K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0167%	1h	86,142.2	+0.072%	$77K	$217K	20x	as long as short
Deribit BTC-PERPETUAL	+0.0182%	1h	86,111.8	+0.037%	$902.8M	$1.51B	50x	as long as short
BloFin BTC-USDTlong	+0.0203%	8h	86,079.9	long leg	$415.6M	$640.3M	150x
Kalshi KXBTCPERP	+0.0205%	8h	86,114	+0.040%	$10.2M	$766.1M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	85,955.7	−0.144%	$14.4M	—	200x	as long as short