Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0005%/8h= +0.6% APRpaid last 24h +0.017%

Price spread now: Polymarket Perps against Phemex−0.039%46s7-day average +0.003% · 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—prices read too far apart to compare

costs, in and out, $10k−$200.202% 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+0.100%+$10 on $10k

Price spread, last 4 days (all we have)+0.065%+$7 · spread now −0.039%, 7d avg +0.003%

Together, before fees+0.165%+$17 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: Polymarket Perps is 0.042% cheaper against Phemex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.003%. 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 BTCUSDT	85,267.5	0.0095	pay 0.0095% / 8h	1h 46m	$150.1M	$508.7M	150x
Short	Polymarket Perps BTC-USD	85,234	0.0100	get 0.0013% / 1h	46m 23s	$11.0M	$14.5M	50x

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 −0.039%Rate

Funding earned: $1.09
Price spread: −0.039% → +0.003%: −$4.2
Slippage, 4 orders: −$0.23
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$23.34
Costs to cover: 0.202%
Break-even: 157.2 days

Slippage from Phemex: live order book, 3 min ago; Polymarket Perps: 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 Phemex live order book, 3 min ago	0.01 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$742	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	0.06 bp	4.1 bp −$4	4.8 bp −$48	7.1 bp −$711	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	−0.0082%	1h	85,370	+0.120%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,282	+0.017%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0048%	8h	85,227.8	−0.047%	$926.2M	$772.5M	125x	as long as short
BloFin BTC-USDT	−0.0026%	8h	85,251.2	−0.019%	$421.3M	$683.5M	150x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,234.7	−0.038%	$512.3M	$1.09B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,295.6	+0.033%	$16.7M	$21.5M	50x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,244.5	−0.027%	$354K	$2.4M	50x	as long as short
Perpl BTC	0.0000%	43m	85,264.4	−0.004%	$524K	$18.3M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,251.7	−0.019%	$36.4M	—	200x	as long as short
Nado BTC-PERP	+0.0044%	1h	85,244.9	−0.027%	$24.4M	$222.6M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0057%	1h	85,405	+0.161%	$339K	$26.8M	52x	as long as short
ApeX Omni BTCUSDT	+0.0064%	1h	85,295.8	+0.033%	$139.4M	$314.6M	100x	as long as short
BingX BTC-USDC	+0.0070%	8h	85,214.5	−0.062%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0072%	1h	85,277.5	+0.012%	$864.2M	$1.63B	50x	as long as short
Bitget BTCUSDT	+0.0088%	8h	85,237.1	−0.036%	$2.95B	$5.18B	150x	as long as short
Kraken Futures PF_XBTUSD	+0.0089%	1h	85,247.4	−0.024%	$186.4M	$956.8M	100x	as long as short
MEXC BTC_USDT	+0.0094%	8h	85,232.7	−0.041%	$5.01B	$5.74B	500x	as long as short
Binance BTCUSDT	+0.0094%	8h	85,232.6	−0.041%	$9.42B	$24.99B	150x	as long as short
Phemex BTCUSDTlong	+0.0095%	8h	85,267.5	long leg	$150.1M	$508.7M	150x
Lighter BTC	+0.0096%	1h	85,259.3	−0.010%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,266.6	−0.001%	$23.6M	$147.5M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,240	−0.032%	$8.3M	$56.0M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,232.2	−0.041%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,207	−0.071%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,311.3	+0.051%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,306.5	+0.046%	$3.74B	$5.09B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,286.8	+0.023%	$39.9M	$602.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,235.8	−0.037%	$5.14B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,251.6	−0.019%	$2.59B	$12.25B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,240	−0.032%	$3.8M	$17.1M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,253.2	−0.017%	$4.6M	$98.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,239.3	−0.033%	$5.49B	$10.97B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,245.4	−0.026%	$36.7M	$178.9M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,300.3	+0.038%	$155.0M	$558.9M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,293.8	+0.031%	$279.5M	$952.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,305.3	+0.044%	$214.1M	$167.2M	50x	as long as short
StandX BTC-USD	+0.0100%	1h	85,269.7	+0.003%	$30.1M	$205.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,301.3	+0.040%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USDshort	+0.0100%	1h	85,234	−0.039%	$11.0M	$14.5M	50x
Bullet BTC-USD	+0.0100%	1h	85,233	−0.040%	$204K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,240	−0.032%	$2.6M	$9.9M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,282.2	+0.017%	$193K	$795K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,218.8	−0.057%	$29.9M	$47.9M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,234.7	−0.038%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,259	−0.010%	$59.6M	$336.9M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,251.7	−0.019%	$2.25B	$968.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,294.8	+0.032%	$682.6M	$475.0M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,217.9	−0.058%	$44.6M	$240.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,265.6	−0.002%	—	$107.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,278.9	+0.013%	$116.9M	$5.46B	50x	as long as short
Reya BTCRUSDPERP	+0.0124%	1h	85,226.7	−0.048%	$6.6M	$147.6M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0175% / S −0.0152%	1h	85,244.1	−0.027%	$13.0M	—	200x	as long as short
RISEx BTC/USDC	+0.0193%	1h	85,257.1	−0.012%	$8.7M	$43.2M	25x	as long as short
Kalshi KXBTCPERP	+0.0195%	8h	85,295	+0.032%	$11.5M	$742.8M	6.4x	as long as short
Hibachi BTC/USDT-P	+0.0240%	1h	85,327.4	+0.070%	$689K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0258%	1h	85,322.4	+0.064%	$79K	$229K	20x	as long as short