Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Nado against Polymarket Perps+0.243%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$393as in the Price arb table

costs, in and out, $10k−$4154.153% of the position

Long on Polymarket Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 7 days−0.207%−$21 · spread now +0.243%, 7d avg +0.016%

Together, before fees−0.213%+ Points / potential airdropNado: Active · farm board−$21 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: Nado is 0.227% dearer against Polymarket Perps than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BTC-USD	85,230	0.0100	pay 0.0013% / 1h	41m 21s	$10.9M	$14.8M	50x
Short	Nado BTC-PERP	85,437.1	0.0100	get 0.0012% / 1h	41m 21s	$24.1M	$217.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now +0.243%Rate

Funding earned: $0
Price spread: +0.243% → +0.016%: $22.71
Slippage, 4 orders: −$400.25
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$392.55
Costs to cover: 4.153%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Nado: 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, 3 min ago	17.36 bp	279.3 bp −$279	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	0.06 bp	3.9 bp −$4	3.9 bp −$39	5.3 bp −$529	11.5 bp −$5,771

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
Bluefin BTC-PERP	−0.2490%	1h	85,448.6	+0.256%	$194K	$796K	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,478	+0.291%	$8K	$2K	50x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,434.1	+0.239%	$422.8M	$681.7M	150x	as long as short
Injective BTC/USDC PERP	−0.0006%	1h	85,495	+0.311%	$307K	$24.2M	52x	as long as short
01 Exchange BTCUSD	0.0000%	1h	85,463.3	+0.274%	$346K	$2.3M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,439.7	+0.246%	$36.5M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0012%	8h	85,436.9	+0.243%	$931.1M	$776.2M	125x	as long as short
Aster BTCUSDT	+0.0031%	8h	85,433.6	+0.239%	$502.3M	$1.08B	200x	as long as short
dYdX BTC-USD	+0.0054%	1h	85,468.3	+0.280%	$16.7M	$21.0M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0068%	1h	85,446.8	+0.254%	$186.2M	$947.1M	100x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	+0.0075%	1h	85,525	+0.346%	$2.3M	$10.4M	40x	as long as short
BingX BTC-USDC	+0.0080%	8h	85,427.2	+0.231%	—	$17.4M	—	as long as short
Lighter BTC	+0.0096%	1h	85,447.2	+0.255%	$170.3M	$943.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,444.5	+0.252%	$23.6M	$134.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,444	+0.251%	$8.7M	$58.5M	100x	as long as short
Aevo BTC-PERP	+0.0096%	1h	85,428.6	+0.233%	$2.4M	$6.7M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,417	+0.219%	$267K	$8.7M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,494	+0.310%	$5.7M	$9.6M	50x	as long as short
Nado BTC-PERPshort	+0.0100%	1h	85,437.1	+0.243%	$24.1M	$217.6M	50x
Pacifica BTC	+0.0100%	1h	85,479.1	+0.292%	$40.1M	$605.5M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,425.8	+0.230%	$9.41B	$25.10B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,437.6	+0.244%	$5.09B	$9.99B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,436.2	+0.242%	$2.61B	$12.20B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,444	+0.251%	$3.9M	$17.4M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,462.9	+0.273%	$4.7M	$97.5M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,453	+0.262%	$700.3M	$171.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,445.3	+0.253%	$5.50B	$9.88B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,437.1	+0.243%	$5.06B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0100%	8h	85,428.7	+0.233%	$2.98B	$5.17B	150x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,472	+0.284%	$37.8M	$193.7M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,465.7	+0.277%	$156.0M	$544.2M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,469.8	+0.281%	$283.4M	$962.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,417.2	+0.220%	$214.5M	$154.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,478.7	+0.292%	$136.6M	$312.4M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,483.9	+0.298%	$30.1M	$218.7M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,522.5	+0.343%	—	$10.1M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,230	long leg	$10.9M	$14.8M	50x
Bullet BTC-USD	+0.0100%	1h	85,441	+0.248%	$198K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,439.4	+0.246%	$2.7M	$9.9M	100x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,441.3	+0.248%	$2.9M	$6.7M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,432	+0.237%	$59.8M	$336.5M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,444.2	+0.251%	$2.26B	$974.4M	200x	as long as short
Phemex BTCUSDT	+0.0100%	8h	85,440.4	+0.247%	$161.4M	$517.6M	150x	as long as short
Extended BTC-USD	+0.0104%	1h	85,409.1	+0.210%	$45.8M	$241.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,472	+0.284%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,471	+0.283%	$111.7M	$5.45B	50x	as long as short
Reya BTCRUSDPERP	+0.0148%	1h	85,428.9	+0.233%	$6.6M	$138.9M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0174% / S −0.0148%	1h	85,504.8	+0.322%	$13.0M	—	200x	as long as short
Hyperliquid BTC	+0.0178%	1h	85,527	+0.348%	$3.83B	$5.20B	40x	as long as short
Kalshi KXBTCPERP	+0.0191%	8h	85,480	+0.293%	$10.6M	$738.2M	6.4x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,463	+0.273%	$8.9M	$42.6M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0199%	1h	85,481.9	+0.296%	$828.2M	$1.66B	50x	as long as short
Derive BTC-PERP	+0.0222%	1h	85,494.8	+0.311%	$28.9M	$49.1M	15x	as long as short
Aftermath Perps BTCUSD	+0.0302%	1h	85,503.9	+0.321%	$81K	$248K	20x	as long as short
Hibachi BTC/USDT-P	+0.0352%	1h	85,536.9	+0.360%	$688K	$7.7M	30x	as long as short
Perpl BTC	+0.0447%	43m	85,472.2	+0.284%	$467K	$18.3M	6.7x	as long as short