Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.029%

Price spread now: Polymarket Perps against BloFin−0.055%45s7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as 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−$220.217% 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−0.146%−$15 on $10k

Price spread, last 3 days (all we have)+0.111%+$11 · spread now −0.055%, 7d avg +0.014%

Together, before fees−0.035%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Polymarket Perps is 0.068% cheaper against BloFin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.014%). Swap the legs. The two prices were read 45 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 ETH-USDT	2,769.9	0.0174	pay 0.0174% / 8h	7h 32m	$287.9M	$184.6M	150x
Short	Polymarket Perps ETH-USD	2,768.4	0.0100	get 0.0013% / 1h	32m 08s	$10.6M	$8.0M	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 −0.055%Rate

Funding earned: −$15.61
Price spread: −0.055% → +0.014%: −$6.82
Slippage, 4 orders: −$1.73
Fee BloFin: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$44.16
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Polymarket Perps: live order book, 2 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, 7 min ago	0.09 bp	6.1 bp −$6	6.1 bp −$61	7.0 bp −$702	9.0 bp −$4,523
Sell Polymarket Perps live order book, 2 min ago	0.18 bp	4.8 bp −$5	6.3 bp −$63	11.9 bp −$1,195	doesn't fit

ETH on 55 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
Injective ETH/USDC PERP	−0.0752%	1h	2,772.9	+0.108%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.9	−0.109%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,766.1	−0.138%	$320K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.4	−0.055%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,766.9	−0.109%	$168K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.5	+0.057%	$876K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.9	−0.038%	$12.2M	$45.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770	+0.004%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0023%	1h	2,768.9	−0.036%	$183K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0025%	8h	2,770.2	+0.009%	$1.71B	$11.20B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,769.9	−0.001%	$12.7M	—	200x	as long as short
SoDEX ETH-USD	+0.0034%	1h	2,769.4	−0.018%	$55.2M	$188.0M	40x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,769.6	−0.011%	$256.6M	$886.3M	200x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,770	+0.003%	$1.62B	$2.63B	500x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,770	+0.003%	$6.47B	$16.37B	150x	as long as short
Phemex ETHUSDT	+0.0054%	8h	2,769.8	−0.005%	$269.6M	$67.5M	150x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767	−0.106%	$5.0M	$165K	20x	as long as short
Aftermath Perps ETHUSD	+0.0058%	1h	2,771.6	+0.062%	$31K	$23K	20x	as long as short
HTX ETH-USDT	+0.0066%	8h	2,769.2	−0.026%	$1.08B	$1.26B	200x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,770.4	+0.018%	$2.10B	$2.88B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,771	+0.038%	$60.4M	$4.45B	50x	as long as short
Vest ETH-PERP	+0.0083%	1h	2,768.9	−0.036%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0083%	8h	2,770.1	+0.008%	$420.4M	$631.7M	100x	as long as short
Gate ETH_USDT	+0.0093%	8h	2,770.3	+0.013%	$3.36B	$8.99B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.1	+0.008%	$115.2M	$457.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,771.5	+0.056%	$25.7M	$111.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,768.8	−0.040%	$15.9M	$8.7M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.1	−0.101%	$484K	$2.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.8	−0.111%	$14.8M	$114.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.7	+0.101%	$3.17B	$2.24B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.3	−0.057%	$31.3M	$323.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.5	+0.021%	$2.51B	$4.38B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.9	−0.109%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,767.5	−0.087%	$2.8M	$17.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,769.8	−0.003%	$171.6M	$277.9M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,769.9	0.000%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.6	+0.025%	$15.2M	$42.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.3	+0.085%	$142.1M	$343.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,769.9	−0.001%	$181.8M	$787.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,769.6	−0.013%	$161.0M	$84.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,772.1	+0.079%	$8.7M	$32.2M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,770.6	+0.025%	$21.4M	$62.4M	40x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,768.4	−0.055%	$10.6M	$8.0M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,769.6	−0.010%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,771.6	+0.061%	$42.6M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.1	−0.031%	$971K	$13.3M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.1	−0.028%	$30.9M	$75.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,768.2	−0.063%	—	$37.0M	500x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,769.7	−0.008%	$8.0M	$682.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,771.3	+0.048%	$259.1M	$207.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,771.3	+0.049%	$95.9M	$319.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0150%	8h	2,772.4	+0.088%	$32.6M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,771.6	+0.061%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDTlong	+0.0174%	8h	2,769.9	long leg	$287.9M	$184.6M	150x
Reya ETHRUSDPERP	+0.0211%	1h	2,768.5	−0.052%	$7.3M	$1.2M	25x	as long as short