Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.015%

Price spread now: Polymarket Perps against Phemex+0.065%46s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as 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−$210.207% 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+0.101%+$10 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now +0.065%, 7d avg +0.015%

Together, before fees+0.162%+$16 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 0.050% dearer against Phemex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.015%. 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 ETHUSDT	2,745.4	0.0100	pay 0.0100% / 8h	5h 10m	$266.8M	$64.9M	150x
Short	Polymarket Perps ETH-USD	2,747.2	0.0100	get 0.0013% / 1h	10m 21s	$11.0M	$8.8M	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 +0.065%Rate

Funding earned: $0
Price spread: +0.065% → +0.015%: $5.04
Slippage, 4 orders: −$0.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$15.65
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Polymarket Perps: live order book, 4 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, 4 min ago	0.02 bp	6.0 bp −$6	9.1 bp −$91	13.7 bp −$1,367	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	0.18 bp	4.2 bp −$4	5.2 bp −$52	11.2 bp −$1,125	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
Hotstuff ETH-PERP	−0.0080%	1h	2,747.4	+0.072%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.357%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.8	+0.013%	$12.1M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,746.2	+0.029%	$305K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.4	+0.037%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,745.8	+0.014%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,746.8	+0.051%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,746.9	+0.054%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,744.4	−0.036%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDT	+0.0054%	8h	2,745.3	−0.004%	—	$1.14B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,745.2	−0.006%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,745.7	+0.009%	$382.2M	$575.3M	100x	as long as short
Bullet ETH-USD	+0.0073%	1h	2,745.3	−0.004%	$182K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.4	+0.071%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,746.4	+0.036%	$254.1M	$840.9M	200x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,745.3	−0.004%	$54.7M	$187.6M	40x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,745.5	+0.002%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,745.4	0.000%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,747.2	+0.064%	$112.9M	$435.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,748.4	+0.110%	$24.7M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.4	+0.073%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744	−0.052%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.3	+0.033%	$55.6M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.9	+0.199%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747	+0.058%	$469K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.8	+0.052%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.2	+0.102%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.4	+0.072%	$31.8M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,745.4	0.000%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.7	−0.099%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,747.4	+0.074%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.042%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745.6	+0.008%	$3.40B	$8.77B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,745.4	0.000%	$2.09B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.5	+0.003%	$15.0M	$39.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	−0.084%	$133.1M	$325.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.6	−0.068%	$182.4M	$665.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	−0.061%	$159.6M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.4	−0.037%	$21.2M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747.2	+0.064%	—	$815K	50x	as long as short
Polymarket Perps ETH-USDshort	+0.0100%	1h	2,747.2	+0.065%	$11.0M	$8.8M	50x
Derive ETH-PERP	+0.0100%	1h	2,747.1	+0.063%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.1	+0.024%	$963K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744.7	−0.024%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,745.4	long leg	$266.8M	$64.9M	150x
Extended ETH-USD	+0.0104%	1h	2,744.5	−0.034%	$30.7M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,745.7	+0.011%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,744.5	−0.033%	$7.7M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,747.7	+0.085%	$32.3M	$11.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0202%	1h	2,747.1	+0.063%	$259.8M	$195.3M	50x	as long as short
BloFin ETH-USDT	+0.0218%	8h	2,745.4	−0.001%	$285.8M	$180.2M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.4	+0.037%	$86.6M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,744.8	−0.024%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,745.8	+0.016%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0380%	1h	2,745.6	+0.007%	$21K	$20K	25x	as long as short