Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.007%

Price spread now: MEXC against Polymarket Perps−0.113%49s7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as 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−$120.119% of the position

Long on Polymarket Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.092%−$9 on $10k

Price spread, last 7 days+0.120%+$12 · spread now −0.113%, 7d avg −0.014%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and MEXC is 0.099% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.014%). Swap the legs. The two prices were read 49 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	Polymarket Perps ETH-USD	2,733.1	0.0100	pay 0.0013% / 1h	25m 32s	$11.2M	$9.3M	50x
Short	MEXC ETH_USDT	2,730	0.0089	get 0.0089% / 8h	3h 25m	$1.55B	$2.57B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Polymarket Perps. 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 Polymarket PerpsbpFee MEXCbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$2.31
Price spread: −0.113% → −0.014%: −$9.89
Slippage, 4 orders: −$1.88
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$24.08
Costs to cover: 0.119%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; MEXC: 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 Polymarket Perps live order book, 4 min ago	0.91 bp	4.9 bp −$5	5.4 bp −$54	11.3 bp −$1,127	doesn't fit
Sell MEXC live order book, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.0 bp −$102	1.8 bp −$898

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
Perpl ETH	−0.0335%	43m	2,731.8	−0.049%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,730.3	−0.102%	$5K	$1K	50x	as long as short
HTX ETH-USDT	−0.0011%	8h	2,729.2	−0.142%	$1.06B	$1.20B	200x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.1	−0.073%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,739	+0.216%	$821K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.2	−0.068%	$28.0M	—	200x	as long as short
dYdX ETH-USD	+0.0009%	1h	2,731.3	−0.067%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0026%	1h	2,730.7	−0.088%	$178K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,729.2	−0.144%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,729.6	−0.127%	$2.37B	$4.37B	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0048%	1h	2,730.2	−0.106%	$186K	$815K	50x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,730.1	−0.112%	$379.9M	$573.6M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0069%	1h	2,731.7	−0.050%	$259.5M	$200.2M	50x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,731.1	−0.074%	$957K	$11.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,730	−0.113%	$1.67B	$10.72B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,730.3	−0.103%	$250.7M	$841.1M	200x	as long as short
ApeX Omni ETHUSDT	+0.0085%	1h	2,737.8	+0.171%	$8.7M	$31.2M	100x	as long as short
Phemex ETHUSDT	+0.0085%	8h	2,731.2	−0.068%	$264.8M	$65.1M	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,729.4	−0.135%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDTshort	+0.0089%	8h	2,730	−0.113%	$1.55B	$2.57B	500x
Binance ETHUSDT	+0.0089%	8h	2,730	−0.113%	$6.34B	$15.92B	150x	as long as short
SoDEX ETH-USD	+0.0094%	1h	2,730.6	−0.091%	$54.4M	$187.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,730.5	−0.094%	$112.4M	$433.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,731.7	−0.051%	$23.4M	$104.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,732.3	−0.030%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	0.000%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,729.6	−0.128%	$498K	$3.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,732	−0.039%	$15.6M	$7.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.9	−0.043%	$13.8M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.3	−0.029%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.2	−0.071%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.6	−0.128%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.7	−0.087%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,736.4	+0.122%	$170.3M	$327.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.8	−0.120%	$3.33B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.9	−0.119%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.6	−0.092%	$15.2M	$40.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,729.6	−0.127%	$133.3M	$321.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.7	+0.057%	$184.0M	$670.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,734.6	+0.056%	$159.1M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735.1	+0.073%	$21.1M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,732.9	−0.008%	—	$844K	50x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,733.1	long leg	$11.2M	$9.3M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,731.4	−0.061%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,732.6	−0.017%	$41.2M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.7	−0.160%	$30.6M	$73.1M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,730.4	−0.101%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,735.2	+0.077%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0119%	8h	2,732.2	−0.033%	$6.5M	$684.1M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.2	−0.070%	$50.9M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,731.2	−0.071%	$83.2M	$315.1M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,733.1	0.000%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0210%	1h	2,730.8	−0.084%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,733.4	+0.009%	$244K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0365%	8h	2,732	−0.040%	$282.9M	$174.9M	150x	as long as short