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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 07:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.015%
Price spread now: Phemex against Polymarket Perps−0.010%46s7-day average −0.017% · you buy dearer than you sell
Net, funding: paid 7d − costs−$31as 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−$210.209% of the position
Long on Polymarket PerpsShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days−0.102%−$10 on $10k
Price spread, last 4 days (all we have)−0.023%−$2 · spread now −0.010%, 7d avg −0.017%
Together, before fees−0.125%−$13 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPolymarket Perps ETH-USD2,730.40.0100pay 0.0013% / 1h2m 26s$11.2M$9.5M50x
ShortPhemex ETHUSDT2,730.10.0091get 0.0091% / 8h1h 02m$262.9M$64.5M150x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex 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

Funding earned
−$1.97
Price spread: −0.010% → −0.017%
$0.67
Slippage, 4 orders
−$0.89
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$22.2
Costs to cover
0.209%
Break-even
never at this rate
Slippage from Polymarket Perps: live order book, 2 min ago; Phemex: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Polymarket Perps live order book, 2 min ago0.18 bp4.2 bp −$45.3 bp −$5312.2 bp −$1,219doesn't fit
Sell Phemex live order book, 2 min ago0.02 bp6.0 bp −$67.0 bp −$7010.4 bp −$1,036doesn't fit

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hotstuff ETH-PERP−0.0080%1h2,729.1−0.048%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,734.2+0.139%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,729.5−0.033%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,734.4+0.146%$814K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,729.6−0.029%$10.5M$42.8M50xas long as short
Kalshi KXETHPERP0.0000%8h2,731.1+0.026%$6.7M$682.4M4.9xas long as short
Perpl ETH0.0000%43m2,728.4−0.075%$287K$5.8M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,731+0.023%$262.5M$213.2M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,729.5−0.031%$32.9M—200xas long as short
ApeX Omni ETHUSDT+0.0014%1h2,732.5+0.077%$8.6M$31.5M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDC+0.0022%8h2,727.9−0.090%—$18.6M—as long as short
01 Exchange ETHUSD+0.0024%1h2,729.6−0.029%$191K$890K50xas long as short
Bybit ETHUSDT+0.0026%8h2,729.2−0.046%$2.33B$4.38B150xas long as short
HTX ETH-USDT+0.0030%8h2,730−0.016%$1.05B$1.22B200xas long as short
KuCoin ETHUSDTM+0.0069%8h2,729.5−0.033%$385.6M$577.7M100xas long as short
SoDEX ETH-USD+0.0071%1h2,730−0.015%$54.4M$187.2M40xas long as short
OKX ETH-USDT-SWAP+0.0080%8h2,729.1−0.047%$1.65B$10.86B100xas long as short
Aster ETHUSDT+0.0082%8h2,729−0.050%$252.8M$847.1M200xas long as short
Phemex ETHUSDTshort+0.0091%8h2,730.1−0.010%$262.9M$64.5M150x
Bullet ETH-USD+0.0091%1h2,729.1−0.048%$188K$1.7M20xas long as short
MEXC ETH_USDT+0.0094%8h2,729.2−0.045%$1.53B$2.61B500xas long as short
Binance ETHUSDT+0.0094%8h2,728.8−0.059%$6.33B$16.11B150xas long as short
Lighter ETH+0.0096%1h2,729−0.051%$112.6M$439.5M50xas long as short
Lighter RH ETH+0.0096%1h2,730.6+0.006%$23.4M$103.5M50xas long as short
Aevo ETH-PERP+0.0096%1h2,727.4−0.110%$4.9M$174K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.9−0.055%$501K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,732.9+0.092%$15.4M$7.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.3−0.076%$14.1M$104.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,731.5+0.040%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,729.9−0.018%$32.0M$332.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,728.7−0.062%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,729.6−0.030%$1.5M$16.1M25xas long as short
Bulk ETH-USD+0.0100%1h2,731.8+0.052%$164.2M$349.6M25xas long as short
Gate ETH_USDT+0.0100%8h2,729−0.051%$3.30B$9.05B200xas long as short
Bitget ETHUSDT+0.0100%8h2,729.2−0.046%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,729.2−0.045%$15.1M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,732.5+0.078%$134.3M$320.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,732.3+0.071%$185.8M$683.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,732.5+0.076%$158.8M$83.7M50xas long as short
StandX ETH-USD+0.0100%1h2,732+0.059%$21.0M$70.2M40xas long as short
Vest ETH-PERP+0.0100%1h2,730.9+0.018%—$445K50xas long as short
Polymarket Perps ETH-USDlong+0.0100%1h2,730.4long leg$11.2M$9.5M50x
Bluefin ETH-PERP+0.0100%1h2,730.6+0.006%$22K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,732.6+0.082%$40.9M$30.1M15xas long as short
SunX ETH-USDT+0.0100%8h2,729.9−0.017%$958K$10.9M100xas long as short
Aftermath Perps ETHUSD+0.0102%1h2,732.1+0.063%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,728−0.089%$30.4M$73.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,731.6+0.043%—$30.5M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,731.5+0.039%$46.5M$4.30B50xas long as short
RISEx ETH/USDC+0.0115%1h2,729.7−0.027%$5.6M$11.6M25xas long as short
Hibachi ETH/USDT-P+0.0120%1h2,731.7+0.049%$243K$1.4M20xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,732.2+0.067%$32.2M$11.3M100xas long as short
Reya ETHRUSDPERP+0.0186%1h2,728.3−0.077%$7.3M$975K25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,730.5+0.005%$82.1M$309.7M100xas long as short
BloFin ETH-USDT+0.0319%8h2,730.2−0.006%$281.2M$176.0M150xas long as short