Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: MEXC against Polymarket Perps−0.220%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$220.216% 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+0.232%+$23 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now −0.220%, 7d avg −0.037%

Together, before fees+0.216%+$22 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: MEXC is 0.183% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7280	0.0100	pay 0.0013% / 1h	26m 03s	$37K	$957K	5x
Short	MEXC VIRTUAL_USDT	0.7264	0.0100	get 0.0050% / 4h	26m 03s	$18.1M	$4.3M	100x

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 −0.220%Rate

Funding earned: $0
Price spread: −0.220% → −0.037%: −$18.31
Slippage, 4 orders: −$13.6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 0 bp × 2 orders: $0
Net: −$39.9
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 52 min ago; MEXC: 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, 52 min ago	3.48 bp	7.5 bp −$8	7.7 bp −$77	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.37 bp	3.2 bp −$3	9.5 bp −$95	88.3 bp −$8,826	269.6 bp −$134.8K

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0712%	1h	0.7266	−0.192%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7273	−0.096%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7272	−0.108%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7304	+0.331%	$11K	$40K	5x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7263	−0.234%	$330K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7271	−0.123%	$8K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.239%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0037%	1h	0.7266	−0.199%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7265	−0.206%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7273	−0.092%	$200K	$102K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7289	+0.126%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7264	−0.220%	$16.5M	$38.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7264	−0.220%	$16.1M	$16.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7267	−0.179%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7267	−0.179%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7264	−0.220%	$18.1M	$4.3M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7273	−0.096%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7272	−0.110%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7267	−0.179%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7270	−0.137%	$246K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7281	+0.009%	$533K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7291	+0.158%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7300	+0.275%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7291	+0.151%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7280	long leg	$37K	$957K	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7263	−0.234%	$1K	$1.3M	20x	as long as short
Hyperliquid VIRTUAL	+0.0102%	1h	0.7280	0.000%	$9.1M	$4.0M	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7266	−0.196%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7266	−0.186%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7269	−0.148%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7281	+0.014%	$821K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7305	+0.343%	$198K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0865%	1h	0.7280	+0.004%	$595K	$581K	50x	as long as short