Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.012%

Price spread now: Orderly against Polymarket Perps−0.035%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.035% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.035% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 2.3 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps COIN-USD	198.93	0.0050	pay 0.0006% / 1h	57m 06s	$122K	$1.2M	10x
Short	Orderly PERP_COIN_USDC_mythos	198.86	0.0100	get 0.0100% / 8h	4h 57m	$575	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.035%Rate

Funding earned: $10.5
Price spread: −0.035% → 0.000%: −$3.52
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$7.02
Costs to cover: 0.140%
Break-even: 11.7 days

Slippage unknown: Polymarket Perps: live order book, 4 min ago; Orderly: no order-book sample. Net counts fees only.

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	1.51 bp	7.0 bp −$7	7.0 bp −$70	9.1 bp −$913	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

COIN on 26 exchanges

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 COIN/USDC PERP	−0.0440%	1h	197.59	−0.674%	$17K	$222K	30x	as long as short
Aster COINUSDT	0.0000%	8h	198.78	−0.076%	$346K	$868K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	198.91	−0.010%	$110K	$869K	10x	as long as short
Binance COINUSDT	0.0000%	8h	198.99	+0.030%	$14.7M	$74.8M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	198.95	+0.010%	$4.7M	$5.3M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	199.09	+0.080%	$3.1M	$4.2M	20x	as long as short
Gate COIN_USDT	0.0000%	8h	199.11	+0.090%	$1.2M	$6.1M	50x	as long as short
Bitget COINUSDT	0.0000%	8h	199.03	+0.050%	$6.4M	$9.4M	20x	as long as short
Variational Omni COIN	0.0000%	8h	198.82	−0.054%	$785K	$901K	—	as long as short
GRVT COIN_USDT_Perp	0.0000%	8h	198.82	−0.055%	$22K	$3.3M	10x	as long as short

Show all 26 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter COIN	+0.0032%	1h	198.98	+0.024%	$345K	$1.9M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	198.93	0.000%	$484K	$1.1M	10x	as long as short
QFEX COIN-USD	+0.0033%	1h	199.04	+0.055%	$1.3M	$2.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	199.09	+0.080%	$20K	$31K	5x	as long as short
Vest COIN-USD-PERP	+0.0046%	1h	198.86	−0.035%	—	$277K	25x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	198.80	−0.065%	$14.7M	$11.1M	10x	as long as short
Polymarket Perps COIN-USDlong	+0.0050%	1h	198.93	long leg	$122K	$1.2M	10x
Ondo Perps COIN-USD.P	+0.0050%	1h	198.61	−0.161%	$324K	$2.1M	10x	as long as short
Phoenix COIN	+0.0081%	1h	198.77	−0.080%	$5K	$268K	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	198.87	−0.030%	$938K	$255K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	198.62	−0.156%	$89K	$272K	50x	as long as short
Orderly PERP_COIN_USDC_mythosshort	+0.0100%	8h	198.86	−0.035%	$575	$4K	10x
Aevo COIN-PERP	+0.0104%	1h	199.01	+0.042%	$117	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	199.09	+0.080%	$195K	$482K	20x	as long as short
SoDEX COIN-USD	+0.0125%	1h	198.93	0.000%	$89	$3K	10x	as long as short
edgeX COINUSDC	+0.0252%	4h	198.70	−0.116%	$51K	$292K	10x	as long as short