Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.017%

Price spread now: Phemex against Polymarket Perps+0.041%46s7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as 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−$200.201% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.100%−$10 on $10k

Price spread, last 4 days (all we have)−0.147%−$15 · spread now +0.041%, 7d avg −0.003%

Together, before fees−0.246%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.044% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of −0.003%): +$4 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 15 days. At the pace of the last 7 days (−0.100% in total) that is about 3.1 days. 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	Polymarket Perps BTC-USD	85,694	0.0100	pay 0.0013% / 1h	7m 32s	$11.1M	$14.2M	50x
Short	Phemex BTCUSDT	85,729.2	0.0090	get 0.0090% / 8h	5h 07m	$149.2M	$480.4M	150x

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

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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 PhemexbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$2.09
Price spread: +0.041% → −0.003%: $4.43
Slippage, 4 orders: −$0.13
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$17.79
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Phemex: live order book, 7 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, 2 min ago	0.06 bp	4.1 bp −$4	4.9 bp −$49	7.6 bp −$763	doesn't fit
Sell Phemex live order book, 7 min ago	0.01 bp	6.0 bp −$6	6.4 bp −$64	7.2 bp −$718	doesn't fit

BTC on 56 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
Bluefin BTC-PERP	−0.0535%	1h	85,773.6	+0.093%	$197K	$722K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,805	+0.130%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,707	+0.015%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,694.4	0.000%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0032%	8h	85,764.5	+0.082%	$415.9M	$666.1M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,713.3	+0.022%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0004%	8h	85,660.9	−0.039%	$919.2M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,755.1	+0.071%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0016%	1h	85,692.8	−0.001%	$22.6M	$219.5M	50x	as long as short
Aster BTCUSDT	+0.0018%	8h	85,667.6	−0.031%	$516.2M	$1.10B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0057%	8h	85,669.6	−0.028%	—	$17.0M	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,697.6	+0.004%	$2.96B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0073%	1h	85,690.1	−0.005%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.132%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,727.3	+0.039%	$2.5M	$1.7M	20x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,679.7	−0.017%	$5.07B	$5.65B	500x	as long as short
Binance BTCUSDT	+0.0088%	8h	85,685.3	−0.010%	$9.35B	$23.92B	150x	as long as short
Phemex BTCUSDTshort	+0.0090%	8h	85,729.2	+0.041%	$149.2M	$480.4M	150x
HTX BTC-USDT	+0.0092%	8h	85,730.4	+0.042%	$2.27B	$936.9M	200x	as long as short
SoDEX BTC-USD	+0.0094%	1h	85,727	+0.039%	$60.0M	$336.2M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,699.8	+0.007%	$174.6M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,694.5	+0.001%	$23.9M	$149.6M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,693	−0.001%	$8.4M	$52.3M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,736.6	+0.050%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,665	−0.034%	$199K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,757	+0.074%	$3.75B	$4.96B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,716.1	+0.026%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,684.7	−0.011%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,682.6	−0.013%	$2.58B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,671	−0.027%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,671.3	−0.026%	$6.8M	$97.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,800.8	+0.125%	$635.6M	$478.1M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,683.2	−0.013%	$5.55B	$10.57B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,706.4	+0.014%	$35.2M	$173.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	85,777.2	+0.097%	$157.4M	$555.4M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	85,776.1	+0.096%	$280.2M	$917.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,772.7	+0.092%	$215.4M	$165.7M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,779.4	+0.100%	$140.2M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,714.7	+0.024%	$30.3M	$208.6M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,745	+0.059%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USDlong	+0.0100%	1h	85,694	long leg	$11.1M	$14.2M	50x
Bullet BTC-USD	+0.0100%	1h	85,730.5	+0.043%	$192K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,733.9	+0.047%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,729.6	+0.042%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,702.6	+0.010%	$2.9M	$6.1M	100x	as long as short
Extended BTC-USD	+0.0104%	1h	85,654.9	−0.046%	$44.3M	$226.8M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,732.7	+0.045%	—	$106.0M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,768	+0.086%	$123.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,725	+0.036%	$8.4M	$42.3M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0135%	1h	85,777.2	+0.097%	$891.5M	$1.53B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,760	+0.077%	$189.3M	$953.0M	100x	as long as short
Hibachi BTC/USDT-P	+0.0192%	1h	85,753.2	+0.069%	$703K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,739.6	+0.053%	$13.6M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0205%	1h	85,785.6	+0.107%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0220%	8h	85,764	+0.082%	$10.6M	$758.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,722.4	+0.033%	$501K	$19.2M	6.7x	as long as short