Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0072%/8h= +7.8% APRpaid last 24h +0.032%

Price spread now: BloFin against Polymarket Perps−0.040%45s7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as 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−$230.228% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.134%+$13 on $10k

Price spread, last 3 days (all we have)−0.069%−$7 · spread now −0.040%, 7d avg −0.012%

Together, before fees+0.065%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.028% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of −0.012%). If the spread goes back, that is −$3 on $10k: about 31 hours of funding at the current rate (+$2 a day). The two prices were read 45 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	2,778	0.0100	pay 0.0013% / 1h	14m 10s	$10.8M	$7.8M	50x
Short	BloFin ETH-USDT	2,776.9	0.0172	get 0.0172% / 8h	2h 14m	$284.4M	$196.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.040%Rate

Funding earned: $15.03
Price spread: −0.040% → −0.012%: −$2.75
Slippage, 4 orders: −$2.75
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$10.48
Costs to cover: 0.228%
Break-even: 11.9 days

Slippage from Polymarket Perps: live order book, 5 min ago; BloFin: live order book, 5 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, 5 min ago	0.18 bp	4.7 bp −$5	7.2 bp −$72	15.4 bp −$1,541	doesn't fit
Sell BloFin live order book, 5 min ago	0.04 bp	6.0 bp −$6	6.0 bp −$60	6.9 bp −$692	8.6 bp −$4,311

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	−0.0112%	43m	2,776.6	−0.051%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.6	−0.050%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,777.4	−0.022%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,776.5	−0.054%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,780	+0.072%	$859K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,776.4	−0.056%	$5.8M	$11.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777	−0.037%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0002%	1h	2,776.8	−0.042%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.5	−0.017%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0016%	8h	2,776.9	−0.041%	$267.4M	$66.0M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,776.1	−0.070%	$1.71B	$11.91B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,777.4	−0.021%	$13.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0036%	1h	2,777.7	−0.013%	$8.8M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0038%	8h	2,776.6	−0.052%	$256.8M	$995.6M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,774.7	−0.119%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,776.6	−0.050%	$1.60B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,776.6	−0.052%	$6.45B	$17.23B	150x	as long as short
Gate ETH_USDT	+0.0075%	8h	2,776.9	−0.040%	$3.28B	$9.68B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,776.2	−0.064%	$2.10B	$3.13B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0081%	1h	2,778.4	+0.015%	$258.5M	$225.1M	50x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,776.4	−0.056%	$184K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,777.1	−0.033%	$115.1M	$514.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,778.7	+0.026%	$25.4M	$123.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.7	−0.012%	—	$41.7M	500x	as long as short
Variational Omni ETH	+0.0098%	8h	2,776.8	−0.042%	$141.1M	$320.7M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.5	−0.055%	$16.0M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.9	−0.040%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,776.7	−0.046%	$15.3M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.3	+0.047%	$3.20B	$2.40B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.2	−0.029%	$31.3M	$289.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,776.2	−0.066%	$2.52B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,775.9	−0.076%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,778.3	+0.009%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,778.1	+0.003%	$165.4M	$253.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,776.8	−0.043%	$423.2M	$742.0M	100x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,775.8	−0.081%	—	$1.18B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,776.6	−0.052%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,777.2	−0.029%	$179.9M	$795.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,779.2	+0.044%	$161.6M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.9	−0.040%	$21.4M	$57.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,777.4	−0.022%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,778	long leg	$10.8M	$7.8M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	−0.016%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.1	+0.041%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.7	−0.083%	$973K	$14.2M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,776.9	−0.040%	$55.3M	$228.5M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,776.3	−0.063%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,776.3	−0.060%	$31.4M	$75.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778.4	+0.015%	$60.0M	$4.63B	50x	as long as short
Kalshi KXETHPERP	+0.0120%	8h	2,777.5	−0.018%	$8.5M	$674.1M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,779.5	+0.055%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDTshort	+0.0172%	8h	2,776.9	−0.040%	$284.4M	$196.0M	150x
Reya ETHRUSDPERP	+0.0184%	1h	2,776.4	−0.058%	$7.4M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,778.2	+0.007%	$87.0M	$330.8M	100x	as long as short
Hibachi ETH/USDT-P	+0.0456%	1h	2,778.1	+0.003%	$282K	$1.5M	20x	as long as short