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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 07:00 UTC−0.0143%/8h= −15.7% APRnext payment −$0.18 per $10,000 · paid last 24h −0.039%
Price spread now: GMX against Polymarket Perps−0.027%7-day average +0.014% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on Polymarket PerpsShort on GMX
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.040%−$4 on $10k
Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.027%, 7d avg +0.014%
Together, before fees+0.030%+$3 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and GMX is 0.041% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.014%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPolymarket Perps ETH-USD2,727.20.0100pay 0.0013% / 1h31m 43s$11.2M$9.5M50x
ShortGMX ETH/USD [ETH-USDC]2,726.5L −0.0010% / S +0.0043%pay 0.0005% / 1h31m 43s$11.9M—200x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GMX 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

Funding earned
−$30.12
Price spread: −0.027% → +0.014%
−$4.1
Slippage, 4 orders
no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee GMX: 6 bp × 2 orders
−$12
Net
−$54.21
Costs to cover
0.200%
Break-even
never at this rate
Slippage unknown: Polymarket Perps: live order book, 2 min ago; GMX: 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
LegHalf-spread$10k$100k$1M$5M
Buy Polymarket Perps live order book, 2 min ago0.18 bp4.5 bp −$45.2 bp −$5211.3 bp −$1,134doesn't fit
Sell GMX no order-book sample—————
GMX: 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.

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
Perpl ETH−0.0112%43m2,726.5−0.025%$288K$5.8M8.3xas long as short
ApeX Omni ETHUSDT−0.0087%1h2,726.4−0.031%$8.6M$31.4M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,727.6+0.015%$5K$1K50xas long as short
Injective ETH/USDC PERP−0.0040%1h2,727.6+0.015%$117K$22.5M52xas long as short
GMX ETH/USD [ETH-USDC]shortL −0.0010% / S +0.0043%1h2,726.5−0.027%$11.9M—200x
Phoenix ETH−0.0006%1h2,725.7−0.055%$816K$3.0M25xas long as short
dYdX ETH-USD0.0000%1h2,727.5+0.013%$10.5M$42.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,727−0.007%$6.6M$688.1M4.9xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,726.7−0.020%$262.6M$215.0M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,726.5−0.027%$32.9M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
HTX ETH-USDT+0.0011%8h2,725.8−0.051%$1.05B$1.23B200xas long as short
01 Exchange ETHUSD+0.0016%1h2,728.2+0.037%$191K$893K50xas long as short
BingX ETH-USDC+0.0027%8h2,727.1−0.006%—$18.6M—as long as short
Bybit ETHUSDT+0.0033%8h2,727.9+0.025%$2.34B$4.41B150xas long as short
KuCoin ETHUSDTM+0.0071%8h2,726.8−0.015%$375.5M$577.0M100xas long as short
SoDEX ETH-USD+0.0074%1h2,725.8−0.051%$54.3M$187.3M40xas long as short
Aster ETHUSDT+0.0081%8h2,728.1+0.034%$252.2M$848.8M200xas long as short
SunX ETH-USDT+0.0086%8h2,725.4−0.065%$955K$11.0M100xas long as short
OKX ETH-USDT-SWAP+0.0087%8h2,728+0.029%$1.65B$10.91B100xas long as short
Aevo ETH-PERP+0.0088%1h2,723.5−0.137%$4.9M$167K20xas long as short
MEXC ETH_USDT+0.0089%8h2,728.2+0.038%$1.53B$2.59B500xas long as short
Binance ETHUSDT+0.0089%8h2,727.9+0.027%$6.32B$16.15B150xas long as short
Aftermath Perps ETHUSD+0.0090%1h2,726.8−0.014%$30K$20K20xas long as short
Lighter ETH+0.0096%1h2,727.9+0.025%$112.0M$434.2M50xas long as short
Lighter RH ETH+0.0096%1h2,728.9+0.061%$23.4M$103.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.2+0.037%$510K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,731.3+0.152%$15.3M$7.9M50xas long as short
Nado ETH-PERP+0.0100%1h2,725.8−0.050%$14.1M$105.1M50xas long as short
Hyperliquid ETH+0.0100%1h2,729.5+0.086%$3.10B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,728.7+0.055%$31.9M$333.7M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,727−0.007%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,728.8+0.059%$1.5M$16.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.2+0.038%$3.30B$8.98B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728.1+0.033%$2.08B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,726.2−0.038%$15.0M$41.8M50xas long as short
Variational Omni ETH+0.0100%8h2,724.8−0.089%$133.4M$324.2M—as long as short
edgeX ETHUSDC+0.0100%4h2,725.6−0.057%$184.8M$681.4M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,726.7−0.018%$158.4M$87.4M50xas long as short
StandX ETH-USD+0.0100%1h2,727.7+0.018%$21.0M$69.6M40xas long as short
Vest ETH-PERP+0.0100%1h2,727.6+0.015%—$445K50xas long as short
Polymarket Perps ETH-USDlong+0.0100%1h2,727.2long leg$11.2M$9.5M50x
Bullet ETH-USD+0.0100%1h2,726−0.043%$178K$1.7M20xas long as short
Bluefin ETH-PERP+0.0100%1h2,727−0.008%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,727.3+0.003%$40.9M$30.3M15xas long as short
Phemex ETHUSDT+0.0100%8h2,726−0.044%$262.7M$64.7M150xas long as short
Bulk ETH-USD+0.0100%1h2,726.2−0.036%$161.6M$349.5M25xas long as short
Extended ETH-USD+0.0104%1h2,727.3+0.002%$30.4M$74.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,727.7+0.019%—$30.5M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,727.2−0.002%$49.9M$4.31B50xas long as short
RISEx ETH/USDC+0.0115%1h2,728.7+0.055%$5.6M$11.7M25xas long as short
Orderly PERP_ETH_USDC+0.0186%8h2,728.2+0.038%$32.1M$11.4M100xas long as short
Reya ETHRUSDPERP+0.0191%1h2,725.2−0.075%$7.3M$1.1M25xas long as short
Kraken Futures PF_ETHUSD+0.0211%1h2,726.3−0.032%$82.4M$312.5M100xas long as short
Hibachi ETH/USDT-P+0.0240%1h2,726.1−0.039%$245K$1.4M20xas long as short
BloFin ETH-USDT+0.0359%8h2,727.9+0.025%$281.9M$175.4M150xas long as short