Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0006%/8h= −0.7% APRpaid last 24h −0.007%

Price spread now: MEXC against Polymarket Perps−0.073%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$110.107% 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−0.092%−$9 on $10k

Price spread, last 7 days+0.074%+$7 · spread now −0.073%, 7d avg −0.015%

Together, before fees−0.018%−$2 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 0.058% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ETH-USD	2,736	0.0100	pay 0.0013% / 1h	23m 30s	$11.2M	$9.1M	50x
Short	MEXC ETH_USDT	2,734	0.0094	get 0.0094% / 8h	4h 23m	$1.54B	$2.56B	500x

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 −0.073%Rate

Funding earned: −$1.26
Price spread: −0.073% → −0.015%: −$5.81
Slippage, 4 orders: −$0.68
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$17.75
Costs to cover: 0.107%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 6 min ago; MEXC: live order book, 6 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, 6 min ago	0.18 bp	4.5 bp −$4	5.7 bp −$57	12.3 bp −$1,234	doesn't fit
Sell MEXC live order book, 6 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.6 bp −$161	4.2 bp −$2,121

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	−0.0447%	43m	2,734.9	−0.042%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,735.3	−0.026%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.7	−0.011%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,735.2	−0.031%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,735.1	−0.033%	$10.8M	$41.6M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,734.9	−0.040%	$187K	$823K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,735	−0.037%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,735.3	−0.026%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0007%	1h	2,734.8	−0.044%	$179K	$1.7M	20x	as long as short
ApeX Omni ETHUSDT	+0.0043%	1h	2,735	−0.038%	$8.7M	$31.3M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0052%	8h	2,734.3	−0.062%	$1.06B	$1.20B	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,733.7	−0.083%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0064%	8h	2,733.9	−0.078%	$2.39B	$4.35B	150x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,735.1	−0.034%	$380.4M	$574.7M	100x	as long as short
Phemex ETHUSDT	+0.0068%	8h	2,734.7	−0.048%	$265.9M	$65.3M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,734.1	−0.069%	$1.67B	$10.72B	100x	as long as short
SoDEX ETH-USD	+0.0081%	1h	2,735.2	−0.029%	$54.5M	$187.6M	40x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,734.5	−0.053%	$251.0M	$842.7M	200x	as long as short
MEXC ETH_USDTshort	+0.0094%	8h	2,734	−0.073%	$1.54B	$2.56B	500x
Binance ETHUSDT	+0.0095%	8h	2,734.3	−0.064%	$6.35B	$15.86B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,734.8	−0.044%	$112.9M	$439.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,736.1	+0.005%	$23.4M	$106.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,735.5	−0.018%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732.2	−0.140%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0098%	8h	2,738.4	+0.089%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,734.8	−0.045%	$5.5M	$11.6M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,734.5	−0.055%	$500K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,734.5	−0.056%	$13.8M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.6	+0.022%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,735	−0.035%	$31.9M	$334.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.2	−0.102%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.8	−0.042%	$1.6M	$16.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.3	−0.061%	$3.34B	$8.90B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.4	−0.060%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,734.9	−0.041%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732.8	−0.118%	$133.6M	$325.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,733.7	−0.085%	$183.9M	$671.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.7	−0.085%	$159.0M	$86.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,735	−0.037%	$21.1M	$68.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,735.3	−0.026%	—	$843K	50x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,736	long leg	$11.2M	$9.1M	50x
Bluefin ETH-PERP	+0.0100%	1h	2,735	−0.036%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,736.5	+0.019%	$41.3M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,734.1	−0.071%	$958K	$11.3M	100x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,734.8	−0.043%	$164.8M	$300.4M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.3	−0.100%	$30.3M	$72.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,736.3	+0.012%	$51.4M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0119%	1h	2,735.2	−0.030%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0140%	8h	2,735.2	−0.029%	$6.7M	$678.5M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0145%	1h	2,736.3	+0.011%	$260.1M	$195.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0194%	8h	2,737.1	+0.038%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,733.5	−0.092%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.8	−0.007%	$83.4M	$314.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,735.9	−0.002%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0377%	8h	2,735.2	−0.028%	$282.7M	$175.2M	150x	as long as short