Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0547%/8h= −59.8% APRpaid last 24h −0.054%

Price spread now: Perpl against Polymarket Perps−0.048%7-day average +0.006% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.048%, 7d avg +0.006%

Together, before fees+0.079%+ Points / potential airdropPerpl: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Perpl is 0.054% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ETH-USD	2,731.7	0.0100	pay 0.0013% / 1h	45m 30s	$10.9M	$8.8M	50x
Short	Perpl ETH	2,730.4	−0.0447	pay 0.0040% / 43m	16m 30s	$298K	$5.6M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$114.77
Price spread: −0.048% → +0.006%: −$5.41
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$141.98
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 4 min ago; Perpl: 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	0.18 bp	4.9 bp −$5	6.4 bp −$64	10.9 bp −$1,094	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl ETHshort	−0.0447%	43m	2,730.4	−0.048%	$298K	$5.6M	8.3x
Injective ETH/USDC PERP	−0.0141%	1h	2,726.4	−0.194%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.5	−0.117%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,730.7	−0.038%	$11.9M	—	200x	as long as short
ApeX Omni ETHUSDT	−0.0008%	1h	2,729	−0.100%	$8.9M	$31.3M	100x	as long as short
dYdX ETH-USD	0.0000%	1h	2,729.2	−0.093%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,730.7	−0.037%	$188K	$842K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.1	−0.132%	$830K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,730.7	−0.038%	$26.2M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,730.1	−0.059%	$182K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0048%	1h	2,730.5	−0.044%	$54.4M	$187.6M	40x	as long as short
BingX ETH-USDT	+0.0057%	8h	2,730	−0.061%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,730.3	−0.051%	$380.2M	$575.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,730	−0.062%	$1.66B	$10.68B	100x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,730.1	−0.058%	$252.1M	$843.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0087%	1h	2,731.9	+0.008%	$260.1M	$196.8M	50x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,730.2	−0.056%	$1.53B	$2.55B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.1	−0.059%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,730.2	−0.056%	$6.34B	$15.84B	150x	as long as short
Bybit ETHUSDT	+0.0093%	8h	2,729.7	−0.074%	$2.39B	$4.34B	150x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,729.3	−0.089%	$1.05B	$1.19B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,729.9	−0.066%	$112.0M	$434.9M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,730.1	−0.057%	$23.2M	$105.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.4	−0.048%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,733.3	+0.060%	$15.7M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,731	−0.025%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.2	−0.055%	$498K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.6	−0.075%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.8	+0.040%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.6	−0.040%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.6	−0.113%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,730.8	−0.031%	$2.8M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.332%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.2	−0.054%	$3.35B	$8.79B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.5	−0.045%	$2.07B	$2.75B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.3	−0.052%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.121%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,726.2	−0.201%	$182.6M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	−0.098%	$158.7M	$84.8M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,728.6	−0.113%	$21.1M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,730.9	−0.030%	—	$843K	50x	as long as short
Polymarket Perps ETH-USDlong	+0.0100%	1h	2,731.7	long leg	$10.9M	$8.8M	50x
Derive ETH-PERP	+0.0100%	1h	2,731.6	−0.002%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.7	−0.074%	$958K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,730.5	−0.045%	$265.4M	$65.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.4	−0.084%	$30.4M	$72.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,732	+0.012%	$51.8M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,732.9	+0.045%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0154%	8h	2,728.1	−0.132%	$6.3M	$676.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.5	+0.030%	$32.1M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,731.5	−0.008%	$84.6M	$313.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,729.7	−0.074%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,730	−0.060%	$254K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,726.4	−0.196%	$284.6M	$174.6M	150x	as long as short
Bluefin ETH-PERP	+0.0690%	1h	2,729.6	−0.076%	$21K	$20K	25x	as long as short