Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0320%/8h= −35.0% APRpaid last 24h −0.036%

Price spread now: Paradex against Polymarket Perps−0.196%7-day average — · you buy dearer than you sell

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

Long on Polymarket Perps Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Paradex is 0.196% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ETHFI-USD	0.7131	0.0382	pay 0.0048% / 1h	55m 05s	$71K	$118K	5x
Short	Paradex ETHFI-USD-PERP	0.7117	0.0062	get 0.0062% / 8h	5h 55m	$6K	—	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now −0.196%Rate

Funding earned: −$67.18
Price spread: −0.196% → 0.000%: −$19.58
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$98.77
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 38 min ago; Paradex: 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, 38 min ago	4.81 bp	11.4 bp −$11	1619.6 bp −$16.2K	doesn't fit	doesn't fit
Sell Paradex no order-book sample	—	—	—	—	—

Paradex: 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.

ETHFI on 23 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
Deribit ETHFI_USDC-PERPETUAL	−0.0593%	1h	0.7113	−0.252%	$40K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0203%	4h	0.7110	−0.294%	$16K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0095%	4h	0.7121	−0.140%	$88K	$168K	20x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.529%	$321	$51K	5.5x	as long as short
Variational Omni ETHFI	+0.0043%	4h	0.7161	+0.425%	$1.1M	$714K	—	as long as short
Paradex ETHFI-USD-PERPshort	+0.0062%	8h	0.7117	−0.196%	$6K	—	5x
Lighter ETHFI	+0.0096%	1h	0.7123	−0.107%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7123	−0.112%	$17.8M	$8.2M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7120	−0.151%	$182K	$257K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7116	−0.210%	$24.8M	$35.7M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHFIUSDT	+0.0100%	4h	0.7119	−0.168%	$17.9M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7123	−0.112%	$5.0M	$12.2M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7122	−0.126%	$1.7M	$1.9M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7116	−0.210%	$15.4M	$3.9M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7119	−0.168%	$1.2M	$254K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7114	−0.238%	$6.1M	$5.3M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7120	−0.154%	—	$1.2M	—	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7118	−0.182%	$2K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7110	−0.292%	$100K	$381K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7110	−0.294%	$8K	—	3x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0307%	1h	0.7119	−0.162%	$270K	$198K	20x	as long as short
Polymarket Perps ETHFI-USDlong	+0.0382%	1h	0.7131	long leg	$71K	$118K	5x
Coinbase International ETHFI-PERP-INTX	+0.0512%	1h	0.7253	+1.711%	$32K	$6K	50x	as long as short