Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.008%

Price spread now: Bybit against Polymarket Perps+0.056%47s7-day average +0.061% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as 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−$380.378% of the position

Long on Polymarket Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 7 days+0.046%+$5 · spread now +0.056%, 7d avg +0.061%

Together, before fees+0.037%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.061%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 47 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 COIN-USD	195.92	0.0050	pay 0.0006% / 1h	16m 37s	$130K	$1.4M	10x
Short	Bybit COINUSDT	196.03	0	get 0.0000% / 8h	1h 16m	$4.7M	$6.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$10.5
Price spread: +0.056% → +0.061%: −$0.46
Slippage, 4 orders: −$18.8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$48.76
Costs to cover: 0.378%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Bybit: live order book, 1 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, 2 min ago	2.04 bp	6.5 bp −$7	7.0 bp −$70	9.4 bp −$936	doesn't fit
Sell Bybit live order book, 1 min ago	3.06 bp	12.2 bp −$12	28.7 bp −$287	164.8 bp −$16.5K	doesn't fit

COIN on 26 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
Bitget COINUSDT	−0.0612%	8h	196.24	+0.163%	$6.4M	$10.6M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.01	+0.046%	$43K	$48K	30x	as long as short
Vest COIN-USD-PERP	−0.0090%	1h	195.59	−0.168%	—	$326K	25x	as long as short
Aster COINUSDT	0.0000%	8h	195.90	−0.008%	$342K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	195.94	+0.012%	$117K	$790K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.00	+0.041%	$15.0M	$82.2M	20x	as long as short
Bybit COINUSDTshort	0.0000%	8h	196.03	+0.056%	$4.7M	$6.2M	50x
OKX COIN-USDT-SWAP	0.0000%	8h	195.99	+0.036%	$3.0M	$4.7M	20x	as long as short
Gate COIN_USDT	0.0000%	8h	196.01	+0.046%	$1.2M	$7.4M	50x	as long as short
Variational Omni COIN	0.0000%	8h	196.07	+0.077%	$708K	$980K	—	as long as short

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.11	+0.096%	$12K	$2.8M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	195.95	+0.015%	$461K	$1.5M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.22	+0.153%	$15K	$54K	5x	as long as short
QFEX COIN-USD	+0.0045%	1h	195.94	+0.010%	$1.3M	$2.9M	10x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	195.87	−0.026%	$15.2M	$13.2M	10x	as long as short
Polymarket Perps COIN-USDlong	+0.0050%	1h	195.92	long leg	$130K	$1.4M	10x
SoDEX COIN-USD	+0.0050%	1h	196.05	+0.066%	$78	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	195.94	+0.010%	$435K	$2.8M	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	195.80	−0.061%	$987K	$136K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	195.94	+0.010%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.09	+0.087%	$567	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.07	+0.078%	$116	—	10x	as long as short
edgeX COINUSDC	+0.0117%	4h	196.11	+0.095%	$50K	$296K	10x	as long as short
Lighter COIN	+0.0120%	1h	195.97	+0.023%	$364K	$2.3M	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.09	+0.087%	$186K	$427K	20x	as long as short
Phoenix COIN	+0.0163%	1h	195.84	−0.041%	$4K	$283K	10x	as long as short