I’ve got a 33inch inside leg and 32 – 34 inch waist (depending on my beer / pie consumption that week and how badly I need a shit). The medium is fine around the waist (like iain I’ll have to pull the draw cord slightly) but a bit too long in the leg. Neither will be a problem for dead-of-winter fat bike bimbles, but they’re a bit too generous for regular ‘normal’ riding.
If I were you I’d probably go for small
Actually, the label on my mediums says 85cm leg, 84cm waist and 100cm seat, so I guess the size is a bit random