Funding you earn now, next payment 21:00 UTC−0.0929%/8h= −101.7% APRnext payment −$1.16 per $10,000 · paid last 24h −0.257%
Price spread now: Polymarket Perps against Phoenix−0.275%59s7-day average — · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−1.510%−$151 on $10k
+Price spread, last 7 days—no price history on both exchanges yet
=Together, before fees—needs both histories
Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Polymarket Perps is 0.275% cheaper against Phoenix than usual: you would sell low and buy high (−$28 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 59 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 | Phoenix PONS | 0.5921 | 0.1275 | pay 0.0159% / 1h | 52m 08s | $27K | $86K | 3x |
| Short | Polymarket Perps PONS-USD | 0.5905 | 0.0346 | get 0.0043% / 1h | 52m 08s | $38K | $1.8M | 3x |
Phoenix PONS
Polymarket Perps PONS-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$195.12
- Price spread: −0.275% → 0.000%
- −$27.53
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$237.65
- Costs to cover
- 0.150%
- Break-even
- never at this rate
Slippage unknown: Phoenix: no order-book sample; Polymarket Perps: live order book, 1 min ago. 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 Phoenix no order-book sample | — | — | — | — | — |
| Sell Polymarket Perps live order book, 1 min ago | 2.79 bp | 6.8 bp −$7 | 7.0 bp −$70 | doesn't fit | doesn't fit |
Phoenix: 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.
PONS on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) PONS/USD | L +0.0032% / S −0.0034% | 1h | 0.5901 | −0.329% | $216K | — | 150x | as long as short |
| Injective PONS/USDC PERP | +0.0066% | 1h | 0.5920 | −0.020% | $609 | $6K | 5.5x | as long as short |
| Popdex PONSUSDT | +0.0096% | 1h | 0.5904 | −0.284% | $21K | $459K | 20x | as long as short |
| Bybit PONSUSDT | +0.0100% | 4h | 0.5900 | −0.351% | $17.9M | $31.5M | 20x | as long as short |
| OKX PONS-USDT-SWAP | +0.0100% | 4h | 0.5899 | −0.368% | $13.5M | $55.9M | 20x | as long as short |
| KuCoin PONSUSDTM | +0.0100% | 4h | 0.5900 | −0.355% | $1.7M | $3.7M | 20x | as long as short |
| Bitget PONSUSDT | +0.0100% | 4h | 0.5905 | −0.274% | $4.6M | $11.6M | 20x | as long as short |
| Variational Omni PONS | +0.0100% | 4h | 0.5929 | +0.146% | $1.4M | $4.3M | — | as long as short |
| ApeX Omni PONSUSDT | +0.0100% | 1h | 0.5922 | +0.024% | $34K | $326K | 5x | as long as short |
| Orderly PERP_PONS_USDC_mythos | +0.0100% | 4h | 0.5907 | −0.242% | $2K | $3K | 10x | as long as short |
gTrade (Gains Network) PONS/USD
Injective PONS/USDC PERP
Popdex PONSUSDT
Bybit PONSUSDT
OKX PONS-USDT-SWAP
KuCoin PONSUSDTM
Bitget PONSUSDT
Variational Omni PONS
ApeX Omni PONSUSDT
Orderly PERP_PONS_USDC_mythosShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| SunX PONS-USDT | +0.0100% | 4h | 0.5915 | −0.095% | — | $1.4M | 10x | as long as short |
| SoDEX PONS-USD | +0.0100% | 1h | 0.5904 | −0.287% | $27K | $534K | 3x | as long as short |
| HTX PONS-USDT | +0.0100% | 4h | 0.5920 | −0.019% | $64K | $503K | 20x | as long as short |
| Phemex PONSUSDT | +0.0100% | 4h | 0.5904 | −0.284% | $1.7M | $3.3M | 20x | as long as short |
| Lighter RH PONS | +0.0128% | 1h | 0.5905 | −0.267% | $397K | $2.6M | 3x | as long as short |
| Aevo PONS-PERP | +0.0128% | 1h | 0.5899 | −0.368% | $368 | — | 3x | as long as short |
| Binance PONSUSDT | +0.0168% | 4h | 0.5903 | −0.298% | $38.5M | $98.1M | 20x | as long as short |
| Extended PONS-USD | +0.0168% | 1h | 0.5902 | −0.318% | $105K | $529K | 5x | as long as short |
| MEXC PONS_USDT | +0.0172% | 4h | 0.5902 | −0.318% | $7.7M | $5.1M | 20x | as long as short |
| BingX PONS-USDT | +0.0190% | 4h | 0.5904 | −0.284% | — | $3.1M | — | as long as short |
| edgeX PONSUSDC | +0.0197% | 4h | 0.5922 | +0.028% | $21K | $292K | 10x | as long as short |
| Aster PONSUSDT | +0.0225% | 4h | 0.5900 | −0.346% | $1.1M | $2.2M | 20x | as long as short |
| Nado PONS-PERP | +0.0335% | 1h | 0.5904 | −0.284% | $89K | $103K | 5x | as long as short |
| Polymarket Perps PONS-USDshort | +0.0346% | 1h | 0.5905 | −0.275% | $38K | $1.8M | 3x | |
| Gate PONS_USDT | +0.0384% | 4h | 0.5903 | −0.301% | $5.2M | $6.7M | 20x | as long as short |
| BloFin PONS-USDT | +0.0413% | 4h | 0.5919 | −0.030% | $1.7M | $984K | 20x | as long as short |
| Pacifica PONS | +0.0474% | 1h | 0.5911 | −0.167% | $47K | $102K | 3x | as long as short |
| Hyperliquid PONS | +0.0731% | 1h | 0.5905 | −0.269% | $59.2M | $29.5M | 3x | as long as short |
| Lighter PONS | +0.0992% | 1h | 0.5909 | −0.199% | $1.7M | $879K | 3x | as long as short |
| Phoenix PONSlong | +0.1275% | 1h | 0.5921 | long leg | $27K | $86K | 3x |
SunX PONS-USDT
SoDEX PONS-USD
HTX PONS-USDT
Phemex PONSUSDT
Lighter RH PONS
Aevo PONS-PERP
Binance PONSUSDT
Extended PONS-USD
MEXC PONS_USDT
BingX PONS-USDT
edgeX PONSUSDC
Aster PONSUSDT
Nado PONS-PERP
Gate PONS_USDT
BloFin PONS-USDT
Pacifica PONS
Hyperliquid PONS
Lighter PONS