VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0166%/8h= +18.2% APRnext payment +$0.21 per $10,000 · paid last 24h +0.050%

Price spread now: Polymarket Perps against Phoenix−0.118%59s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. Polymarket Perps is 0.118% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.118% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 2.4 days of funding at the current rate (+$5 a day). 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 VIRTUAL	0.7293	−0.0066	get 0.0008% / 1h	12m 09s	$11K	$40K	5x
Short	Polymarket Perps VIRTUAL-USD	0.7285	0.0100	get 0.0013% / 1h	12m 09s	$38K	$993K	5x

Funding 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 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 PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now −0.118%Rate

Funding earned: $34.94
Price spread: −0.118% → 0.000%: −$11.79
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: $8.15
Costs to cover: 0.150%
Break-even: 5.4 days

Slippage unknown: Phoenix: no order-book sample; Polymarket Perps: live order book, 66 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, 66 min ago	3.48 bp	7.6 bp −$8	7.7 bp −$77	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.

VIRTUAL on 33 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 VIRTUAL_USDC-PERPETUAL	−0.0436%	1h	0.7280	−0.181%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7273	−0.277%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7279	−0.198%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0112%	1h	0.7273	−0.271%	$330K	$416K	5x	as long as short
Phoenix VIRTUALlong	−0.0066%	1h	0.7293	long leg	$11K	$40K	5x
SoDEX VIRTUAL-USD	−0.0012%	1h	0.7277	−0.229%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7285	−0.110%	$8K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.416%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7278	−0.208%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7283	−0.146%	$200K	$102K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7282	−0.151%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7282	−0.154%	$16.6M	$38.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7284	−0.126%	$16.2M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7285	−0.112%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7279	−0.195%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7272	−0.291%	$18.2M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7282	−0.154%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7285	−0.112%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7280	−0.181%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7284	−0.126%	$247K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7298	+0.065%	$544K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7289	−0.063%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7300	+0.093%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7291	−0.030%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7285	−0.118%	$38K	$993K	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7275	−0.250%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7276	−0.241%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7277	−0.223%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0112%	1h	0.7295	+0.018%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7285	−0.113%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7279	−0.195%	$816K	$848K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7311	+0.244%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0864%	1h	0.7291	−0.025%	$596K	$581K	50x	as long as short