VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0089%/8h= −9.7% APRnext payment −$0.11 per $10,000 · paid last 24h −0.048%

Price spread now: Phoenix against Polymarket Perps+0.240%7-day average — · you sell dearer than you buy

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

Long on Polymarket Perps Short on Phoenix

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

The price spread pays, funding is against you. Phoenix is 0.240% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.240% now, against zero (this spread has no 7-day history yet)): +$24 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 9.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7202	0.0100	pay 0.0013% / 1h	33m 17s	$54K	$1.2M	5x
Short	Phoenix VIRTUAL	0.7219	0.0011	get 0.0001% / 1h	33m 17s	$11K	$46K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.240%Rate

Funding earned: −$18.68
Price spread: +0.240% → 0.000%: $24.02
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.66
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Polymarket Perps: live order book, 5 min ago; Phoenix: 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, 5 min ago	3.35 bp	7.3 bp −$7	7.4 bp −$74	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

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 32 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7193	−0.123%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7192	−0.136%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7200	−0.025%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7202	+0.004%	$4K	—	150x	as long as short
Phoenix VIRTUALshort	+0.0011%	1h	0.7219	+0.240%	$11K	$46K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.177%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0088%	1h	0.7192	−0.131%	$327K	$414K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7199	−0.039%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7205	+0.039%	$8.8M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7200	−0.023%	$171K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7199	−0.034%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7193	−0.122%	$16.5M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7196	−0.081%	$16.4M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7199	−0.039%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7195	−0.094%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7194	−0.108%	$17.4M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7199	−0.039%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7202	+0.003%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7197	−0.067%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7229	+0.378%	$244K	$175K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7202	+0.001%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7195	−0.091%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7203	+0.017%	$639K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7203	+0.017%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7202	long leg	$54K	$1.2M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7199	−0.039%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7195	−0.101%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7197	−0.069%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7197	−0.070%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7201	−0.012%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7232	+0.419%	$196K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1025%	1h	0.7205	+0.046%	$595K	$666K	50x	as long as short