Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h +0.044%
Price spread now: Phoenix against Polymarket Perps+0.117%59s7-day average +0.029% · you sell dearer than you buy
Net, funding: paid 7d − costs−$22as 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−$370.371% of the position
Funding, last 7 days+0.155%+$16 on $10k
+Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.117%, 7d avg +0.029%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.088% dearer against Polymarket Perps than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.029%. 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 | Polymarket Perps COIN-USD | 196.12 | 0.0050 | pay 0.0006% / 1h | 57m 46s | $129K | $1.4M | 10x |
| Short | Phoenix COIN | 196.35 | 0.0082 | get 0.0010% / 1h | 57m 46s | $4K | $283K | 10x |
Polymarket Perps COIN-USD
Phoenix COINFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $6.63
- Price spread: +0.117% → +0.029%
- $8.85
- Slippage, 4 orders
- −$22.12
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$21.64
- Costs to cover
- 0.371%
- Break-even
- 29.9 days
Slippage from Polymarket Perps: live order book, 1 min ago; Phoenix: live order book, 45 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, 1 min ago | 2.04 bp | 6.5 bp −$7 | 6.5 bp −$65 | 8.4 bp −$843 | doesn't fit |
| Sell Phoenix live order book, 45 min ago | 3.57 bp | 12.0 bp −$12 | 26.0 bp −$260 | doesn't fit | 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 | −0.0677% | 8h | 196.30 | +0.092% | $6.3M | $10.7M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 196.31 | +0.097% | $43K | $48K | 30x | as long as short |
| Vest COIN-USD-PERP | −0.0106% | 1h | 195.62 | −0.255% | — | $289K | 25x | as long as short |
| Gate COIN_USDT | −0.0077% | 8h | 196.13 | +0.005% | $1.2M | $7.3M | 50x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 196.01 | −0.056% | $342K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 196.12 | +0.002% | $112K | $849K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 196.08 | −0.020% | $15.1M | $82.4M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 196.14 | +0.010% | $4.7M | $6.3M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 196.20 | +0.041% | $3.0M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 196.34 | +0.112% | $712K | $962K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Vest COIN-USD-PERP
Gate COIN_USDT
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 196.40 | +0.144% | $17K | $2.6M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 196.02 | −0.051% | $457K | $1.5M | 10x | as long as short |
| QFEX COIN-USD | +0.0038% | 1h | 196.20 | +0.041% | $1.3M | $3.0M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 196.36 | +0.122% | $15K | $54K | 5x | as long as short |
| Polymarket Perps COIN-USDlong | +0.0050% | 1h | 196.12 | long leg | $129K | $1.4M | 10x | |
| SoDEX COIN-USD | +0.0050% | 1h | 196.12 | 0.000% | $88 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 196.01 | −0.056% | $450K | $2.9M | 10x | as long as short |
| Phoenix COINshort | +0.0082% | 1h | 196.35 | +0.117% | $4K | $283K | 10x | |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.94 | −0.092% | $987K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 196.24 | +0.061% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 196.12 | 0.000% | $567 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 196.13 | +0.008% | $116 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 196.03 | −0.046% | $187K | $421K | 20x | as long as short |
| Lighter COIN | +0.0224% | 1h | 196.01 | −0.056% | $385K | $2.3M | 10x | as long as short |
| tradeXYZ xyz:COIN | +0.0251% | 1h | 196.03 | −0.046% | $15.2M | $13.9M | 10x | as long as short |
| edgeX COINUSDC | +0.0606% | 4h | 196.37 | +0.125% | $51K | $296K | 10x | as long as short |
GRVT COIN_USDT_Perp
Lighter RH COIN
QFEX COIN-USD
Arcus COIN-USD
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
Lighter COIN
tradeXYZ xyz:COIN
edgeX COINUSDC