Funding arb · Price arb /

NVDA

RWAall NVDA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.022%

Price spread now: Phemex against Polymarket Perps+0.062%46s7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$90as 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−$790.794% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.109%−$11 on $10k

Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.062%, 7d avg +0.063%

Together, before fees−0.168%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 46 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 NVDA-USD	227.41	0.0050	pay 0.0006% / 1h	20m 30s	$401K	$289K	10x
Short	Phemex NVDAUSDT	227.55	0	get 0.0000% / 4h	1h 20m	$2.2M	$42K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$10.5
Price spread: +0.062% → +0.063%: −$0.12
Slippage, 4 orders: −$59.37
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$89.99
Costs to cover: 0.794%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 62 min ago; Phemex: live order book, 3 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, 62 min ago	1.32 bp	5.3 bp −$5	7.0 bp −$70	18.9 bp −$1,886	doesn't fit
Sell Phemex live order book, 3 min ago	1.98 bp	32.7 bp −$33	doesn't fit	doesn't fit	doesn't fit

NVDA on 35 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
Hotstuff NVDA-PERP	−0.0024%	1h	227.37	−0.018%	$35K	—	20x	as long as short
Aster NVDAUSDT	0.0000%	8h	227.49	+0.035%	$474K	$578K	20x	as long as short
Bybit NVDAUSDT	0.0000%	8h	227.55	+0.062%	$12.7M	$15.5M	100x	as long as short
OKX NVDA-USDT-SWAP	0.0000%	8h	227.52	+0.048%	$14.4M	$21.1M	50x	as long as short
Gate NVDA_USDT	0.0000%	8h	227.47	+0.026%	$7.2M	$9.6M	100x	as long as short
Variational Omni NVDA	0.0000%	8h	227.50	+0.038%	$3.5M	$2.3M	—	as long as short
GRVT NVDA_USDT_Perp	0.0000%	8h	227.54	+0.055%	$20K	$435K	10x	as long as short
SunX NVDA-USDT	0.0000%	8h	227.10	−0.136%	$3K	$4.0M	20x	as long as short
HTX NVDA-USDT	0.0000%	8h	227.52	+0.048%	$198K	$528K	30x	as long as short
Phemex NVDAUSDTshort	0.0000%	4h	227.55	+0.062%	$2.2M	$42K	10x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps NVDAUSD	+0.0016%	1h	227.51	+0.045%	$118K	$54K	10x	as long as short
Binance NVDAUSDT	+0.0018%	8h	227.54	+0.057%	$156.3M	$220.7M	50x	as long as short
edgeX NVDAUSDC	+0.0025%	4h	227.47	+0.028%	$170K	$1.9M	20x	as long as short
Bitget NVDAUSDT	+0.0026%	8h	227.58	+0.075%	$15.6M	$17.7M	100x	as long as short
Extended NVDA_24_5-USD	+0.0032%	1h	227.34	−0.029%	$536K	$446K	10x	as long as short
QFEX NVDA-USD	+0.0041%	1h	227.50	+0.040%	$1.6M	$11.4M	10x	as long as short
Vest NVDA-USD-PERP	+0.0046%	1h	227.56	+0.066%	—	$73K	25x	as long as short
tradeXYZ xyz:NVDA	+0.0050%	1h	227.36	−0.022%	$147.3M	$49.0M	20x	as long as short
Polymarket Perps NVDA-USDlong	+0.0050%	1h	227.41	long leg	$401K	$289K	10x
SoDEX NVDA-USD	+0.0050%	1h	227.39	−0.009%	$58K	$20K	10x	as long as short
Ondo Perps NVDA-USD.P	+0.0050%	1h	227.28	−0.057%	$1.6M	$2.1M	15x	as long as short
BloFin NVDA-USDT	+0.0064%	8h	227.49	+0.035%	$715K	$204K	20x	as long as short
Phoenix NVDA	+0.0070%	1h	227.42	+0.004%	$94K	$112K	20x	as long as short
Aevo NVDA-PERP	+0.0088%	1h	227.52	+0.050%	—	—	10x	as long as short
Nado NVDA-PERP	+0.0094%	1h	227.37	−0.018%	$484K	$227K	20x	as long as short
Coinbase International NVDA-PERP-INTX	+0.0096%	1h	227.01	−0.176%	$1.3M	$888K	10x	as long as short
Pacifica NVDA	+0.0100%	1h	227.39	−0.009%	$298K	$60K	10x	as long as short
KuCoin NVDAUSDTM	+0.0100%	8h	227.58	+0.075%	$1.6M	$753K	20x	as long as short
ApeX Omni NVDAUSDT	+0.0100%	1h	227.34	−0.031%	$16K	$43K	50x	as long as short
Orderly PERP_NVDA_USDC	+0.0100%	8h	227.51	+0.044%	$36K	$22K	20x	as long as short
Deribit NVDA_USDC-PERPETUAL	+0.0146%	1h	227.45	+0.018%	$49K	$1.4M	10x	as long as short
Lighter RH NVDA	+0.0160%	1h	227.66	+0.110%	$5.1M	$7.2M	20x	as long as short
Lighter NVDA	+0.0184%	1h	227.56	+0.065%	$2.1M	$3.3M	20x	as long as short
Injective NVDA/USDC PERP	+0.0220%	1h	228.08	+0.295%	$73K	$137	30x	as long as short
Arcus NVDA-USD	+0.0305%	1h	227.35	−0.026%	$400K	$723K	20x	as long as short