VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0212%/8h= −23.2% APRnext payment −$0.27 per $10,000 · paid last 24h −0.041%

Price spread now: Phoenix against Polymarket Perps+0.080%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 0.080% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.080% now, against zero (this spread has no 7-day history yet)): +$8 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7115	0.0100	pay 0.0013% / 1h	15m 11s	$52K	$1.1M	5x
Short	Phoenix VIRTUAL	0.7121	−0.0112	pay 0.0014% / 1h	15m 11s	$11K	$36K	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 +0.080%Rate

Funding earned: −$44.53
Price spread: +0.080% → 0.000%: $8.01
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: −$51.52
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 3 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, 3 min ago	3.30 bp	8.9 bp −$9	9.8 bp −$98	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 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7112	−0.047%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7115	0.000%	$2K	$106	10x	as long as short
Phoenix VIRTUALshort	−0.0112%	1h	0.7121	+0.080%	$11K	$36K	5x
Lighter VIRTUAL	−0.0032%	1h	0.7113	−0.022%	$323K	$403K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7115	0.000%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7116	+0.017%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0019%	4h	0.7112	−0.042%	$16.2M	$19.0M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.028%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7117	+0.028%	$13K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7123	+0.112%	$8.7M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7117	+0.027%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7118	+0.042%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7117	+0.027%	$16.0M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7118	+0.042%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7116	+0.014%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7115	0.000%	$15.4M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7118	+0.042%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7119	+0.056%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7114	−0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7122	+0.098%	$239K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7115	+0.005%	$530K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7120	+0.069%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7121	+0.085%	$628K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7123	+0.112%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7115	long leg	$52K	$1.1M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7119	+0.056%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7117	+0.028%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7114	−0.012%	$53K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7114	−0.015%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0280%	1h	0.7120	+0.074%	$525K	$761K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7115	−0.003%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7114	−0.014%	$772K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7132	+0.239%	$199K	$101K	50x	as long as short