Funding you earn now, next payment 23:00 UTC−0.0188%/8h= −20.6% APRnext payment −$0.23 per $10,000 · paid last 24h −0.038%
Price spread now: Polymarket Perps against Phoenix−0.168%59s7-day average −0.027% · you buy dearer than you sell
Net, funding: paid 7d − costs−$46as 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−$310.312% of the position
Funding, last 7 days−0.147%−$15 on $10k
+Price spread, last 3 days (all we have)+0.193%+$19 · spread now −0.168%, 7d avg −0.027%
=Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Polymarket Perps is 0.141% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.027%). Swap the legs. 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 COIN | 202.32 | 0.0238 | pay 0.0030% / 1h | 36m 08s | $5K | $279K | 10x |
| Short | Polymarket Perps COIN-USD | 201.98 | 0.0050 | get 0.0006% / 1h | 36m 08s | $132K | $1.2M | 10x |
Phoenix COIN
Polymarket Perps COIN-USDFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$39.42
- Price spread: −0.168% → −0.027%
- −$14.14
- Slippage, 4 orders
- −$16.2
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$84.76
- Costs to cover
- 0.312%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 37 min ago; Polymarket Perps: live order book, 2 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 Phoenix live order book, 37 min ago | 2.97 bp | 10.6 bp −$11 | 22.1 bp −$221 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 2 min ago | 0.74 bp | 5.0 bp −$5 | 6.1 bp −$61 | 9.7 bp −$968 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective COIN/USDC PERP | −0.0440% | 1h | 202.22 | −0.049% | $45K | $49K | 30x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 202.12 | −0.101% | $371K | $839K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 202.08 | −0.121% | $119K | $446K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 202.13 | −0.094% | $15.7M | $76.6M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 202.15 | −0.084% | $5.0M | $5.9M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 202.12 | −0.099% | $3.3M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 202.11 | −0.104% | $1.3M | $7.0M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 202.12 | −0.098% | $840K | $1.1M | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 202.35 | +0.015% | $12K | $2.0M | 10x | as long as short |
| Bitget COINUSDT | +0.0010% | 8h | 202.18 | −0.069% | $6.9M | $10.1M | 20x | as long as short |
Injective COIN/USDC PERP
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Variational Omni COIN
GRVT COIN_USDT_Perp
Bitget COINUSDTShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| QFEX COIN-USD | +0.0032% | 1h | 202.03 | −0.143% | $1.4M | $3.9M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 202.06 | −0.129% | $434K | $1.8M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 202.20 | −0.059% | $16K | $55K | 5x | as long as short |
| Vest COIN-USD-PERP | +0.0046% | 1h | 201.93 | −0.193% | — | $513K | 25x | as long as short |
| Polymarket Perps COIN-USDshort | +0.0050% | 1h | 201.98 | −0.168% | $132K | $1.2M | 10x | |
| SoDEX COIN-USD | +0.0050% | 1h | 202.09 | −0.114% | $79 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 201.98 | −0.168% | $367K | $3.3M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 202.16 | −0.079% | $1.0M | $138K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 202.12 | −0.099% | $91K | $328K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 202.08 | −0.119% | $584 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 202.07 | −0.124% | $119 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 202.14 | −0.089% | $200K | $342K | 20x | as long as short |
| edgeX COINUSDC | +0.0125% | 4h | 202.19 | −0.063% | $52K | $293K | 10x | as long as short |
| Lighter COIN | +0.0168% | 1h | 202.08 | −0.118% | $377K | $2.0M | 10x | as long as short |
| Phoenix COINlong | +0.0238% | 1h | 202.32 | long leg | $5K | $279K | 10x | |
| tradeXYZ xyz:COIN | +0.0245% | 1h | 202.04 | −0.138% | $16.5M | $13.1M | 10x | as long as short |
QFEX COIN-USD
Lighter RH COIN
Arcus COIN-USD
Vest COIN-USD-PERP
SoDEX COIN-USD
Ondo Perps COIN-USD.P
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
BloFin COIN-USDT
edgeX COINUSDC
Lighter COIN
tradeXYZ xyz:COIN