Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.014%

Price spread now: OKX against Polymarket Perps+0.064%47s7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as 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−$360.361% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now +0.064%, 7d avg −0.002%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.066% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of −0.002%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.4 days. The two prices were read 47 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 NBIS-USD	235.29	0.0050	pay 0.0006% / 1h	10m 46s	$149K	$453K	10x
Short	OKX NBIS-USDT-SWAP	235.44	0	get 0.0000% / 8h	4h 10m	$3.4M	$16.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$10.5
Price spread: +0.064% → −0.002%: $6.58
Slippage, 4 orders: −$18.15
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$40.07
Costs to cover: 0.361%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 47 min ago; OKX: 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, 47 min ago	2.12 bp	7.8 bp −$8	8.2 bp −$82	29.4 bp −$2,937	doesn't fit
Sell OKX live order book, 3 min ago	0.43 bp	12.2 bp −$12	46.7 bp −$467	doesn't fit	doesn't fit

NBIS on 31 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
Nado NBIS-PERP	−0.0063%	1h	235.08	−0.091%	$38K	$115K	3x	as long as short
Bybit NBISUSDT	0.0000%	8h	235.47	+0.077%	$5.0M	$6.3M	50x	as long as short
OKX NBIS-USDT-SWAPshort	0.0000%	8h	235.44	+0.064%	$3.4M	$16.2M	25x
Gate NBIS_USDT	0.0000%	8h	235.41	+0.051%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	235.43	+0.060%	$2.4M	$4.4M	20x	as long as short
Variational Omni NBIS	0.0000%	8h	235.40	+0.047%	$2.9M	$561K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	235.29	0.000%	$5K	$120K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	235.44	+0.064%	$1K	$1.7M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	235.32	+0.013%	$15K	$60K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	235.47	+0.077%	$1.6M	$955K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX NBISUSDC	+0.0029%	4h	235.20	−0.038%	$38K	$227K	10x	as long as short
Aster NBISUSDT	+0.0036%	8h	235.33	+0.017%	$79K	$310K	50x	as long as short
QFEX NBIS-USD	+0.0038%	1h	235.37	+0.034%	$1.5M	$4.2M	10x	as long as short
Extended NBIS-USD	+0.0040%	1h	235.38	+0.040%	$150K	$701K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	235.19	−0.043%	$43K	$132K	5x	as long as short
Binance NBISUSDT	+0.0041%	8h	235.43	+0.060%	$19.4M	$84.5M	25x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	235.54	+0.106%	—	$216K	5x	as long as short
tradeXYZ xyz:NBIS	+0.0050%	1h	235.35	+0.026%	$54.9M	$19.9M	10x	as long as short
Polymarket Perps NBIS-USDlong	+0.0050%	1h	235.29	long leg	$149K	$453K	10x
SoDEX NBIS-USD	+0.0050%	1h	235.34	+0.021%	$52	$21K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	235.24	−0.021%	$161K	$503K	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0056%	1h	235.56	+0.115%	$389K	$724K	10x	as long as short
BloFin NBIS-USDT	+0.0058%	8h	235.45	+0.068%	$207K	$205K	20x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	235.10	−0.081%	$484K	$21K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	235.29	0.000%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	235.27	−0.011%	—	—	10x	as long as short
Lighter NBIS	+0.0160%	1h	235.32	+0.013%	$903K	$4.1M	10x	as long as short
Phoenix NBIS	+0.0272%	1h	235.26	−0.013%	$7K	$150K	10x	as long as short
Entropy io:NBIS	+0.0426%	1h	235.25	−0.017%	$10.2M	$3.2M	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0477%	1h	235.41	+0.050%	$24K	$15K	20x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0899%	1h	235.30	+0.004%	$35K	$49K	10x	as long as short