Funding arb · Price arb /

NBIS

RWAall NBIS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.016%

Price spread now: Phemex against Polymarket Perps+0.263%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$1041.045% 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−0.079%−$8 on $10k

Price spread, last 4 days (all we have)−0.285%−$28 · spread now +0.263%, 7d avg +0.026%

Together, before fees−0.364%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.237% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.263% now, against its 7-day average of +0.026%): +$24 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps NBIS-USD	228.50	0.0050	pay 0.0006% / 1h	20m 38s	$136K	$466K	10x
Short	Phemex NBISUSDT	229.10	0	get 0.0000% / 8h	7h 20m	$1.5M	$971K	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 +0.263%Rate

Funding earned: −$10.5
Price spread: +0.263% → +0.026%: $23.7
Slippage, 4 orders: −$84.46
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$91.26
Costs to cover: 1.045%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 77 min ago; Phemex: 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 Polymarket Perps live order book, 77 min ago	2.60 bp	7.9 bp −$8	8.4 bp −$84	34.9 bp −$3,488	doesn't fit
Sell Phemex live order book, 2 min ago	4.37 bp	45.0 bp −$45	doesn't fit	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
Bitget NBISUSDT	−0.0198%	8h	229.39	+0.389%	$2.3M	$4.6M	20x	as long as short
Coinbase International NBIS-PERP-INTX	−0.0008%	1h	226.87	−0.713%	$352K	$801K	10x	as long as short
Aster NBISUSDT	0.0000%	8h	228.73	+0.099%	$73K	$320K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	229.37	+0.383%	$143K	$859K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	229.39	+0.389%	$18.4M	$89.7M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	229.44	+0.411%	$4.8M	$6.8M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	229.35	+0.372%	$3.2M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	229.26	+0.333%	$2.7M	$5.2M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	229.38	+0.386%	$2.8M	$597K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	228.55	+0.023%	$4K	$113K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX NBIS-USDT	0.0000%	8h	229.11	+0.267%	$1K	$1.6M	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	228.88	+0.166%	$13K	$62K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	229.10	+0.263%	$1.5M	$971K	10x
BloFin NBIS-USDT	+0.0015%	8h	229.14	+0.280%	$202K	$213K	20x	as long as short
edgeX NBISUSDC	+0.0030%	4h	228.53	+0.014%	$37K	$227K	10x	as long as short
Arcus NBIS-USD	+0.0040%	1h	229.44	+0.411%	$42K	$124K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	228.64	+0.061%	—	$246K	5x	as long as short
Polymarket Perps NBIS-USDlong	+0.0050%	1h	228.50	long leg	$136K	$466K	10x
Ondo Perps NBIS-USD.P	+0.0050%	1h	229.31	+0.354%	$147K	$534K	10x	as long as short
QFEX NBIS-USD	+0.0064%	1h	228.76	+0.114%	$1.5M	$3.7M	10x	as long as short
Nado NBIS-PERP	+0.0070%	1h	228.51	+0.007%	$38K	$116K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	229.04	+0.236%	$471K	$75K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	228.85	+0.153%	$2K	$3K	10x	as long as short
Lighter NBIS	+0.0104%	1h	229.35	+0.372%	$900K	$4.1M	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	228.83	+0.143%	—	—	10x	as long as short
tradeXYZ xyz:NBIS	+0.0108%	1h	229.28	+0.341%	$53.5M	$21.6M	10x	as long as short
SoDEX NBIS-USD	+0.0143%	1h	228.85	+0.153%	$69	$20K	10x	as long as short
Phoenix NBIS	+0.0277%	1h	227.46	−0.455%	$7K	$125K	10x	as long as short
Entropy io:NBIS	+0.0312%	1h	228.77	+0.118%	$10.0M	$3.1M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0624%	1h	229.13	+0.276%	$34K	$49K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0682%	1h	228.81	+0.134%	$22K	$16K	20x	as long as short