NBIS

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0261%/8h= +28.5% APRnext payment +$0.33 per $10,000 · paid last 24h +0.080%

Price spread now: Phoenix against Polymarket Perps+0.009%59s7-day average +0.107% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as 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−$500.501% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.514%+$51 on $10k

Price spread, last 4 days (all we have)+0.060%+$6 · spread now +0.009%, 7d avg +0.107%

Together, before fees+0.574%+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.098% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread +0.009% now, against its 7-day average of +0.107%). If the spread goes back, that is −$10 on $10k: about 30 hours of funding at the current rate (+$8 a day). 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	Polymarket Perps NBIS-USD	230.45	0.0050	pay 0.0006% / 1h	40m 27s	$137K	$473K	10x
Short	Phoenix NBIS	230.47	0.0311	get 0.0039% / 1h	40m 27s	$7K	$150K	10x

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 +0.009%Rate

Funding earned: $54.71
Price spread: +0.009% → +0.107%: −$9.83
Slippage, 4 orders: −$35.12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$5.23
Costs to cover: 0.501%
Break-even: 7.7 days

Slippage from Polymarket Perps: live order book, 2 min ago; Phoenix: live order book, 60 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, 2 min ago	2.82 bp	8.9 bp −$9	9.5 bp −$95	30.2 bp −$3,020	doesn't fit
Sell Phoenix live order book, 60 min ago	6.07 bp	17.2 bp −$17	37.7 bp −$377	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	−0.0493%	8h	230.57	+0.052%	$2.3M	$4.6M	20x	as long as short
Aster NBISUSDT	0.0000%	8h	230.52	+0.031%	$84K	$311K	50x	as long as short
Extended NBIS-USD	0.0000%	1h	230.65	+0.086%	$144K	$670K	10x	as long as short
Binance NBISUSDT	0.0000%	8h	230.53	+0.035%	$18.5M	$87.3M	25x	as long as short
Bybit NBISUSDT	0.0000%	8h	230.53	+0.035%	$4.9M	$6.6M	50x	as long as short
OKX NBIS-USDT-SWAP	0.0000%	8h	230.51	+0.026%	$3.3M	$16.2M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	230.55	+0.043%	$2.7M	$5.1M	50x	as long as short
Variational Omni NBIS	0.0000%	8h	230.48	+0.013%	$2.8M	$602K	—	as long as short
GRVT NBIS_USDT_Perp	0.0000%	8h	230.38	−0.032%	$5K	$116K	10x	as long as short
SunX NBIS-USDT	0.0000%	8h	230.52	+0.030%	$1K	$1.6M	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NBIS-USDT	0.0000%	8h	230.50	+0.022%	$15K	$57K	20x	as long as short
Phemex NBISUSDT	0.0000%	8h	230.51	+0.026%	$1.6M	$963K	10x	as long as short
BloFin NBIS-USDT	+0.0014%	8h	230.45	0.000%	$204K	$205K	20x	as long as short
Arcus NBIS-USD	+0.0040%	1h	230.49	+0.017%	$42K	$132K	5x	as long as short
Vest NBIS-USD-PERP	+0.0046%	1h	230.44	−0.004%	—	$221K	5x	as long as short
Polymarket Perps NBIS-USDlong	+0.0050%	1h	230.45	long leg	$137K	$473K	10x
SoDEX NBIS-USD	+0.0050%	1h	230.33	−0.052%	$88	$20K	10x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	230.31	−0.061%	$152K	$547K	10x	as long as short
QFEX NBIS-USD	+0.0056%	1h	230.58	+0.056%	$1.5M	$3.9M	10x	as long as short
Nado NBIS-PERP	+0.0075%	1h	230.49	+0.018%	$37K	$115K	3x	as long as short
KuCoin NBISUSDTM	+0.0100%	8h	230.49	+0.017%	$475K	$20K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	230.50	+0.022%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	230.38	−0.029%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0120%	1h	230.47	+0.009%	$351K	$812K	10x	as long as short
tradeXYZ xyz:NBIS	+0.0136%	1h	230.49	+0.017%	$54.2M	$21.0M	10x	as long as short
Lighter NBIS	+0.0216%	1h	230.51	+0.026%	$946K	$4.0M	10x	as long as short
Phoenix NBISshort	+0.0311%	1h	230.47	+0.009%	$7K	$150K	10x
Entropy io:NBIS	+0.0372%	1h	230.60	+0.065%	$10.0M	$3.1M	10x	as long as short
edgeX NBISUSDC	+0.0470%	4h	230.86	+0.179%	$37K	$228K	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	+0.0488%	1h	230.42	−0.013%	$34K	$49K	10x	as long as short
Kraken Futures PF_NBISUSD	+0.0686%	1h	230.48	+0.013%	$23K	$15K	20x	as long as short