Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.017%
Price spread now: Polymarket Perps against Phemex+0.001%7-day average +0.003% · you sell dearer than you buy
Net, funding: paid 7d − costs−$10as in the Funding arb table
Net, price: spread back to 7d avg − costs−$20as in the Price arb table
costs, in and out, $10k−$200.201% of the position
Funding, last 7 days+0.100%+$10 on $10k
+Price spread, last 4 days (all we have)+0.105%+$10 · spread now +0.001%, 7d avg +0.003%
=| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex BTCUSDT | 85,693.3 | 0.0096 | pay 0.0096% / 8h | 5h 07m | $149.4M | $480.6M | 150x |
| Short | Polymarket Perps BTC-USD | 85,694 | 0.0100 | get 0.0013% / 1h | 7m 08s | $11.1M | $14.2M | 50x |
Phemex BTCUSDT
Polymarket Perps BTC-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps against Phemex. 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
- $0.8
- Price spread: +0.001% → +0.003%
- −$0.24
- Slippage, 4 orders
- −$0.13
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$19.56
- Costs to cover
- 0.201%
- Break-even
- 177.2 days
Slippage from Phemex: live order book, 2 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 Phemex live order book, 2 min ago | 0.01 bp | 6.0 bp −$6 | 6.1 bp −$61 | 7.9 bp −$786 | doesn't fit |
| Sell Polymarket Perps live order book, 2 min ago | 0.06 bp | 4.1 bp −$4 | 4.5 bp −$45 | 6.6 bp −$660 | doesn't fit |
BTC on 56 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 | |
|---|---|---|---|---|---|---|---|---|
| Bluefin BTC-PERP | −0.0510% | 1h | 85,740.8 | +0.055% | $197K | $722K | 40x | as long as short |
| Phoenix BTC | −0.0160% | 1h | 85,805 | +0.130% | $2.2M | $10.3M | 40x | as long as short |
| Hotstuff BTC-PERP | −0.0080% | 1h | 85,707 | +0.016% | $8K | $3K | 50x | as long as short |
| 01 Exchange BTCUSD | −0.0040% | 1h | 85,694.4 | +0.001% | $369K | $2.3M | 50x | as long as short |
| BloFin BTC-USDT | −0.0032% | 8h | 85,679.8 | −0.016% | $415.5M | $665.4M | 150x | as long as short |
| dYdX BTC-USD | 0.0000% | 1h | 85,713.3 | +0.023% | $16.7M | $21.2M | 50x | as long as short |
| KuCoin XBTUSDTM | +0.0003% | 8h | 85,666.2 | −0.032% | $919.5M | $751.7M | 125x | as long as short |
| gTrade (Gains Network) BTC/USD | L +0.0004% / S −0.0004% | 1h | 85,717.2 | +0.028% | $36.6M | — | 200x | as long as short |
| Nado BTC-PERP | +0.0016% | 1h | 85,692.8 | −0.001% | $22.6M | $219.5M | 50x | as long as short |
| Aster BTCUSDT | +0.0018% | 8h | 85,681 | −0.014% | $516.3M | $1.10B | 200x | as long as short |
Bluefin BTC-PERP
Phoenix BTC
Hotstuff BTC-PERP
01 Exchange BTCUSD
BloFin BTC-USDT
dYdX BTC-USD
KuCoin XBTUSDTM
gTrade (Gains Network) BTC/USD
Nado BTC-PERP
Aster BTCUSDTShow all 56 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX BTC-USDC | +0.0057% | 8h | 85,664.9 | −0.033% | — | $17.0M | — | as long as short |
| Bitget BTCUSDT | +0.0072% | 8h | 85,683.4 | −0.012% | $2.96B | $5.01B | 150x | as long as short |
| Reya BTCRUSDPERP | +0.0073% | 1h | 85,690.1 | −0.004% | $6.7M | $146.5M | 40x | as long as short |
| Injective BTC/USDC PERP | +0.0079% | 1h | 85,807 | +0.133% | $341K | $26.9M | 52x | as long as short |
| Aevo BTC-PERP | +0.0080% | 1h | 85,696.4 | +0.004% | $2.5M | $1.7M | 20x | as long as short |
| MEXC BTC_USDT | +0.0087% | 8h | 85,681.7 | −0.014% | $5.07B | $5.65B | 500x | as long as short |
| Binance BTCUSDT | +0.0088% | 8h | 85,681.1 | −0.014% | $9.34B | $23.92B | 150x | as long as short |
| HTX BTC-USDT | +0.0092% | 8h | 85,681.1 | −0.014% | $2.27B | $936.7M | 200x | as long as short |
| SoDEX BTC-USD | +0.0092% | 1h | 85,687 | −0.007% | $60.0M | $336.2M | 40x | as long as short |
| Lighter BTC | +0.0096% | 1h | 85,692.5 | −0.001% | $174.6M | $1.01B | 50x | as long as short |
| Lighter RH BTC | +0.0096% | 1h | 85,698.7 | +0.006% | $23.9M | $149.6M | 50x | as long as short |
| Popdex BTCUSDT | +0.0096% | 1h | 85,693 | 0.000% | $8.4M | $52.3M | 100x | as long as short |
| Phemex BTCUSDTlong | +0.0096% | 8h | 85,693.3 | long leg | $149.4M | $480.6M | 150x | |
| Paradex BTC-USD-PERP | +0.0100% | 8h | 85,736.6 | +0.050% | $3.8M | $8.3M | 50x | as long as short |
| Katana Perps BTC-USD | +0.0100% | 8h | 85,665 | −0.033% | $199K | $7.8M | 50x | as long as short |
| Hyperliquid BTC | +0.0100% | 1h | 85,761 | +0.079% | $3.75B | $4.96B | 40x | as long as short |
| Pacifica BTC | +0.0100% | 1h | 85,716.1 | +0.027% | $40.1M | $576.5M | 50x | as long as short |
| Bybit BTCUSDT | +0.0100% | 8h | 85,687 | −0.007% | $5.33B | $9.57B | 150x | as long as short |
| OKX BTC-USDT-SWAP | +0.0100% | 8h | 85,690 | −0.004% | $2.58B | $12.11B | 100x | as long as short |
| Ondo Perps BTC-USD.P | +0.0100% | 1h | 85,671 | −0.026% | $3.9M | $18.0M | 25x | as long as short |
| Arcus BTC-USD | +0.0100% | 1h | 85,671.3 | −0.026% | $6.8M | $97.6M | 40x | as long as short |
| Bulk BTC-USD | +0.0100% | 1h | 85,800.8 | +0.125% | $635.6M | $478.1M | 40x | as long as short |
| Gate BTC_USDT | +0.0100% | 8h | 85,689.5 | −0.004% | $5.55B | $10.57B | 200x | as long as short |
| Backpack BTC_USDC_PERP | +0.0100% | 1h | 85,676.9 | −0.019% | $35.8M | $174.2M | 75x | as long as short |
| Variational Omni BTC | +0.0100% | 8h | 85,777.2 | +0.098% | $157.4M | $555.4M | — | as long as short |
| edgeX BTCUSDC | +0.0100% | 4h | 85,776.1 | +0.097% | $280.2M | $917.0M | 100x | as long as short |
| GRVT BTC_USDT_Perp | +0.0100% | 8h | 85,772.7 | +0.093% | $215.4M | $165.7M | 50x | as long as short |
| ApeX Omni BTCUSDT | +0.0100% | 1h | 85,779.4 | +0.100% | $140.2M | $314.8M | 100x | as long as short |
| StandX BTC-USD | +0.0100% | 1h | 85,714.7 | +0.025% | $30.3M | $208.6M | 40x | as long as short |
| Vest BTC-PERP | +0.0100% | 1h | 85,745 | +0.060% | — | $11.8M | 50x | as long as short |
| Polymarket Perps BTC-USDshort | +0.0100% | 1h | 85,694 | +0.001% | $11.1M | $14.2M | 50x | |
| Bullet BTC-USD | +0.0100% | 1h | 85,703.1 | +0.011% | $192K | $3.3M | 20x | as long as short |
| Orderly PERP_BTC_USDC | +0.0100% | 8h | 85,700 | +0.008% | $2.4M | $8.8M | 100x | as long as short |
| Derive BTC-PERP | +0.0100% | 1h | 85,693.6 | 0.000% | $30.0M | $51.0M | 15x | as long as short |
| SunX BTC-USDT | +0.0100% | 8h | 85,682.5 | −0.013% | $2.9M | $6.1M | 100x | as long as short |
| Extended BTC-USD | +0.0104% | 1h | 85,672 | −0.025% | $44.3M | $226.7M | 50x | as long as short |
| Jupiter Perps WBTC-PERP | L +0.0104% / S +0.0056% | 1h | 85,693.9 | +0.001% | — | $106.1M | 500x | as long as short |
| Coinbase International BTC-PERP-INTX | +0.0112% | 1h | 85,715.5 | +0.026% | $123.5M | $5.11B | 50x | as long as short |
| RISEx BTC/USDC | +0.0120% | 1h | 85,725 | +0.037% | $8.4M | $42.3M | 25x | as long as short |
| Kraken Futures PF_XBTUSD | +0.0138% | 1h | 85,710.9 | +0.021% | $189.2M | $953.1M | 100x | as long as short |
| Deribit BTC-PERPETUAL | +0.0153% | 1h | 85,732.8 | +0.046% | $891.5M | $1.53B | 50x | as long as short |
| Hibachi BTC/USDT-P | +0.0192% | 1h | 85,753.2 | +0.070% | $703K | $7.8M | 30x | as long as short |
| GMX BTC/USD [WBTC.b-USDC] | L +0.0202% / S −0.0177% | 1h | 85,708.2 | +0.017% | $13.5M | — | 200x | as long as short |
| Aftermath Perps BTCUSD | +0.0206% | 1h | 85,772 | +0.092% | $78K | $219K | 20x | as long as short |
| Kalshi KXBTCPERP | +0.0220% | 8h | 85,723 | +0.035% | $10.7M | $758.6M | 6.4x | as long as short |
| Perpl BTC | +0.0447% | 43m | 85,719.3 | +0.030% | $501K | $19.2M | 6.7x | as long as short |
BingX BTC-USDC
Bitget BTCUSDT
Reya BTCRUSDPERP
Injective BTC/USDC PERP
Aevo BTC-PERP
MEXC BTC_USDT
Binance BTCUSDT
HTX BTC-USDT
SoDEX BTC-USD
Lighter BTC
Lighter RH BTC
Popdex BTCUSDT
Paradex BTC-USD-PERP
Katana Perps BTC-USD
Hyperliquid BTC
Pacifica BTC
Bybit BTCUSDT
OKX BTC-USDT-SWAP
Ondo Perps BTC-USD.P
Arcus BTC-USD
Bulk BTC-USD
Gate BTC_USDT
Backpack BTC_USDC_PERP
Variational Omni BTC
edgeX BTCUSDC
GRVT BTC_USDT_Perp
ApeX Omni BTCUSDT
StandX BTC-USD
Vest BTC-PERP
Bullet BTC-USD
Orderly PERP_BTC_USDC
Derive BTC-PERP
SunX BTC-USDT
Extended BTC-USD
Jupiter Perps WBTC-PERP
Coinbase International BTC-PERP-INTX
RISEx BTC/USDC
Kraken Futures PF_XBTUSD
Deribit BTC-PERPETUAL
Hibachi BTC/USDT-P
GMX BTC/USD [WBTC.b-USDC]
Aftermath Perps BTCUSD
Kalshi KXBTCPERP
Perpl BTC