Funding you earn now, next payment 08:00 UTC−0.0114%/8h= −12.4% APRnext payment −$0.14 per $10,000 · paid last 24h −0.040%
Price spread now: Polymarket Perps against Phoenix−0.061%7-day average −0.030% · you buy dearer than you sell
Net, funding: paid 7d − costs−$52as in the Funding arb table
Net, price: spread back to 7d avg − costs−$40as in the Price arb table
costs, in and out, $10k−$360.363% of the position
Funding, last 7 days−0.156%−$16 on $10k
+Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.061%, 7d avg −0.030%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Polymarket Perps is 0.032% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.030%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix COIN | 195.41 | 0.0164 | pay 0.0020% / 1h | 37m 27s | $4K | $283K | 10x |
| Short | Polymarket Perps COIN-USD | 195.29 | 0.0050 | get 0.0006% / 1h | 37m 27s | $134K | $1.4M | 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
- −$23.87
- Price spread: −0.061% → −0.030%
- −$3.17
- Slippage, 4 orders
- −$21.34
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$63.38
- Costs to cover
- 0.363%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 55 min ago; Polymarket Perps: live order book, 26 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, 55 min ago | 3.58 bp | 11.6 bp −$12 | 24.5 bp −$245 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 26 min ago | 2.05 bp | 7.0 bp −$7 | 7.6 bp −$76 | 9.9 bp −$985 | 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 | 194.87 | −0.276% | $43K | $40K | 30x | as long as short |
| Bitget COINUSDT | −0.0136% | 8h | 195.54 | +0.067% | $6.3M | $10.3M | 20x | as long as short |
| Vest COIN-USD-PERP | −0.0060% | 1h | 194.92 | −0.251% | — | $324K | 25x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 195.54 | +0.068% | $341K | $890K | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 195.46 | +0.026% | $4.7M | $6.1M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 195.42 | +0.005% | $3.0M | $4.7M | 20x | as long as short |
| Gate COIN_USDT | 0.0000% | 8h | 195.47 | +0.031% | $1.2M | $6.8M | 50x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 195.44 | +0.017% | $659K | $1.0M | — | as long as short |
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 195.57 | +0.082% | $19K | $3.0M | 10x | as long as short |
| Lighter COIN | +0.0032% | 1h | 195.39 | −0.012% | $360K | $2.0M | 10x | as long as short |
Injective COIN/USDC PERP
Bitget COINUSDT
Vest COIN-USD-PERP
Aster COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Gate COIN_USDT
Variational Omni COIN
GRVT COIN_USDT_Perp
Lighter COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter RH COIN | +0.0032% | 1h | 195.37 | −0.020% | $467K | $1.3M | 10x | as long as short |
| Binance COINUSDT | +0.0038% | 8h | 195.43 | +0.010% | $14.8M | $81.6M | 20x | as long as short |
| Extended COIN_24_5-USD | +0.0040% | 1h | 195.39 | −0.009% | $104K | $861K | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 195.66 | +0.128% | $17K | $57K | 5x | as long as short |
| QFEX COIN-USD | +0.0047% | 1h | 195.38 | −0.015% | $1.3M | $2.8M | 10x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 195.31 | −0.051% | $15.1M | $12.7M | 10x | as long as short |
| Polymarket Perps COIN-USDshort | +0.0050% | 1h | 195.29 | −0.061% | $134K | $1.4M | 10x | |
| SoDEX COIN-USD | +0.0050% | 1h | 195.40 | −0.005% | $79 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 195.25 | −0.082% | $430K | $2.5M | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 195.37 | −0.020% | $984K | $181K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 195.45 | +0.020% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 195.40 | −0.005% | $565 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 195.37 | −0.021% | $115 | — | 10x | as long as short |
| BloFin COIN-USDT | +0.0154% | 8h | 195.54 | +0.067% | $187K | $474K | 20x | as long as short |
| Phoenix COINlong | +0.0164% | 1h | 195.41 | long leg | $4K | $283K | 10x | |
| edgeX COINUSDC | +0.0462% | 4h | 195.55 | +0.070% | $50K | $294K | 10x | as long as short |
Lighter RH COIN
Binance COINUSDT
Extended COIN_24_5-USD
Arcus COIN-USD
QFEX COIN-USD
tradeXYZ xyz:COIN
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