Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRnext payment +$0.04 per $10,000 · paid last 24h +0.044%
Price spread now: Phoenix against Polymarket Perps−0.270%7-day average +0.029% · you buy dearer than you sell
Net, funding: paid 7d − costs−$22as in the Funding arb table
Net, price: spread back to 7d avg − costs−$68as in the Price arb table
costs, in and out, $10k−$380.376% of the position
Funding, last 7 days+0.155%+$16 on $10k
+Price spread, last 4 days (all we have)+0.245%+$25 · spread now −0.270%, 7d avg +0.029%
=Funding pays, the price is against you. Phoenix is 0.299% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.270% now, against its 7-day average of +0.029%). If the spread goes back, that is −$30 on $10k: about 32 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.155% in total) that is about 13 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Polymarket Perps COIN-USD | 196.36 | 0.0050 | pay 0.0006% / 1h | 10m 40s | $128K | $1.4M | 10x |
| Short | Phoenix COIN | 195.83 | 0.0082 | get 0.0010% / 1h | 10m 40s | $4K | $283K | 10x |
Polymarket Perps COIN-USD
Phoenix COINFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $6.63
- Price spread: −0.270% → +0.029%
- −$29.87
- Slippage, 4 orders
- −$22.65
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$60.89
- Costs to cover
- 0.376%
- Break-even
- 71.3 days
Slippage from Polymarket Perps: live order book, 3 min ago; Phoenix: live order book, 32 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, 3 min ago | 2.55 bp | 6.5 bp −$7 | 7.3 bp −$73 | 10.1 bp −$1,008 | doesn't fit |
| Sell Phoenix live order book, 32 min ago | 3.57 bp | 12.0 bp −$12 | 26.0 bp −$260 | doesn't fit | 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 | |
|---|---|---|---|---|---|---|---|---|
| Bitget COINUSDT | −0.0813% | 8h | 196.61 | +0.127% | $6.4M | $10.7M | 20x | as long as short |
| Injective COIN/USDC PERP | −0.0440% | 1h | 196.17 | −0.097% | $43K | $48K | 30x | as long as short |
| Vest COIN-USD-PERP | −0.0110% | 1h | 195.80 | −0.285% | — | $289K | 25x | as long as short |
| Gate COIN_USDT | −0.0076% | 8h | 196.64 | +0.143% | $1.2M | $7.4M | 50x | as long as short |
| Aster COINUSDT | 0.0000% | 8h | 196.39 | +0.017% | $343K | $890K | 20x | as long as short |
| Extended COIN_24_5-USD | 0.0000% | 1h | 196.44 | +0.039% | $112K | $854K | 10x | as long as short |
| Binance COINUSDT | 0.0000% | 8h | 196.48 | +0.063% | $15.1M | $82.6M | 20x | as long as short |
| Bybit COINUSDT | 0.0000% | 8h | 196.47 | +0.056% | $4.7M | $6.3M | 50x | as long as short |
| OKX COIN-USDT-SWAP | 0.0000% | 8h | 196.43 | +0.036% | $3.0M | $4.7M | 20x | as long as short |
| Variational Omni COIN | 0.0000% | 8h | 196.45 | +0.044% | $713K | $961K | — | as long as short |
Bitget COINUSDT
Injective COIN/USDC PERP
Vest COIN-USD-PERP
Gate COIN_USDT
Aster COINUSDT
Extended COIN_24_5-USD
Binance COINUSDT
Bybit COINUSDT
OKX COIN-USDT-SWAP
Variational Omni COINShow all 26 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| GRVT COIN_USDT_Perp | 0.0000% | 8h | 195.99 | −0.188% | $11K | $2.6M | 10x | as long as short |
| Lighter RH COIN | +0.0032% | 1h | 196.38 | +0.010% | $458K | $1.5M | 10x | as long as short |
| QFEX COIN-USD | +0.0038% | 1h | 196.47 | +0.056% | $1.3M | $3.0M | 10x | as long as short |
| Arcus COIN-USD | +0.0040% | 1h | 196.27 | −0.046% | $15K | $54K | 5x | as long as short |
| tradeXYZ xyz:COIN | +0.0050% | 1h | 196.34 | −0.010% | $15.3M | $13.9M | 10x | as long as short |
| Polymarket Perps COIN-USDlong | +0.0050% | 1h | 196.36 | long leg | $128K | $1.4M | 10x | |
| SoDEX COIN-USD | +0.0050% | 1h | 196.42 | +0.031% | $93 | $3K | 10x | as long as short |
| Ondo Perps COIN-USD.P | +0.0050% | 1h | 196.29 | −0.036% | $450K | $2.9M | 10x | as long as short |
| Phoenix COINshort | +0.0082% | 1h | 195.83 | −0.270% | $4K | $283K | 10x | |
| edgeX COINUSDC | +0.0094% | 4h | 196.19 | −0.084% | $51K | $294K | 10x | as long as short |
| KuCoin COINUSDTM | +0.0100% | 8h | 196.19 | −0.087% | $989K | $143K | 20x | as long as short |
| ApeX Omni COINUSDT | +0.0100% | 1h | 196.02 | −0.173% | $88K | $287K | 50x | as long as short |
| Orderly PERP_COIN_USDC_mythos | +0.0100% | 8h | 196.44 | +0.041% | $568 | $4K | 10x | as long as short |
| Aevo COIN-PERP | +0.0104% | 1h | 196.44 | +0.043% | $116 | — | 10x | as long as short |
| Lighter COIN | +0.0112% | 1h | 196.41 | +0.027% | $380K | $2.3M | 10x | as long as short |
| BloFin COIN-USDT | +0.0120% | 8h | 196.51 | +0.076% | $187K | $421K | 20x | as long as short |
GRVT COIN_USDT_Perp
Lighter RH COIN
QFEX COIN-USD
Arcus COIN-USD
tradeXYZ xyz:COIN
SoDEX COIN-USD
Ondo Perps COIN-USD.P
edgeX COINUSDC
KuCoin COINUSDTM
ApeX Omni COINUSDT
Orderly PERP_COIN_USDC_mythos
Aevo COIN-PERP
Lighter COIN
BloFin COIN-USDT