Funding arb · Price arb /

NBIS

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0131%/8h= −14.3% APRpaid last 24h −0.016%

Price spread now: Phemex against Polymarket Perps+0.060%7-day average +0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$121as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1131.127% 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)−0.061%−$6 · spread now +0.060%, 7d avg +0.024%

Together, before fees−0.140%−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.036% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of +0.024%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.079% in total) that is about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps NBIS-USD	233.73	0.0131	pay 0.0016% / 1h	45m 01s	$133K	$476K	10x
Short	Phemex NBISUSDT	233.87	0	get 0.0000% / 8h	5h 45m	$1.6M	$969K	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 +0.060%Rate

Funding earned: −$27.45
Price spread: +0.060% → +0.024%: $3.59
Slippage, 4 orders: −$92.68
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$136.54
Costs to cover: 1.127%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 65 min ago; Phemex: live order book, 1 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, 65 min ago	4.12 bp	8.1 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	2.99 bp	52.2 bp −$52	doesn't fit	doesn't fit	doesn't fit

NBIS on 31 exchanges

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
OKX NBIS-USDT-SWAP	0.0000%	8h	233.89	+0.068%	$3.3M	$16.6M	25x	as long as short
Gate NBIS_USDT	0.0000%	8h	233.79	+0.026%	$2.8M	$5.0M	50x	as long as short
Bitget NBISUSDT	0.0000%	8h	233.82	+0.039%	$2.3M	$4.6M	20x	as long as short
SunX NBIS-USDT	0.0000%	8h	233.59	−0.060%	$1K	$1.4M	10x	as long as short
Deribit NBIS_USDC-PERPETUAL	0.0000%	1h	233.85	+0.051%	$35K	$49K	10x	as long as short
HTX NBIS-USDT	0.0000%	8h	234.47	+0.317%	$13K	$62K	20x	as long as short
Phemex NBISUSDTshort	0.0000%	8h	233.87	+0.060%	$1.6M	$969K	10x
Vest NBIS-USD-PERP	+0.0046%	1h	234.13	+0.171%	—	$250K	5x	as long as short
Ondo Perps NBIS-USD.P	+0.0050%	1h	233.37	−0.154%	$152K	$532K	10x	as long as short
QFEX NBIS-USD	+0.0058%	1h	233.86	+0.056%	$1.6M	$3.6M	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NBISUSDTM	+0.0100%	8h	233.71	−0.009%	$474K	$183K	20x	as long as short
Orderly PERP_NBIS_USDC_mythos	+0.0100%	8h	233.86	+0.056%	$2K	$3K	10x	as long as short
Aevo NBIS-PERP	+0.0104%	1h	233.83	+0.043%	—	—	10x	as long as short
Coinbase International NBIS-PERP-INTX	+0.0104%	1h	234.06	+0.141%	$383K	$883K	10x	as long as short
Variational Omni NBIS	+0.0111%	8h	233.75	+0.007%	$2.9M	$646K	—	as long as short
Bybit NBISUSDT	+0.0120%	8h	233.96	+0.098%	$5.4M	$7.0M	50x	as long as short
edgeX NBISUSDC	+0.0130%	4h	234.18	+0.193%	$31K	$234K	10x	as long as short
Polymarket Perps NBIS-USDlong	+0.0131%	1h	233.73	long leg	$133K	$476K	10x
Aster NBISUSDT	+0.0146%	8h	234.32	+0.251%	$75K	$314K	50x	as long as short
Binance NBISUSDT	+0.0181%	8h	233.84	+0.047%	$20.6M	$91.5M	25x	as long as short
Extended NBIS-USD	+0.0184%	1h	233.76	+0.014%	$149K	$846K	10x	as long as short
BloFin NBIS-USDT	+0.0197%	8h	233.87	+0.060%	$207K	$217K	20x	as long as short
Nado NBIS-PERP	+0.0254%	1h	233.89	+0.067%	$38K	$85K	3x	as long as short
Kraken Futures PF_NBISUSD	+0.0370%	1h	233.58	−0.064%	$22K	$11K	20x	as long as short
Phoenix NBIS	+0.0377%	1h	233.68	−0.021%	$7K	$127K	10x	as long as short
Lighter NBIS	+0.0392%	1h	233.93	+0.086%	$945K	$3.8M	10x	as long as short
tradeXYZ xyz:NBIS	+0.0401%	1h	233.97	+0.103%	$55.3M	$19.2M	10x	as long as short
Arcus NBIS-USD	+0.0413%	1h	233.56	−0.073%	$42K	$119K	5x	as long as short
GRVT NBIS_USDT_Perp	+0.0560%	8h	234.24	+0.219%	$4K	$101K	10x	as long as short
SoDEX NBIS-USD	+0.0584%	1h	233.83	+0.043%	$84	$19K	10x	as long as short
Entropy io:NBIS	+0.0784%	1h	233.82	+0.039%	$10.2M	$3.0M	10x	as long as short