Funding you earn now, next payment 00:00 UTC+0.0205%/8h= +22.5% APRnext payment +$2.05 per $10,000 · paid last 24h 0.000%
Price spread now: Phemex against Bybit+0.259%7-day average +0.197% · you sell dearer than you buy
Net, funding: paid 7d − costs−$96as in the Funding arb table
Net, price: spread back to 7d avg − costs−$100as in the Price arb table
costs, in and out, $10k−$1061.062% of the position
Funding, last 7 days+0.098%+$10 on $10k
+Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.259%, 7d avg +0.197%
=Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Phemex is 0.062% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.197%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.098% in total (about 5.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$2.05 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bybit ALGOUSDT | 0.1118 | −0.0105 | get 0.0105% / 8h | 1h 31m | $11.3M | $12.3M | 75x |
| Short | Phemex ALGOUSDT | 0.1121 | 0.0100 | get 0.0100% / 8h | 1h 31m | $3.8M | $1.8M | 50x |
Bybit ALGOUSDT
Phemex ALGOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Bybit. 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
- $43.08
- Price spread: +0.259% → +0.197%
- $6.21
- Slippage, 4 orders
- −$83.21
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$56.92
- Costs to cover
- 1.062%
- Break-even
- 16.2 days
Slippage from Bybit: live order book, 2 min ago; Phemex: 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 Bybit live order book, 2 min ago | 0.89 bp | 10.3 bp −$10 | 42.8 bp −$428 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 2 min ago | 8.92 bp | 54.8 bp −$55 | 93.3 bp −$933 | doesn't fit | doesn't fit |
ALGO on 22 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit ALGO_USDC-PERPETUAL | −0.0643% | 1h | 0.1119 | +0.054% | $101K | $50K | 25x | as long as short |
| Injective ALGO/USDC PERP | −0.0295% | 1h | 0.1120 | +0.170% | $834 | $233K | 12x | as long as short |
| Kraken Futures PF_ALGOUSD | −0.0288% | 1h | 0.1119 | +0.047% | $835K | $1.2M | 50x | as long as short |
| Bybit ALGOUSDTlong | −0.0105% | 8h | 0.1118 | long leg | $11.3M | $12.3M | 75x | |
| Variational Omni ALGO | −0.0086% | 8h | 0.1117 | −0.132% | $65K | $10K | — | as long as short |
| Coinbase International ALGO-PERP-INTX | −0.0056% | 1h | 0.1121 | +0.224% | $62K | $332K | 50x | as long as short |
| gTrade (Gains Network) ALGO/USD | L +0.0001% / S +0.0003% | 1h | 0.1120 | +0.164% | $6K | — | 150x | as long as short |
| Hyperliquid ALGO | +0.0100% | 1h | 0.1121 | +0.224% | $3.7M | $1.9M | 5x | as long as short |
| Aster ALGOUSDT | +0.0100% | 8h | 0.1120 | +0.164% | $44K | $36K | 5x | as long as short |
| Binance ALGOUSDT | +0.0100% | 8h | 0.1119 | +0.076% | $9.8M | $34.9M | 75x | as long as short |
Deribit ALGO_USDC-PERPETUAL
Injective ALGO/USDC PERP
Kraken Futures PF_ALGOUSD
Variational Omni ALGO
Coinbase International ALGO-PERP-INTX
gTrade (Gains Network) ALGO/USD
Hyperliquid ALGO
Aster ALGOUSDT
Binance ALGOUSDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| OKX ALGO-USDT-SWAP | +0.0100% | 8h | 0.1119 | +0.036% | $3.0M | $7.7M | 50x | as long as short |
| Gate ALGO_USDT | +0.0100% | 8h | 0.1119 | +0.125% | $888K | $853K | 50x | as long as short |
| MEXC ALGO_USDT | +0.0100% | 8h | 0.1119 | +0.063% | $23.0M | $2.8M | 200x | as long as short |
| KuCoin ALGOUSDTM | +0.0100% | 8h | 0.1120 | +0.161% | $3.6M | $1.5M | 50x | as long as short |
| Bitget ALGOUSDT | +0.0100% | 8h | 0.1120 | +0.170% | $5.6M | $3.6M | 75x | as long as short |
| BingX ALGO-USDT | +0.0100% | 8h | 0.1119 | +0.036% | — | $3.3M | — | as long as short |
| HTX ALGO-USDT | +0.0100% | 8h | 0.1118 | −0.054% | $66K | $109K | 75x | as long as short |
| Phemex ALGOUSDTshort | +0.0100% | 8h | 0.1121 | +0.259% | $3.8M | $1.8M | 50x | |
| Extended ALGO-USD | +0.0104% | 1h | 0.1119 | +0.061% | $7K | $210K | 10x | as long as short |
| BloFin ALGO-USDT | +0.0220% | 8h | 0.1118 | +0.018% | $488K | $792K | 75x | as long as short |
| GMX ALGO/USD [WBTC.b-USDC] | L +0.0254% / S −0.0187% | 1h | 0.1120 | +0.196% | $5K | — | 100x | as long as short |
| dYdX ALGO-USD | +0.1518% | 1h | 0.1120 | +0.128% | $160K | $3K | 5x | as long as short |
OKX ALGO-USDT-SWAP
Gate ALGO_USDT
MEXC ALGO_USDT
KuCoin ALGOUSDTM
Bitget ALGOUSDT
BingX ALGO-USDT
HTX ALGO-USDT
Extended ALGO-USD
BloFin ALGO-USDT
GMX ALGO/USD [WBTC.b-USDC]
dYdX ALGO-USD