Funding arb · Price arb /

ALGO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0210%/8h= +22.9% APRpaid last 24h +0.038%

Price spread now: Phemex against Coinbase International−0.027%7-day average +0.195% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$98as in the Price arb table

costs, in and out, $10k−$760.762% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.423%+$42 on $10k

Price spread, last 3 days (all we have)+0.244%+$24 · spread now −0.027%, 7d avg +0.195%

Together, before fees+0.667%+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.222% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.195%). If the spread goes back, that is −$22 on $10k: about 3.5 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ALGO-PERP-INTX	0.1124	−0.0104	get 0.0013% / 1h	57m 25s	$62K	$298K	50x
Short	Phemex ALGOUSDT	0.1124	0.0106	get 0.0106% / 8h	7h 57m	$3.8M	$1.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.027%Rate

Funding earned: $44
Price spread: −0.027% → +0.195%: −$22.21
Slippage, 4 orders: −$54.2
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$54.41
Costs to cover: 0.762%
Break-even: 15.7 days

Slippage from Coinbase International: live order book, 16 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 Coinbase International live order book, 16 min ago	8.46 bp	14.3 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	4.45 bp	20.4 bp −$20	58.9 bp −$589	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
Kraken Futures PF_ALGOUSD	−0.0564%	1h	0.1123	−0.113%	$835K	$1.1M	50x	as long as short
Deribit ALGO_USDC-PERPETUAL	−0.0462%	1h	0.1122	−0.187%	$102K	$50K	25x	as long as short
Bybit ALGOUSDT	−0.0265%	8h	0.1121	−0.258%	$11.3M	$12.0M	75x	as long as short
Variational Omni ALGO	−0.0132%	8h	0.1121	−0.276%	$62K	$12K	—	as long as short
Coinbase International ALGO-PERP-INTXlong	−0.0104%	1h	0.1124	long leg	$62K	$298K	50x
gTrade (Gains Network) ALGO/USD	L +0.0001% / S +0.0003%	1h	0.1123	−0.116%	$6K	—	150x	as long as short
Injective ALGO/USDC PERP	+0.0033%	1h	0.1120	−0.382%	$834	$233K	12x	as long as short
Hyperliquid ALGO	+0.0100%	1h	0.1124	−0.036%	$3.8M	$1.9M	5x	as long as short
Aster ALGOUSDT	+0.0100%	8h	0.1123	−0.103%	$44K	$36K	5x	as long as short
Binance ALGOUSDT	+0.0100%	8h	0.1123	−0.157%	$10.0M	$34.3M	75x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ALGO-USDT-SWAP	+0.0100%	8h	0.1122	−0.178%	$3.0M	$7.5M	50x	as long as short
Gate ALGO_USDT	+0.0100%	8h	0.1122	−0.169%	$882K	$807K	50x	as long as short
MEXC ALGO_USDT	+0.0100%	8h	0.1123	−0.142%	$23.1M	$2.9M	200x	as long as short
KuCoin ALGOUSDTM	+0.0100%	8h	0.1123	−0.107%	$3.6M	$1.4M	50x	as long as short
Bitget ALGOUSDT	+0.0100%	8h	0.1123	−0.116%	$5.6M	$3.5M	75x	as long as short
BingX ALGO-USDT	+0.0100%	8h	0.1122	−0.178%	—	$3.3M	—	as long as short
HTX ALGO-USDT	+0.0100%	8h	0.1122	−0.222%	$66K	$107K	75x	as long as short
Extended ALGO-USD	+0.0104%	1h	0.1122	−0.246%	$7K	$208K	10x	as long as short
Phemex ALGOUSDTshort	+0.0106%	8h	0.1124	−0.027%	$3.8M	$1.8M	50x
BloFin ALGO-USDT	+0.0220%	8h	0.1124	−0.044%	$492K	$794K	75x	as long as short
GMX ALGO/USD [WBTC.b-USDC]	L +0.0336% / S −0.0340%	1h	0.1123	−0.098%	$7K	—	100x	as long as short
dYdX ALGO-USD	+0.1242%	1h	0.1123	−0.102%	$161K	$3K	5x	as long as short