Funding you earn now, next payment 03:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.124%
Price spread now: Phemex against Deribit+0.071%57s7-day average +0.156% · you sell dearer than you buy
Net, funding: paid 7d − costs+$3as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$1161.165% of the position
Funding, last 7 days+1.197%+$120 on $10k
+Price spread, last 4 days (all we have)+0.011%+$1 · spread now +0.071%, 7d avg +0.156%
=Funding pays, the price is against you. Phemex is 0.085% cheaper against Deribit than usual: you would sell low and buy high (spread +0.071% now, against its 7-day average of +0.156%). If the spread goes back, that is −$9 on $10k: about 2.8 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+1.197% in total) that is about 12 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Deribit ALGO_USDC-PERPETUAL | 0.1130 | 0 | get 0.0000% / 1h | 35m 25s | $90K | $45K | 25x |
| Short | Phemex ALGOUSDT | 0.1131 | 0.0100 | get 0.0100% / 8h | 5h 35m | $3.8M | $1.8M | 50x |
Deribit ALGO_USDC-PERPETUAL
Phemex ALGOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phemex against Deribit. 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
- $21
- Price spread: +0.071% → +0.156%
- −$8.51
- Slippage, 4 orders
- −$97.46
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Fee Phemex: 6 bp × 2 orders
- −$12
- Net
- −$103.97
- Costs to cover
- 1.165%
- Break-even
- 41.7 days
Slippage from Deribit: live order book, 28 min ago; Phemex: live order book, 3 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 Deribit live order book, 28 min ago | 7.63 bp | 13.8 bp −$14 | 27.1 bp −$271 | doesn't fit | doesn't fit |
| Sell Phemex live order book, 3 min ago | 13.29 bp | 33.8 bp −$34 | 67.9 bp −$679 | 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 | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) ALGO/USD | L −0.0001% / S +0.0003% | 1h | 0.1130 | −0.045% | $17K | — | 150x | as long as short |
| Deribit ALGO_USDC-PERPETUALlong | 0.0000% | 1h | 0.1130 | long leg | $90K | $45K | 25x | |
| Coinbase International ALGO-PERP-INTX | +0.0032% | 1h | 0.1130 | −0.027% | $71K | $273K | 50x | as long as short |
| Injective ALGO/USDC PERP | +0.0033% | 1h | 0.1120 | −0.902% | $834 | $233K | 12x | as long as short |
| Hyperliquid ALGO | +0.0100% | 1h | 0.1132 | +0.177% | $3.8M | $2.0M | 5x | as long as short |
| Aster ALGOUSDT | +0.0100% | 8h | 0.1130 | −0.044% | $45K | $40K | 5x | as long as short |
| Binance ALGOUSDT | +0.0100% | 8h | 0.1130 | −0.019% | $9.9M | $34.5M | 75x | as long as short |
| Bybit ALGOUSDT | +0.0100% | 8h | 0.1130 | −0.027% | $11.8M | $12.4M | 75x | as long as short |
| OKX ALGO-USDT-SWAP | +0.0100% | 8h | 0.1130 | +0.018% | $2.9M | $7.8M | 50x | as long as short |
| Gate ALGO_USDT | +0.0100% | 8h | 0.1129 | −0.062% | $883K | $851K | 50x | as long as short |
gTrade (Gains Network) ALGO/USD
Coinbase International ALGO-PERP-INTX
Injective ALGO/USDC PERP
Hyperliquid ALGO
Aster ALGOUSDT
Binance ALGOUSDT
Bybit ALGOUSDT
OKX ALGO-USDT-SWAP
Gate ALGO_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| MEXC ALGO_USDT | +0.0100% | 8h | 0.1130 | −0.018% | $23.0M | $3.0M | 200x | as long as short |
| KuCoin ALGOUSDTM | +0.0100% | 8h | 0.1130 | −0.027% | $3.6M | $1.5M | 50x | as long as short |
| Bitget ALGOUSDT | +0.0100% | 8h | 0.1130 | −0.018% | $5.6M | $3.5M | 75x | as long as short |
| BingX ALGO-USDT | +0.0100% | 8h | 0.1130 | −0.018% | — | $3.3M | — | as long as short |
| Variational Omni ALGO | +0.0100% | 8h | 0.1130 | −0.037% | $62K | $12K | — | as long as short |
| HTX ALGO-USDT | +0.0100% | 8h | 0.1129 | −0.071% | $60K | $140K | 75x | as long as short |
| Phemex ALGOUSDTshort | +0.0100% | 8h | 0.1131 | +0.071% | $3.8M | $1.8M | 50x | |
| Extended ALGO-USD | +0.0104% | 1h | 0.1129 | −0.105% | $4K | $229K | 10x | as long as short |
| BloFin ALGO-USDT | +0.0220% | 8h | 0.1126 | −0.407% | $489K | $889K | 75x | as long as short |
| GMX ALGO/USD [WBTC.b-USDC] | L +0.0344% / S −0.0313% | 1h | 0.1130 | −0.001% | $7K | — | 100x | as long as short |
| Kraken Futures PF_ALGOUSD | +0.0349% | 1h | 0.1130 | +0.004% | $836K | $1.1M | 50x | as long as short |
| dYdX ALGO-USD | +0.2302% | 1h | 0.1130 | −0.042% | $163K | $4K | 5x | as long as short |
MEXC ALGO_USDT
KuCoin ALGOUSDTM
Bitget ALGOUSDT
BingX ALGO-USDT
Variational Omni ALGO
HTX ALGO-USDT
Extended ALGO-USD
BloFin ALGO-USDT
GMX ALGO/USD [WBTC.b-USDC]
Kraken Futures PF_ALGOUSD
dYdX ALGO-USD