Funding you earn now, next payment 08:00 UTC−0.0037%/8h= −4.0% APRnext payment −$0.37 per $10,000 · paid last 24h −0.025%
Price spread now: Bybit against Phemex−0.136%7-day average −0.201% · you buy dearer than you sell
Net, funding: paid 7d − costs−$94as in the Funding arb table
Net, price: spread back to 7d avg − costs−$75as in the Price arb table
costs, in and out, $10k−$820.818% of the position
Funding, last 7 days−0.123%−$12 on $10k
+Price spread, last 4 days (all we have)−0.083%−$8 · spread now −0.136%, 7d avg −0.201%
=The price spread pays, funding is against you. Bybit is 0.064% dearer against Phemex than usual: you sell high and buy low (spread −0.136% now, against its 7-day average of −0.201%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.8 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex ALGOUSDT | 0.1099 | 0.0137 | pay 0.0137% / 8h | 2h 20m | $3.7M | $1.8M | 50x |
| Short | Bybit ALGOUSDT | 0.1098 | 0.0100 | get 0.0100% / 8h | 2h 20m | $11.0M | $12.6M | 75x |
Phemex ALGOUSDT
Bybit ALGOUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phemex. 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
- −$7.75
- Price spread: −0.136% → −0.201%
- $6.44
- Slippage, 4 orders
- −$58.79
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$83.1
- Costs to cover
- 0.818%
- Break-even
- never at this rate
Slippage from Phemex: live order book, 4 min ago; Bybit: 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 Phemex live order book, 4 min ago | 4.57 bp | 23.0 bp −$23 | 67.7 bp −$677 | doesn't fit | doesn't fit |
| Sell Bybit live order book, 3 min ago | 1.83 bp | 18.7 bp −$19 | 43.3 bp −$433 | 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 | −0.0114% | 1h | 0.1098 | −0.109% | $87K | $44K | 25x | as long as short |
| gTrade (Gains Network) ALGO/USD | L −0.0001% / S +0.0003% | 1h | 0.1098 | −0.072% | $16K | — | 150x | as long as short |
| Injective ALGO/USDC PERP | +0.0033% | 1h | 0.1120 | +1.911% | $834 | $233K | 12x | as long as short |
| Hyperliquid ALGO | +0.0100% | 1h | 0.1099 | −0.018% | $3.4M | $2.3M | 5x | as long as short |
| Aster ALGOUSDT | +0.0100% | 8h | 0.1098 | −0.069% | $44K | $37K | 5x | as long as short |
| Binance ALGOUSDT | +0.0100% | 8h | 0.1098 | −0.119% | $9.4M | $35.0M | 75x | as long as short |
| Bybit ALGOUSDTshort | +0.0100% | 8h | 0.1098 | −0.136% | $11.0M | $12.6M | 75x | |
| OKX ALGO-USDT-SWAP | +0.0100% | 8h | 0.1097 | −0.182% | $2.7M | $7.8M | 50x | as long as short |
| Gate ALGO_USDT | +0.0100% | 8h | 0.1096 | −0.227% | $837K | $928K | 50x | as long as short |
| MEXC ALGO_USDT | +0.0100% | 8h | 0.1098 | −0.136% | $22.8M | $3.2M | 200x | as long as short |
Deribit ALGO_USDC-PERPETUAL
gTrade (Gains Network) ALGO/USD
Injective ALGO/USDC PERP
Hyperliquid ALGO
Aster ALGOUSDT
Binance ALGOUSDT
OKX ALGO-USDT-SWAP
Gate ALGO_USDT
MEXC ALGO_USDTShow all 22 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| KuCoin ALGOUSDTM | +0.0100% | 8h | 0.1098 | −0.082% | $3.4M | $1.5M | 50x | as long as short |
| Bitget ALGOUSDT | +0.0100% | 8h | 0.1098 | −0.091% | $5.4M | $3.6M | 75x | as long as short |
| BingX ALGO-USDT | +0.0100% | 8h | 0.1098 | −0.109% | — | $3.3M | — | as long as short |
| Variational Omni ALGO | +0.0100% | 8h | 0.1094 | −0.422% | $60K | $12K | — | as long as short |
| HTX ALGO-USDT | +0.0100% | 8h | 0.1098 | −0.109% | $59K | $135K | 75x | as long as short |
| Extended ALGO-USD | +0.0104% | 1h | 0.1098 | −0.124% | $7K | $196K | 10x | as long as short |
| Kraken Futures PF_ALGOUSD | +0.0113% | 1h | 0.1098 | −0.114% | $824K | $1.1M | 50x | as long as short |
| Phemex ALGOUSDTlong | +0.0137% | 8h | 0.1099 | long leg | $3.7M | $1.8M | 50x | |
| Coinbase International ALGO-PERP-INTX | +0.0144% | 1h | 0.1099 | −0.027% | $62K | $247K | 50x | as long as short |
| BloFin ALGO-USDT | +0.0220% | 8h | 0.1092 | −0.619% | $470K | $868K | 75x | as long as short |
| GMX ALGO/USD [WBTC.b-USDC] | L +0.0317% / S −0.0264% | 1h | 0.1098 | −0.075% | $6K | — | 100x | as long as short |
| dYdX ALGO-USD | +0.1507% | 1h | 0.1096 | −0.228% | $158K | $5K | 5x | as long as short |
KuCoin ALGOUSDTM
Bitget ALGOUSDT
BingX ALGO-USDT
Variational Omni ALGO
HTX ALGO-USDT
Extended ALGO-USD
Kraken Futures PF_ALGOUSD
Coinbase International ALGO-PERP-INTX
BloFin ALGO-USDT
GMX ALGO/USD [WBTC.b-USDC]
dYdX ALGO-USD