Funding arb · Price arb /

ARB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0356%/8h= −39.0% APRnext payment −$0.44 per $10,000 · paid last 24h —

Price spread now: Phoenix against Backpack−0.046%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 hours (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phoenix is 0.046% cheaper against Backpack than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack ARB_USDC_PERP	0.2177	0.0100	pay 0.0013% / 1h	34m 57s	$569K	$1.3M	20x
Short	Phoenix ARB	0.2176	−0.0256	pay 0.0032% / 1h	34m 57s	$1K	$3K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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 BackpackbpFee PhoenixbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$74.75
Price spread: −0.046% → 0.000%: −$4.59
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$96.34
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 2 min ago; Phoenix: no order-book sample. Net counts fees only.

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 Backpack live order book, 2 min ago	0.23 bp	10.2 bp −$10	74.8 bp −$748	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ARB on 37 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
Injective ARB/USDC PERP	−0.1689%	1h	0.2164	−0.579%	$39K	$217K	12x	as long as short
Deribit ARB_USDC-PERPETUAL	−0.0302%	1h	0.2175	−0.096%	$2K	$54K	25x	as long as short
Phoenix ARBshort	−0.0256%	1h	0.2176	−0.046%	$1K	$3K	15x
OKX ARB-USDT-SWAP	−0.0106%	8h	0.2173	−0.147%	$23.5M	$102.0M	50x	as long as short
MEXC ARB_USDT	−0.0104%	8h	0.2173	−0.156%	$50.5M	$43.2M	200x	as long as short
01 Exchange ARBUSD	−0.0088%	1h	0.2175	−0.074%	$7K	$308	10x	as long as short
SoDEX ARB-USD	−0.0046%	1h	0.2175	−0.096%	$9K	$855K	5x	as long as short
Binance ARBUSDT	−0.0027%	8h	0.2175	−0.074%	$64.4M	$180.9M	75x	as long as short
Extended ARB-USD	−0.0024%	1h	0.2173	−0.146%	$358K	$3.7M	25x	as long as short
Variational Omni ARB	−0.0008%	8h	0.2173	−0.173%	$1.8M	$1.6M	—	as long as short

Show all 37 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
RISEx ARB/USDC	−0.0007%	1h	0.2175	−0.076%	$467K	$2.0M	10x	as long as short
Gate ARB_USDT	−0.0001%	8h	0.2175	−0.055%	$5.6M	$8.9M	50x	as long as short
dYdX ARB-USD	0.0000%	1h	0.2176	−0.037%	$64K	$2K	10x	as long as short
gTrade (Gains Network) ARB/USD	L +0.0005% / S −0.0014%	1h	0.2176	−0.032%	$29K	—	150x	as long as short
Orderly PERP_ARB_USDC	+0.0006%	8h	0.2175	−0.074%	$15K	$264K	10x	as long as short
Bybit ARBUSDT	+0.0061%	8h	0.2174	−0.124%	$50.9M	$82.5M	50x	as long as short
Aevo ARB-PERP	+0.0072%	1h	0.2176	−0.034%	$138K	$4K	3x	as long as short
Bitget ARBUSDT	+0.0083%	8h	0.2173	−0.165%	$21.1M	$22.0M	50x	as long as short
BingX ARB-USDT	+0.0083%	8h	0.2175	−0.083%	—	$16.5M	—	as long as short
BloFin ARB-USDT	+0.0092%	8h	0.2174	−0.115%	$3.1M	$1.4M	75x	as long as short
Lighter ARB	+0.0096%	1h	0.2177	+0.018%	$1.6M	$3.1M	15x	as long as short
Hyperliquid ARB	+0.0100%	1h	0.2177	−0.005%	$35.3M	$29.9M	10x	as long as short
Aster ARBUSDT	+0.0100%	8h	0.2175	−0.077%	$646K	$1.2M	20x	as long as short
Pacifica ARB	+0.0100%	1h	0.2174	−0.134%	$44K	$125K	10x	as long as short
KuCoin ARBUSDTM	+0.0100%	8h	0.2176	−0.032%	$19.7M	$9.3M	75x	as long as short
Backpack ARB_USDC_PERPlong	+0.0100%	1h	0.2177	long leg	$569K	$1.3M	20x
edgeX ARBUSDC	+0.0100%	4h	0.2175	−0.071%	$37K	$505K	20x	as long as short
GRVT ARB_USDT_Perp	+0.0100%	8h	0.2172	−0.199%	$477K	$3.3M	10x	as long as short
ApeX Omni ARBUSDT	+0.0100%	1h	0.2175	−0.074%	$118K	$265K	50x	as long as short
Polymarket Perps ARB-USD	+0.0100%	1h	0.2174	−0.115%	$46K	$1.7M	10x	as long as short
SunX ARB-USDT	+0.0100%	8h	0.2175	−0.074%	$1K	$855K	30x	as long as short
HTX ARB-USDT	+0.0100%	8h	0.2174	−0.101%	$288K	$450K	50x	as long as short
Phemex ARBUSDT	+0.0100%	8h	0.2175	−0.074%	$4.6M	$12.5M	50x	as long as short
GMX ARB/USD [ARB-USDC]	L +0.0266% / S −0.0148%	1h	0.2175	−0.071%	$839K	—	150x	as long as short
Reya ARBRUSDPERP	+0.0282%	1h	0.2173	−0.153%	$2K	$440	20x	as long as short
Kraken Futures PF_ARBUSD	+0.0682%	1h	0.2176	−0.026%	$1.3M	$3.6M	50x	as long as short
Coinbase International ARB-PERP-INTX	+0.0704%	1h	0.2180	+0.138%	$635K	$1.1M	50x	as long as short