Funding you earn now, next payment 22:00 UTC−0.0705%/8h= −77.2% APRnext payment −$0.88 per $10,000 · paid last 24h −0.093%
Price spread now: Phoenix against GMX−0.716%7-day average +0.015% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 1 day (all we have)−0.091%−$9 on $10k
+Price spread, last 1 day (all we have)+0.783%+$78 · spread now −0.716%, 7d avg +0.015%
=Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Phoenix is 0.731% cheaper against GMX than usual: you would sell low and buy high (−$73 if the spread goes back to its 7-day average of +0.015%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 1 day it paid -0.091% in total (about -24.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.88 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | GMX ARB/USD [ARB-USDC] | 0.2186 | L +0.0267% / S −0.0163% | pay 0.0033% / 1h | 10m 38s | $788K | — | 150x |
| Short | Phoenix ARB | 0.2171 | −0.0438 | pay 0.0055% / 1h | 10m 38s | $1K | $178K | 15x |
GMX ARB/USD [ARB-USDC]
Phoenix ARBFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against GMX. 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
- −$148.06
- Price spread: −0.716% → +0.015%
- −$73.11
- Slippage, 4 orders
- no order book: not counted
- Fee GMX: 6 bp × 2 orders
- −$12
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$240.17
- Costs to cover
- 0.190%
- Break-even
- never at this rate
Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 60 min ago. 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 GMX no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 60 min ago | 0.91 bp | 13.6 bp −$14 | 46.6 bp −$466 | doesn't fit | doesn't fit |
GMX: 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 | −0.1783% | 1h | 0.2172 | −0.652% | $39K | $7K | 12x | as long as short |
| Phoenix ARBshort | −0.0438% | 1h | 0.2171 | −0.716% | $1K | $178K | 15x | |
| RISEx ARB/USDC | −0.0382% | 1h | 0.2184 | −0.101% | $371K | $2.4M | 10x | as long as short |
| SoDEX ARB-USD | −0.0352% | 1h | 0.2185 | −0.080% | $9K | $2.6M | 5x | as long as short |
| Polymarket Perps ARB-USD | −0.0252% | 1h | 0.2185 | −0.071% | $39K | $6.4M | 10x | as long as short |
| Orderly PERP_ARB_USDC | −0.0237% | 8h | 0.2184 | −0.103% | $28K | $267K | 10x | as long as short |
| OKX ARB-USDT-SWAP | −0.0179% | 8h | 0.2184 | −0.098% | $21.0M | $203.5M | 50x | as long as short |
| MEXC ARB_USDT | −0.0178% | 8h | 0.2183 | −0.135% | $45.7M | $77.8M | 200x | as long as short |
| Deribit ARB_USDC-PERPETUAL | −0.0116% | 1h | 0.2185 | −0.043% | $9K | $27K | 25x | as long as short |
| Binance ARBUSDT | −0.0090% | 8h | 0.2184 | −0.121% | $58.4M | $363.6M | 75x | as long as short |
Injective ARB/USDC PERP
RISEx ARB/USDC
SoDEX ARB-USD
Polymarket Perps ARB-USD
Orderly PERP_ARB_USDC
OKX ARB-USDT-SWAP
MEXC ARB_USDT
Deribit ARB_USDC-PERPETUAL
Binance ARBUSDTShow all 37 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Extended ARB-USD | −0.0088% | 1h | 0.2184 | −0.120% | $352K | $1.9M | 25x | as long as short |
| Bitget ARBUSDT | −0.0045% | 8h | 0.2185 | −0.057% | $20.9M | $39.4M | 50x | as long as short |
| 01 Exchange ARBUSD | −0.0040% | 1h | 0.2186 | −0.021% | $7K | $1K | 10x | as long as short |
| Gate ARB_USDT | −0.0023% | 8h | 0.2184 | −0.098% | $5.7M | $18.4M | 50x | as long as short |
| dYdX ARB-USD | 0.0000% | 1h | 0.2185 | −0.059% | $64K | $833 | 10x | as long as short |
| gTrade (Gains Network) ARB/USD | L +0.0005% / S −0.0003% | 1h | 0.2186 | +0.006% | $16K | — | 150x | as long as short |
| BloFin ARB-USDT | +0.0030% | 8h | 0.2186 | −0.030% | $2.7M | $3.8M | 75x | as long as short |
| Bybit ARBUSDT | +0.0038% | 8h | 0.2184 | −0.098% | $43.6M | $149.1M | 50x | as long as short |
| Kraken Futures PF_ARBUSD | +0.0047% | 1h | 0.2186 | −0.033% | $1.1M | $6.2M | 50x | as long as short |
| BingX ARB-USDC | +0.0052% | 8h | 0.2183 | −0.126% | — | $6.6M | — | as long as short |
| Aevo ARB-PERP | +0.0056% | 1h | 0.2186 | −0.031% | $137K | $15K | 3x | as long as short |
| Variational Omni ARB | +0.0056% | 8h | 0.2180 | −0.279% | $1.0M | $3.0M | — | as long as short |
| GRVT ARB_USDT_Perp | +0.0086% | 8h | 0.2184 | −0.119% | $472K | $3.7M | 10x | as long as short |
| Lighter ARB | +0.0096% | 1h | 0.2184 | −0.121% | $1.2M | $5.6M | 15x | as long as short |
| Hyperliquid ARB | +0.0100% | 1h | 0.2183 | −0.126% | $33.6M | $80.6M | 10x | as long as short |
| Aster ARBUSDT | +0.0100% | 8h | 0.2185 | −0.057% | $646K | $1.6M | 20x | as long as short |
| Pacifica ARB | +0.0100% | 1h | 0.2184 | −0.118% | $38K | $165K | 10x | as long as short |
| KuCoin ARBUSDTM | +0.0100% | 8h | 0.2185 | −0.062% | $21.6M | $12.1M | 75x | as long as short |
| Backpack ARB_USDC_PERP | +0.0100% | 1h | 0.2187 | +0.011% | $420K | $2.6M | 20x | as long as short |
| edgeX ARBUSDC | +0.0100% | 4h | 0.2183 | −0.160% | $40K | $603K | 20x | as long as short |
| ApeX Omni ARBUSDT | +0.0100% | 1h | 0.2183 | −0.149% | $118K | $475K | 50x | as long as short |
| SunX ARB-USDT | +0.0100% | 8h | 0.2187 | +0.034% | $1K | $1.7M | 30x | as long as short |
| HTX ARB-USDT | +0.0100% | 8h | 0.2185 | −0.048% | $322K | $1.3M | 50x | as long as short |
| Phemex ARBUSDT | +0.0100% | 8h | 0.2184 | −0.103% | $4.9M | $15.7M | 50x | as long as short |
| Reya ARBRUSDPERP | +0.0261% | 1h | 0.2184 | −0.080% | $2K | — | 20x | as long as short |
| GMX ARB/USD [ARB-USDC]long | L +0.0267% / S −0.0163% | 1h | 0.2186 | long leg | $788K | — | 150x | |
| Coinbase International ARB-PERP-INTX | +0.0712% | 1h | 0.2211 | +1.146% | $587K | $1.9M | 50x | as long as short |
Extended ARB-USD
Bitget ARBUSDT
01 Exchange ARBUSD
Gate ARB_USDT
dYdX ARB-USD
gTrade (Gains Network) ARB/USD
BloFin ARB-USDT
Bybit ARBUSDT
Kraken Futures PF_ARBUSD
BingX ARB-USDC
Aevo ARB-PERP
Variational Omni ARB
GRVT ARB_USDT_Perp
Lighter ARB
Hyperliquid ARB
Aster ARBUSDT
Pacifica ARB
KuCoin ARBUSDTM
Backpack ARB_USDC_PERP
edgeX ARBUSDC
ApeX Omni ARBUSDT
SunX ARB-USDT
HTX ARB-USDT
Phemex ARBUSDT
Reya ARBRUSDPERP
Coinbase International ARB-PERP-INTX